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Internet of Things

Internet of Things

Internet of Things is growing at a ridiculous rate, as evident in this IoT Statistics compilation. As of 2019 alone, there were about 26 billion IoT devices installed around the world.

The pandemic did wipe off around 8.2% of the 14.9% growth forecast that IDC did around November 2019. In specific terms, that translates to $742 billion 2020 global IoT revenue adjusted for the effects of the pandemic (IDC, 2020). However, IDC estimates that global IoT spending will be back on track for a double-digit growth rate in 2021, to mount a CAGR of 11.3% over the 2020 to 2024 forecast period.

Much like AI, IoT is found practically anywhere in the modern world. By 2020, each person had an average of four connected devices and by 2030, we’d have 15 devices each. Thus, it’s no surprise that IoT is the rage among huge businesses.

So far, IoT devices are mostly seen in smart homes in the form of connected lights, smart fridges, etc. Wearable technologies such as smart glass and activity trackers are also very popular applications of IoT technology. Furthermore, traffic and waste management, urban safety monitoring, and water distribution are some of IoT technologies present in smart cities.

Security is the primary concern regarding this field. IoT users will have to face the threat of hacks, data breaches, information leakage, and so on. The problem is that most IoT devices aren’t equipped with security features right out of the box. So to make this technology continually enjoyable, extra steps toward security must be taken.

Top IoT Categories Based on 2020 Market Share

Who are the top IoT companies?

  • VironIT
  • R-Style Lab
  • ScienceSoft
  • HQSoftware
  • Magneto IT Solutions
  • TP-Link
  • Eastern Peak