The Internet of Things (IoT) is making quantum leaps towards the future. The industry is rapidly expanding as the markets’ needs grow beyond our wildest estimations and forecasts. Powered by the latest sensors, cutting-edge software, big data, AI (artificial intelligence), and ML (machine learning), IoT will continue to develop.

IoT also plays a vital role in the digitization of businesses. With the pandemic pushing businesses into a fully digital environment, it’s logical to assume that IoT will explode in years to come. Residential IoT use cases are also growing. In fact, the projections tell us that the number of houses with smart home systems will reach 400 million by 2025.

The IoT stats are compelling, and they indicate that IoT is definitely here to stay!

General facts about IoT

There are a number of KPIs (key performance indicators) that you can consider when you want to assess a certain industry or a market. IoT has been expanding and growing for quite some time now. But how do we put that growth into context? How do we know if this is a huge market with a great future ahead of it?

From our personal experience, the best way to do this is to try and see how much money there is in the IoT game. Are both businesses and individuals interested in it? How many IoT devices are there? Let’s find answers to these questions.