The “Internet of Things" (IoT) is one of the most vital and groundbreaking concepts in the past decade. A network of physical objects collecting data in realtime; IoT allows access to information that would have been unattainable otherwise. Virtually everything can be fitted with this technology: cars, appliances, even entire homes. These objects are able to interact and communicate information to and from one another.
Gartner, the world's leading research and advisory firm, predicts by 2020, over 26 billion devices will be connected to the Internet. Every single one of these objects will be collecting and storing huge amounts of data, all of which will be utilized to create prediction models.
Before recent innovations, industries were confined to be purely reactionary. Problems were only discovered after they came to fruition, which led to costly mistakes with heavy losses. But through emerging technology, industries have completed shifted to a proactive mentality. Preventing and amending these problems ahead of time has become an extremely valuable and profitable industry. With access to a near endless supply of data, AI programs can be trained to analyze and provide solutions nonstop in realtime.
The International Labor Organization reported in 2017 that work-related accidents and illnesses accounted for a a loss of 3.94 percent of the global GDP, or about $2.99 trillion. Reducing just a fraction of these preventable issues would save industries billions in revenue, and more importantly, save hundreds of thousands of lives.
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