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What does that even mean anyway? While the term has been around a few years now, it’s truly beginning to make its way into all arenas in our lives.

To keep it simple, it’s the concept of connecting devices to the internet or each other. This is anything and everything from cellphones to tablets, to coffee makers and washing machines, even jet engines and oil rigs. It affects us on every level. If you can turn it off and on then it’s surmised that it can become a part of the IoT. Now with AI (artificial Intelligence) coming to play, our day to day use items become smarter by the moment as they learn from our habits and routines.

From our homes to our workplace, educational facilities to medical facilities the IoT is a reality everywhere we go. Improving everyday life, education, how we work and how we offer health care to those we love.

As Jenalea Howell, Research Director for IoT Connectivity explains, “IoT is not a recent phenomenon, but what is new is it’s now working hand in hand with other transformative technologies like artificial intelligence and the cloud.”

Analytics provider IHS Markit estimates that there will be more than 31 billion IoT connected devices in 2018, driven by consumer electronics, medicine and healthcare, industrial design and automation, and transportation sectors.

According to Forbes, Bain predicts consumer applications will generate $150B by 2020, with B2B applications being worth more than $300B. Globally, enthusiasm for the Internet of Things has fueled more than $80B in merger and acquisition (M&A) investments by major vendors and more than $30B in venture capital, according to Bain’s estimates. Source: Bain Insights: Choosing The Right Platform For The Internet Of Things.

Based on these stated statistics, It’s safe to say that we are all encountering the IoT on some level each day, and we will continue to do so in the future. The impact of the IoT is growing, and many believe at a more rapid rate than predicted. It will be interesting to see how it looks in a few years, how it has truly affected manufacturing operations, facility operations and more.

While we believe in change when it improves precision, performance and profitability, we at Hard Edge Tool are not fans when it replaces the personal touch. While we do experience the benefits of the IoT in the industrial razor blade arena, when proven to be of benefit, you can rest assured that when calling to order your blades from Hard Edge, you will still receive the same quality, personalized customer service that you have over the years.

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