According to Business Insider the Internet of Things (IoT) has been called the next Industrial Revolution - it will change the way all businesses, governments, and consumers interact with the physical world. It is estimated:
- There will be 34 billion devices connected to the internet by 2020.
- Nearly $6 trillion will be spent on IoT solutions over the next five years generating with a predicted $13 trillion return on investment.
- Businesses will be the top adopter of IoT solutions followed by Governments and Consumers. IoT ecosystems will lower operating costs, increase productivity, help companies expanding into new markets or developing new product offerings. It will allow for Governments to improve the quality of life of their citizens'.
The Event
As part of Galway Mayo Institute of Technology (GMIT) annual New Frontiers pitching competition and awards ceremony, GMIT will host a free one day conference on the Internet of Things (IoT).