The Internet of Things (IoT) refers to the connection between devices and sensors in our environment and computers. These devices are often connected over the Internet, enabling them to share data and receive updates from the cloud.
What is IoT?
The IoT devices we use every day include smartphones, smartwatches, fitness trackers, smart speakers such as Amazon’s Echo, connected home appliances like thermostats, smart TVs, and wearable sports and health devices.
Unprecedented Growth of IoT
The IoT is expected to grow significantly over the next few years, in 2020, it’s estimated that there are over 26 billion IoT devices used worldwide.
The growth of the IoT is expected to have a significant impact on our daily lives, making it easier to automate our homes, offices, and workplaces. The IoT is also expected to generate significant revenue in the coming years.
IoT revenue is expected to grow in the following years, generating $1.5 trillion in 2025 and $1.9 trillion in 2030.