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Growth of the Internet of Things (IoT) industry

2 min. reading
Internet of Things / 1 June, 2021

Karla García Gil Journalist

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The Internet of Things (IoT) has become especially important as our aspects of daily life as well as business have become more complex. From travel management, to bill payment, to healthcare issues, where we have gradually delved deeper into finding solutions to streamline processes.

According to a report by Globaldata (Thematic Research: Internet of Things), the global IoT market will reach a revenue value of up to 1.1 trillion dollars by 2024, which mentions that much of the growth will come from wearables.

The global Internet of Things market reached a value of 622,000 million dollars in 2020, compared to 586,000 million in 2019, and it is estimated that it could reach 1,770,000 dollars by 2024, with an annual growth rate of 13% during that period. Therefore, this area will play an important role in ensuring connectivity and maintaining competition among companies.

History of the Internet of Things

History of the Internet of Things

In 1874 French scientists installed the first sensor in history on Mont Blanc. The purpose was to obtain meteorological and snow depth data transmitted via a radio link, making this experiment the pioneer of telemetry. In 1926 Nicolas Tesla was developing projects that revolved around wireless light and radio connections (shortwave)...

What is IoT?

The Internet of Things is a digital interconnection of everyday objects with the internet. The IoT allows systems to be remotely sensed and controlled through the existing network infrastructure. This enables greater integration between the physical world and computer-based systems, which represents greater efficiency and cost-effectiveness.

Among the main applications of the technology are cost optimization for industrial and transportation companies through remote monitoring of devices and vehicles, data collection for real-time production analysis, and tracking of final cargo delivery.

 

Wearables and health technologies

Other IoT applications, as we mentioned earlier, are wearables, which are a set of electronic devices that are incorporated into some part of our body interacting continuously between us and other devices.

Wearables represent the boom of the last few years, as they register what we eat, our heart rate, warn us if we are sick or stressed. They come in the form of smartwatches, GPS-enabled running shoes and bracelets that monitor our state of health, to name a few.

On the other hand, the healthcare sector is also undergoing changes brought about by the IoT. The medical sensors market is expected to reach a turnover of $27.7 billion in 2026 with a growth over the next few years of 9.9% according to Transparency Market Research.

In this sense, IoT has come with a promise for people in their daily lives but also for investors, who consider it an excellent opportunity to inject capital. Thanks to the automation of tasks, it will increase the productivity of companies, in addition to progressing towards the inevitable growth of telecommunications, data analysis and the arrival of intelligent machines.

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