The Internet of Things (IoT) is one of the most talked-about technological breakthroughs of the 21st century. It is depicted as a revolutionary technology that will make it possible to link up all kinds of devices, from our homes to our cars, to the internet. But, how widely accepted is it really?
The response is that IoT is becoming increasingly popular. As per a recent survey from Gartner, the amount of IoT devices linked to the internet is predicted to grow from 8.4 billion in 2017 to more than 20 billion by 2020. This expansion is driven by a blend of components, including the decreasing cost of sensors, the increasing accessibility of wireless networks, and the proliferation of interconnected devices.
Aside from the sheer number of interconnected gadgets, another sign of IoT’s popularity is the growing number of companies investing in the technology. According to the same Gartner report, the total spending on IoT solutions is expected to reach $1.2 trillion by 2021. This includes investments from companies in automotive, healthcare, retail, and other industries.
So, how else can we evaluate the popularity of IoT? One way is to look at the number of startups and companies concentrating on the technology. According to CB Insights, the quantity of IoT startups has increased from just over 1,000 in 2014 to nearly 5,000 in 2019. This implies a growing interest in the technology, as more entrepreneurs and investors are willing to take risks on new IoT solutions.
Finally, the recognition of IoT can be measured by the number of conferences and events committed to the technology. According to the IoT Events Tracker, there were over 1,000 IoT-focused conferences and events around the world in 2019. This reflects that the technology is gaining traction in both the corporate and consumer worlds.
To sum up, IoT is becoming increasingly popular as more companies invest in the technology, more startups are established, and more events are organized around it. This growth is powered by a combination of components, including the decreasing cost of sensors, the increasing accessibility of wireless networks, and the proliferation of interconnected devices. As these trends carry on, it is probable that IoT will become an even more significant part of our lives.