They are all everyday objects that can be connected to the internet and be recognised by other devices and contribute info to a database. The Internet of Things describes Internet V.2, where data is created by things.

While some would argue IoT got off to a rocky start with a lower adoption rate than was predicted, most would agree the IoT is growing and will continue to grow in 2017 and beyond. Whether it reaches the lofty predictions of 50 billion connected devices by 2020 remains to be seen, but I strongly believe that businesses who learn to harness the data created by the Internet of Things are the ones who will survive and thrive in the future.

There’s no doubt, the Internet of Things is just getting started. Businesses who start now to develop or expand IoT technology in their products, services and operations are the ones who will realise a competitive advantage.

Of course, as with most new innovations, IoT comes with a drawback; at the moment, most IoT devices are not secured, making them an easy target for hackers. Last year, millions of IoT devices were hacked and used to take down some of the underlying infrastructure of the internet. Going forward, IoT manufacturers would do well to pay more attention to security, and users should take every precaution to secure their devices.

What is clear, however, is that every company, in every industry, big or small, needs to consider the implications of the Internet of Things and what it means for their business strategy today.

Where to go from here

If you would like to know more about , check out my articles on:

• What is Industry 4.0? Here’s A Super Easy Explanation For Anyone
• Why Everyone Must Get Ready For 4th Industrial Revolution
• The 4th Industrial Revolution Is Here – Are You Ready?
• 5 Simple Tips To Help You Survive The 4th Industrial Revolution

Or browse the Robots, Internet Of Things & Smart Devices to find the metrics that matter most to you.