The “Internet of Things” (IoT)—the network of consumer devices connected to the Internet through digital connections and sensors—has dramatically grown over the past five years. A McKinsey analysis estimated that the potential annual economic impact of IoT in 2025 could be between $4 trillion and $11 trillion, with value accruing in manufacturing, urban spaces, human wellness, retail, autonomous vehicles, homes, and other sectors. An analysis by Gartner, Inc. estimated that in 2018, nearly 11.2 billion connected things will be in use globally, and that this figure will surpass 20 billion by 2020.

IoT already has global reach. Nearly one-third of the overall installed IoT base is located outside China, North America, and Western Europe. And although IoT use will continue to grow in commerce and industry, more than 63% of IoT-connected units are already available on the consumer market. Some “smart” consumer products—such as fitness monitors, wearable devices, smart thermostats, and smart TVs—are well-established. In the coming years, connected devices will continue to expand in other categories, including kitchen appliances, toys, and medical devices, among many others.
Continue Reading Covington Internet of Things Update: U.S., U.K., and E.U. Regulators Turn Focus to IoT