In 2010, the IoT and Industrial Internet became familiar terminology. The World Economic Forum and others declared this to be the next generation of the Industrial Revolution. As in previous generations, several technological advancements came together to enable a new class of solutions and applications, changing business models and capabilities.
Sensors began to be mass produced at ever decreasing costs. As price points, size, weight, and power requirements for sensors decreased, engineers began to create device designs that included them in anticipation of being able to gather useful data on device status as soon as it became feasible. Since smart sensors can also be programmed and updated, they ...
