The Internet of Things (IoT) is the network of physical objects accessed through the Internet. These objects contain embedded technology to interact with internal states or the external environment. In other words, when objects can sense and communicate, it changes how and where decisions are made, and who makes them. For example Nest thermostats.
The Internet of Things (IoT) is emerging as the third wave in the development of the Internet. The 1990s’ Internet wave connected 1 billion users while the 2000s’ mobile wave connected another 2 billion. The IoT has the potential to connect 10X as many (28 billion) “things” to the Internet by 2020, ranging from bracelets to cars. Breakthroughs in the cost of sensors, processing power and bandwidth to connect devices are enabling ubiquitous connections right now. Smart products like smart watches and thermostats (Nest) are already gaining traction as stated in Goldman Sachs Global Investment Research’s report.
IoT has key attributes that distinguish it from the “regular” Internet, as captured by Goldman Sachs’s S-E-N-S-E framework: Sensing, Efficient, Networked, Specialized, Everywhere. These attributes may tilt the direction of technology development and adoption, with significant implications for Tech companies – much like the transition from the fixed to the mobile Internet shifted the center of gravity from Intel to Qualcomm or from Dell to Apple.
Via Ashish Umre