Amy Nichol Smith: How the Internet of Things Can Help Your Business Save Money

As television was changing home entertainment back in the 1950s, there were naysayers who believed TVs were just a fad.

As television was changing home entertainment back in the 1950s, there were naysayers who believed TVs were just a fad. Decades later, nearly 100% of homes in the United States had at least one TV. The Internet of Things (IoT) is another technology that is already changing and shaping the way the world works, plays and lives. The IoT movement could mean economic growth, reduced costs for many businesses and new sectors of business.

Cisco, an American tech company, projects an increase of 10 billion new devices supported by global IP networks by 2020. Research company Markets and Markets predicts the growth of IoT to increase by 33% by 2021 – that's more than $500 billion.