The Internet of Things is still young, and the growth is massive. In fact, more and more we will hear the term "massive IoT" as networks of connected devices become larger and more ubiquitous and the supporting technologies such as AI, machine learning and 5G mature.
Fortune Business Insights recently made the following predictions related to the growth of IoT: "The global Internet of Things (IoT) marketplace stood at 250.72 billion in 2019 and is projected to reach 1,463.19 billion by 2027, exhibiting a CAGR of 24.9% in the forecast period."
Some of the true driving factors are the efficiencies, cost savings and other ROI metrics that a range of enterprises and industries can realize through the reduction of manual processes, reduced resource usage and predictive maintenance to avoid costly downtime or even catastrophic equipment failures.
Additionally, there is market need. And the COVID-19 pandemic has demonstated the importance of problem-solving connected solutions – like no-touch and low-touch interactive displays, hands-free retail payment processes and transportation turnstiles that eliminate the need to touch surfaces. Industry 4.0 and automation will also massively drive adoption. Developers have an enormous opportunity to be a part of these trends.