With An Economic Potential Of $11 Trillion, Internet Of Things Is Here To Revolutionize Global Economy

With An Economic Potential Of $11 Trillion, Internet Of Things Is Here To Revolutionize Global Economy

An economic revolution is underway. The Internet of Things (IoT) is the face of this new industrial revolution.

TONGLING, CHINA – APRIL 29: China Mobile employees relying on 5G network transmit signals from UAV, … [+] to test communication signals near a tourist attraction before the May Holidays in Jinta Village, Tianmen City on April 29, 2021 in Tongling, China’s Anhui Province. (Photo by Guo Shining / VCG via Getty Images)

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In 2019, the IoT industry is projected to have an economic impact of $ 11 trillion by 2025. A 2016 report released by the Statista Research Department predicts that 75 billion IoT devices will reach potential consumers worldwide by 2025.

In just two years (by 2023), global IoT spending will reach $ 1.1 trillion.

The advent of the fifth generation Internet (in some cases sixth generation networks) will transform the world economy of the future significantly.

The infrastructure necessary for this economic change is no longer dependent on roads and rails, as it was in the second industrial revolution at the beginning of the 20th century.

Instead, we need an infrastructure that includes updated and advanced hardware, software, powerful semiconductors, digital storage clouds, and most importantly, a more robust political impetus to make the IoT a success to capitalize on this economic revolution.

Industries that are rapidly adopting the IoT include healthcare, manufacturing, and agriculture, to name a few. The demand for IoT devices is also increasing in everyday households.

With the increasing acceptance of IoT-based technologies in our everyday lives, manufacturing and service sectors will be sitting on insurmountable data that require intelligent archiving and innovative retrieval mechanisms with little to no time delay.

Like several other industries, IoT is already being used for smart homes.

Amazon Smart Plug

Close-up of the box for the Amazon Smart Plug, a home automation electronic device used with the Amazon Echo … [+] Smart speaker and Amazon Alexa voice assistant, March 21, 2019. (Photo by Smith Collection / Gado / Getty Images)

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Internet-connected gadgets and devices in our homes – such as doorbell cameras, smart thermostats, voice assistants, and the ability of these gadgets to communicate with each other to make our everyday lives at home more rewarding and relaxing – are already in high demand by almost every household.

The COVD-19 pandemic has already acted as a catalyst to accelerate the adoption of IoT in the workplace. While governments advised their human workforce and asked them to stay home to minimize the spread of the virus, employers aggressively looked for alternative technologies to get the job done. Smart devices offered a solution in these challenging times.

In the post-pandemic world, online shoppers are no longer satisfied with just ordering one product, they are now doing “smart shopping”.

With this smart shopping you can try out your favorite parasols and clothing virtually before you go to the checkout on your smart screens.

Also, on these shopping platforms like amazon.com and Walmart, virtual shopping carts continue to remind their customers when it’s time to replenish their supplies.

Even in small businesses, the demand for IoT is skyrocketing. The IoT industry will soon be transforming traditional workspaces into smart workplaces that will help small investors save money and increase productivity.

The education sector is another example of such change. With the advent of new communication technologies, we have seen academic institutions quickly move towards “smart education”.

Not just video chat platforms, but thanks to portable smart devices such as Microsoft’s HoloLens and Facebook’s Oculus Quest, students and professors are well equipped in a distance learning environment.

It is only a matter of time before such portable devices will become an integral part of academic education.

These virtual interactions between humans and between humans and machines require efficient and reliable IoT-enabled devices. IoT not only connects devices and machines, but actually connects things and people in a massive network of digital communication.

Smart devices and gadgets based on IoT – like smart cars, smart microwaves, smart coffee makers, smart thermostats, smart soccer balls, smart wearable devices, including smart watches – are essentially generating and disseminating new data.

As a result of the popularity of the IoT adoption, we will see huge amounts of data being created and stored in web-based clouds. It is estimated that the IoT will generate 79.4 zettabytes of data by 2025.

We will see a strong demand for future jobs to store, process and maintain such huge data and the machines that go with it.

While the IoT could threaten several existing traditional work models, this new economic revolution presents a tremendous opportunity for future job creation.

Our employees need to acquire relevant knowledge and skills in order to operate, understand and maintain IoT devices.

With the future already ahead, our educational institutions may need to introduce short certification programs for students and provide them with a traditional 4 year school experience.

This strategy will prepare our graduates with the most relevant and urgent skills that industries are already seeking to manage, maintain, and expand their IoT vision.

Countries that pay special attention to this new opportunity will determine the economic future of this planet.