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The Internet of Things

Sounds a bit vague, doesn’t it? Well, that’s because the Internet of Things (IoT) will cover just about everything. The term refers to physical objects connected to the web which transmit and exchange data. That includes smartwatches, a home security system you control from your phone, and even your smart yoga mat!
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Rather than being a passing fad, the IoT is growing as innovative people and businesses imagine new uses for connected objects. Take a look at some of these staggering statistics:
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1: By 2008, there were more Internet-connected objects than people. According to Cisco, that number is expected to exceed more than 50 billion objects.
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2: Projections estimate the IoT market will sell more products than the PC, tablet, and smartphone markets combined.
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3: Yet surveys show almost half of consumers aren’t aware that things like smart refrigerators and toasters are already on the market.
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4: However, 69% of consumers surveyed are concerned about data security, and believe they should own the data generated by any personal IoT devices.
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5: We don’t have to worry about running out of IP addresses (each connected device needs one), because the latest version (IPv6) has enough for 100 IP addresses for every single atom on earth!
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6: Just 10 percent of cars were connected to the Internet in 2012. By 2020, it’s estimated that 90 percent will be.
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7: 60 percent of consumers
 would be willing to share data from their cars with the manufacturer if they were gifted one free maintenance session in exchange.

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8: GE estimate that if IoT technology can make oil and gas exploration and development even 1 percent more efficient, savings will near $90 billion.
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9: Connected homes will be the largest sector for IoT technologies for the foreseeable future; by 2019 it’s estimated to be a $490 billion market, which is probably why Google acquired Nest (smart thermostat makers) for US$3.2 billion.
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10: GE estimates  IoT technology for industry has the potential to add US$10-15 trillion to global GDP over the next 20 years.
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11: Morgan Stanley estimates driverless cars will generate savings of $1.3 trillion in the U.S., and $5.6 trillion worldwide.
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12: In 2013, one in 10 American adults owned an activity tracker but more than half of those no longer use it and a third stopped using it within the first six months.
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If you think you’re immune to the IoT fad, estimates suggest 20 percent of U.S. consumers will own a smartwatch or smart refrigerator by 2020. According to Iron Paper, more than two-thirds of consumers plan to buy IoT technology for their homes by 2019.
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