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Internet Of Things Case Study

1342 Words6 Pages

It’s safe to say that we are at the start of another industrial revolution. The rise of the connected objects known as the “Internet of Things”(IoT) will rival past technological marvels, such as the printing press, the steam engine, and electricity. From the developed world to the developing world, every corner of the planet will experience profound economic resurgence. Even more remarkable is the speed with which this change will happen. A decade ago there were about 500 million devices connected to the Internet. Today, there are 10 to 20 billion. In five years, there could be 40 to 50 billion. Unlike previous industrial revolutions, however, we see this one coming. IoT is not one earth-shattering invention, like the cotton gin. Industries won’t be caught unaware by a better mousetrap that renders their …show more content…

In the meanwhile, there is no doubt that the global insurance industry has the potential to play a major role. How will we assess risks associated with the largely uncharted territory of the Internet of Things? How can we understand challenges that could spark fundamental shifts in the responsibility for and management of risks we already know today? That’s where insurers can lead – not only for the sake of their industry, but to provide guidance to other industries, governments and, above all, citizens. According to industry analysts, there are between 10 to 20 billion things connected to the Internet today. This ecosystem of connected objects forms the foundation of “Internet of Things” (IoT). Even though the technology that comprises IoT has been around for years, we’re only in its very earliest stages. The number of connected objects today pales in comparison to how many will be connected in just five years. Estimates vary, but the range of connected objects by 2020 will be 40 to 50 billion, and includes everything from cups and pens to homes, cars, and industrial

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