Marketers’ excitement about the Internet of Things (IoT) has begun to build, but the world of connected devices still has a long way to go before consumers fully embrace it.
This week’s installment of “Mind-Blowing Stats” demonstrates the potential of IoT in the next five to 10 years.
1. In 2008, there were already more "things" connected to the Internet than people. By 2020, the amount of Internet-connected things will reach 50 billion, with $19 trillion in profits and cost savings coming from IoT over the next decade.
2. Connected homes will be a huge part of the Internet of Things. By 2019, companies will ship 1.9 billion connected home devices, bringing in about $490 billion in revenue. Google and Samsung are already ahead of the pack. Google bought smart thermostat maker Nest Labs last year for $3.2 billion, and Samsung purchased connected home company SmartThings for $200 million.
3. Right now, most IoT smart devices aren't in your home or phone; they are in factories, businesses and health care. By 2025, the total global worth of IoT technology could be as much as $6.2 trillion--most of that value coming from devices in health care ($2.5 trillion) and manufacturing ($2.3 trillion).
4. Only 0.06% of things that could be connected to the Internet currently are, which means 10 billion things out of the 1.5 trillion that exist globally are currently connected.
5. By 2020, it’s estimated that 90% of cars will be connected to the Internet as compared to 10% in 2012.
6. The connected kitchen will contribute at least 15% savings in the food and beverage industry by 2020.
7. By equipping street lights with sensors and connecting them to the network, cities can dim lights to save energy, only bringing them to full capacity when the sensors detect motion. This can reduce energy costs by 70% to 80%.
8. GE estimates that convergence of machines, data, and analytics will become a $200 billion global industry over the next three years.
9. More than two-thirds of consumers plan to buy connected technology for their homes by 2019, and nearly half say the same for wearable technology. Smart thermostats are expected to have 43% adoption in the next five years.
10. In 2008, Proteus Digital Health created a pill with a tiny sensor inside of it. The sensor transmits data about when a patient takes his medication and pairs with a wearable device to inform family members if it's not taken at the right time.
11. A whopping 94% of all businesses have seen a return on their IoT investments.
12. Wearables will becomes a $6 billion market by 2016, with 171 million devices sold, up from $2 billion in 2011 and just 14 million devices sold.
13. Currently, 7% of consumers own a wearable IoT device, and 4% of consumers own an in-home IoT device. Nearly two-thirds of consumers plan to buy an in-home device in the next five years, and wearable technology ownership will double by 2015—increasing from 7% in 2014 to 14% by 2015. By 2016, wearable technology is expected to double again and reach a total of 28% adoption rate.
14. Among wearable technology devices, wearable fitness applications and technology stand to see the most growth in the short term, with 13% of consumers planning to purchase within the next year and a total of 33% looking to adopt in the next five years. Smartwatches are the second most popular wearable device, with 5% planning to purchase in the next year and a total of 23% planning to adopt in the next five years.
15. Although the mass adoption of connected technology is likely in the long term, the majority of consumers (87%) haven’t heard of the term “The Internet of Things.”
See what the Twitterverse is saying about the Internet of Things: