The Internet of Things (IoT) was first envisaged in the last century. It is a vision whereby potentially billions of “things” such as smart devices and sensors are interconnected using machine-to-machine technology enabled by Internet or other IP-based connectivity.
A study by the McKinsey Global Institute estimates that the IoT will have a potential economic impact of US$3.9 trillion to US$11.1 trillion per year in 2025 across nine settings: homes, offices, factories, retail environments, worksites, human health, outside environments, cities and vehicles. Estimates vary widely regarding how many IoT devices will be connected but an often quoted statistic is from Cisco which estimates that 50 billion objects and devices will be connected by 2020.
Read the full article on page 82 Understanding the security issues of the Internet of Things