You have probably heard the phrase “Internet of Things” or IoT. It’s currently transforming the way we live. Our lives are no longer connected to the internet solely through computers and smartphones – we’re now able to connect to any device in our home, from refrigerators and security systems to thermostats and baby monitors. The list of IoT devices gets longer by the day and will only continue to grow.
What exactly is IoT?
According to Business Insider, the IoT is “a network of internet-connected objects able to collect and exchange data using embedded sensors”. To put it simply, any device that connects to the internet (but isn’t a computer, tablet, or smartphone) is considered an IoT device.
Home automation is becoming the norm. Forbes projects that 71% of consumers are expected to own at least one smart home device by 2025.
Picture this. You’re on your way home from a summer outing on a blistering hot day. Your smartphone tells your thermostat that you’re approximately 10 minutes away and to begin the process of cooling down your home. This is no longer science-fiction — it’s our new reality and there are endless possibilities with IoT devices.
How it’s affecting our way of life
A world where everything in our lives is connected makes our everyday routines easier. Smart refrigerators can sense when we’re running low on groceries and remind us to make a trip to the store. Smart alarms wake us up based on the amount of traffic on our route to work. Smart thermostats help control energy consumption, leading to bigger savings. In a nutshell, there is an extensive list of smart devices that make our lives easier and more convenient.
With connectivity and convenience comes a higher cost. Transforming your entire home into a smart home can leave a small dent in your wallet. But smart home devices such as thermostats and air conditioners actually save you money on your electric bills, meaning bigger savings in the long run.
The future of the connected home
Iot devices will lock your front door, activate your sprinklers, vacuum your living room, purify your air, manage your washing machine cycles, start dinner for you, and remind you what you need to pick up from the grocery store.
The smart home is here to stay. By 2020, there will be over 24 billion IoT devices on earth — that’s four devices for every person (Business Insider). By 2021 smart home revenue will reach $32.2 billion. As consumers continue to buy smart home devices, non-smart options will become less and less available over time. This futuristic convenience is now, as households and smart devices throughout the world work together to offer us seamless connectivity.