Welcome To The Internet Of Things Revolution

When I was a kid, time stood still in India.

My cousins and I would run out if a car passed by just so we could stare at it, because cars were such a rare sight. If you wanted to buy a car, you had to wait five years to get one because the government allowed only a certain number to be made each year.

It took six years or more for the government-run company to install a telephone in your house.

Cars and telephones were all the technology that was ever available to us in India.

Computers, new medical technology and consumer appliances like washing machines and air conditioners were all something we just heard about.

But that was then…

Today, thanks to the Internet and satellite TV, people around the world know about new technologies at the same time. And that’s one reason why the newest tech trend that’s bringing a revolution to every aspect of human society is going to be a global phenomenon.

The Internet of Things (IoT) revolution is sweeping the world right now.

According to researchers, the global market for IoT in 2020 is going to be worth $373 billion in terms of sales. Hardware will account for 52% of sales — devices ranging from personal wearable technology to smart homes to connected cars.

The remaining 48% will pour in from the software and analytics required to turn the copious amounts of data generated by hardware into usable information.

Leading market research firm IDC forecasts China to spend $128 billion on IoT by 2020. India’s spending will come in around $10 billion to $12 billion by 2020. And forecast sales for the Middle East and Africa are at $11 billion by 2019.

When the personal computer (PC) revolution started, it was mostly limited to developed countries. Only in the much later stages, when prices of computers dropped significantly, did this revolution go global.

But unlike previous tech revolutions, IoT is a global revolution from Day One. Kids growing up in India today are going to be part of the IoT at the same time as their peers in richer, more developed countries.

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