Nowadays Internet connectivity worms its way into many devices and machines giving feedback to users, engineers, designers and managers. Consequently all the sectors of the world of manufacturing are developing incredibly fast becoming more effective and profitable.
One can’t go anywhere these days without encountering Internet-connected devices, part of the Internet of Things. This includes mobile devices and Internet-connected items such as printers and televisions, besides new popular items: Amazon’s ‘Dash Button,’ smart bikini connected to smartphones, smart glasses, Microsoft Surface Hub and Microsoft HoloLens, .
Since 2009, there has been a greater number of things connected to the Internet than the number of people using them. By 2020, the number of Internet-connected objects should top 50 billion.
“The Internet of Things will be as big as the Internet,” says Alex Frommeyer, CEO and partner of Louisville-located Uproar Labs specialized in building and launching of IoT products. “It will produce a very different consumer experience in the next few years.”
Apple co-founder Steve Wozniak recently said that the Internet of Things industry is about to reach the bubble phase. He warns that the expectations and hopes of founders are too high, as the industry is not yet ready to be commercialized.
Wozniak compares the current situation in the industry with the dotcom bubble of 1990s, when the Internet startups failed to turn a profit despite huge amounts of money poured into the industry.
“I feel it’s kind of like a bubble because there is a pace at which human beings can change the way they do things. There are tons of companies starting up,” Wozniak said during his speech at the World Business Forum in Australia.
According to a recent research, conducted by International Data Corp, the world market for the Internet of Things will reach $1.7 trillion by 2020, representing a compound annual growth rate of 16.9%. The upturn is attributed to the increasing production of Internet-connected household devices.
“Devices, connectivity, and IT services will make up the majority of the IoT market in 2020,” the company stated. “Together, they are estimated to account for over two-thirds of the worldwide IoT market in 2020, with devices (modules/sensors) alone representing 31.8% of the total.”
However, it is unclear whether the devices of the Internet of things will be secure. According to password and data manager Keeper Security, “IoT devices are built quickly to get first to market, and are made for convenience rather than security.”
The company notes in a brand-new infographic charting the Internet of Things’ rise, as well as its security vulnerabilities.