Fast broadband Internet is become more widely available and the cost of connecting is decreasing. Technology prices are going down, and smartphone penetration is increasing. Many devices are produced with Wi-Fi capabilities and sensors built into them. All of these things are creating the perfect framework for the IoT (Internet of Things).

What is the Internet of Things?

The Internet of Things refers to the connection of devices to the Internet…and when we say “devices” we refer to all existing devices, not only to computers. For example, kitchen appliances, cars, and even heart monitors can all be connected through the Internet. And as the IoT will continuously grow in the next few years, more devices will join that list.

The Internet of Things is expected to change the way all governments, businesses, and consumers interact with the physical world. This level of disruption will significantly impact the whole world and certainly your business and career. According to Business Insider, by 2020, there will be more than 24 billion internet-connected devices installed globally, which means more than 4 devices for every human on earth.

Business Insider’s premium research service, BI Intelligence, has tracked the growth of the IoT for longer two years, specifically how businesses, consumers, and governments are using the IoT ecosystem. The following are some key points from their report:

• By 2020 there will be 34 billion devices connected to the internet, up from 10 billion in 2015. Internet of Things devices will comprise 24 billion, while traditional computing devices (e.g. tablets, smartphones, smartwatches, etc.) will account for 10 billion.

• Almost $6 trillion will be spent on IoT solutions over the next five years.

• Businesses will be the main adopter of IoT solutions.

• Governments will be focused on decreasing costs, increasing productivity, and improving their citizens’ quality of life. BI Intelligence forecasted that they will be the second-largest adopters of IoT ecosystems.

• Individuals will lag behind businesses and governments in IoT adoption. However, they will purchase a huge number of devices and invest a significant amount of money in IoT ecosystems.