20 Billion ‘Things’ Will Make Up ‘Internet of Things’ by 2020 (Including Cars)

Jennifer van der Kleut

Six billion things are currently connected to the Internet-and experts say that number will climb to 20 billion within the next four years.

According to Motley Fool, the “Internet of Things” (IoT) is one of the fastest-growing industries in the world today, transforming countless industries such as transportation. If that pace keeps up, IoT is expected to be a $3-trillion industry by 2020.

It’s not just connected cars that IoT is changing, either-the phenomenon touches nearly every aspect of the transportation industry. In the airline industry, the technology is being used to help make airplanes more efficient. Motley Fool explains that General Electric’s Flight Efficiency Systems software has helped AirAsia save more than $50 million in fuel costs over the past five years by analyzing flight data and using it to plan better flight schedules and make other efficiency adjustments.

Other similar programs by GE are used to do much of the same for public buses and railway cars for public transportation systems, and to plan logistics for shipping companies.

The business-to-business (B2B) industry will also benefit greatly from the rise of IoT, the Huffington Post says.

“IoT systems can take the guesswork out of product development by gathering data about how products-including capital goods-actually function and how they are used, rather than relying on customer focus groups,” economist and author Jerry Jasinowski, said in Huffington Post Business on Monday.

Of course, personal communication is already a huge industry, and is growing even bigger with IoT technology. Verizon’s revenue has increased 18 percent year-over-year thanks to IoT, Motley Fool reports.

IoT is allowing planners in the creation of “smart cities,” and the idea is spreading rapidly across the country.

“[Verizon] is considering new cellular plans just for IoT devices,” Motley Fool reports. “The unlimited, flat-rate plans will make it easy and affordable for more cities to expand their IoT solutions, and it’s a clever move on Verizon’s part. Smart cities are expected to bring cost savings and revenue of $1 trillion by 2019.”

Agriculture is another industry that will be transformed by IoT solutions. Monsanto’s “FieldScript” software program allows farmers to connect their fields to the internet and, through the software, see useful analytics that tell them when, where, and how much they should be planting.

What’s more, “John Deere offers a Field Connect system that allows farmers to monitor air and soil moisture levels, wind speed, solar radiation, humidity, rainfall, and even leaf wetness. By analyzing this information, farmers can make better-informed irrigation decisions, saving time and money on watering costs,” Motley Fool explains.

For investors, IoT certainly seems to be a gold mine as well-and the financial experts at Motley Fool say the $3 trillion-by-2020 estimate may even be on the conservative side.

“For investors looking for the ‘next big thing,’ the Internet of Things certainly looks like a good option. Tech companies, conglomerates, agricultural companies and wireless providers alike all see the value in the Internet of Things — now it’s time for investors to get on board,” they report.