Chances are, nearly all of us have heard of the Internet of Things (IoT) by now. IoT can be many things and that list continues to grow with new innovative ideas being explored daily. Basically, we can think of it as a non-traditional network connected device. To expand upon that, IoT is a collection of billions of physical (electro/mechanical) devices that serve a wide variety of purposes and are distributed throughout the world and are connected to the Internet. It is a device or system that is electro/mechanical equipment with digital input/output. It is a wide variety of network connected computing components. Each with a unique identifier that enables it to transfer data over a network without any other assistance or interaction. That data is received and processed and utilized by a variety of systems/applications and their number grow minute by minute.
The shrinking physical size and cost of microprocessors is expected to propel the global IoT market forecasts. All things considered suggests that the number of IoT devices will grow to around $1.6 trillion U.S. dollars by 2025. That is up from just over $210 billion U.S. dollars in size at the end of 2019. Link: https://www.statista.com/statistics/976313/global-iot-market-size/ It is important to keep in mind that IoT will be influenced by a number of emerging technologies and that includes blockchain technology as well as 5G. Many believe that IoT will have a transformative and disruptive impact on business, government, industry and our daily lives. Given the projected growth, variety of applications and estimated value IoT brings to the table, program and project managers will likely see initiatives involving IoT devices and technologies going forward.