Internet 's Impact On The Global Market And Why Companies Should Invest

1685 Words Dec 19th, 2016 7 Pages

Internet of Things is currently a global phenomenon. Tech giants all over the world are competing against each other for the domination in this technology. IoT is showing a lot of promise but it has not yet been adopted by everyone. This paper provides information about Internet of things, how it is enabling new and transforming existing businesses, it’s impact on the global market and why companies should invest in it.

The internet is a big part of our lives these days. More than 3.5 billion people, which constitutes to around 47% of world’s population of 7.4 billion, are now connected to the internet. The number keeps on growing each day. Now, after Worldwide Web and Mobile Internet, we are about to embark on the third step of Internet revolution: “Internet of Things.” Although this sounds like a relatively new term, this concept has been around since the 1970s.
The Automated Teller Machine (ATM) was one of the first IoT devices, dating back to the year 1974. In 1983, a Coke dispensing machine which was connected to the internet was installed at Carnegie Mellon University. This machine reported the inventory data and temperature of the products that it held. It wasn’t until 1985 that the term “Internet of Things” was coined by Peter T. Lewis. The concept became popular in 1999 and is revolutionizing the world now.

What is Internet of Things?
Internet of Things is the network of smart devices that are…
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