We all reminisce that famous quote of Bill Gates when he said that people generally overestimate the short term change that would occur in the next two years but underrate the long term change that would occur in the next decade. In retrospect, it now seems that probably he meant the Internet of Things.

At the ground level, it is this basic connectivity of embedded system to the internet which is creating waves of innovation across industries. The network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors and network connectivity ease up data exchange amidst these objects. Industry veterans have jargonized the Internet of Things (IoT) as the next Industrial Revolution or precisely the Next Internet. Manufacturing, retail, transportation, infrastructure, banks, healthcare, food services, insurance are the realms which are and would benefit from the IoT manifold.

I believe that the Internet of Things is hands down the next big thing in the tech space which will steer the digital transformation for enterprises in the coming years. The Internet of Things (IoT) will be taking over our homes and businesses alike. The most popular and nearest IoT application of the present era is the smart home. The wait for next generation door locks, room control devices and digital signs throughout grocery stores is over.  The smart home is equally affordable and logistically viable. From the Amazon Echo to the Nest Thermostat, the market is full of products which can be voice-controlled to make lives connected like never before. There are some future consumer applications envisioned for IoT which appear surreal while some others offer such realistic technological promises. The Apple Watch and other smart watches are already beyond the ordinary text messaging, phone calls and so much more. The way devices such as Fitbit and Jawbone update us about our workout status makes us wonder about the technological miracles. Entire cities can now have their 24x7 problems solved, thanks to IoT. One of the forerunners on this front was Barcelona as it was first to implement several IoT initiatives. With prim and proper connections and data, the Internet of Things can correct traffic congestion issues and reduce noise, crime and pollution. Another burning urban issue is that of parking for the congested modern cities. Installation of sensors and optimal web applications can even enable citizens find free available parking slots across their city.  Connected cars are also on the anvil. They are equipped with shareable Internet access. It is as simple as connecting to a wireless network in a home or office. The retail sector too can do wonders with IoT. Retailers can connect with the customers for a better in-store experience. Smartphones would enable retailers to maintain customer connectivity even out of store.
Automatic ordering of groceries? Sounds like the wish of a magic wand? Only the IoT would suffice. Wearable computing devices like watches and glasses are also potential players in future IoT systems. Even in the gamut of IoT players, some have better ranks than their fellow players. Home thermostats, door locks controlled from smartphones and smart refrigerators are no longer fancies of technology. The newest entrant in the industrial sector is Industrial Internet which is often termed as Industrial Internet of Things (IIoT). It is adding value to industrial engineering with sensors, software and big data analytics to create brilliant machines.

However, the Internet of Things does trigger privacy questions around personal data. While reaping the benefits of connected devices and enjoying better and easier lifestyles, at the same time we must address and understand security from all aspects. This upsurge in connected devices opens up entry points for hackers and cyber criminals. It is a no brainer that the average consumer like me is now concerned about privacy. With so much of the consumer's life being connected, the off limits pose a threat.  For a planned virtual invasion of a home, all it takes for manufacturers or hackers is just a connected device.

As per Business Insider reports, the connectivity nexus for the Internet of Things is multiplying by the day and it might shoot up to 34 billion devices connected to the internet by 2020. Infinite things will be talking to each other with the least human intervention. If the predictions of tech stalwarts are to be believed, consumers are way behind businesses and governments with respect to IoT adoption. Yet, there will be no dearth in the huge scale purchase of devices alongside of significant monetary investment in IoT ecosystems.