Main applications of the Internet of Things

2 min. reading
Internet of Things / 5 October, 2021

Karla García Gil Journalist

Are you interested in investing in the most relevant companies and ETFs dedicated to Internet of Things?

Open an account

The Internet of Things (IoT) is the set of networks and new technologies focused on people, processes and objects, whose purpose is that everyday things are interconnected with each other. In this way, IoT influences different sectors, such as industry, healthcare, agriculture, among others.

Growth of the Internet of Things (IoT) industry

The global IoT market will reach a revenue value of up to $1.1 trillion by 2024, which mentions that much of the growth will come from wearables.

Among its applications we can find the following:

  • Chatbots: This is software that simulates a conversation with people, it provides automatic responses through artificial intelligence and is mainly used by customer service centers.
  • Wearables: These are intelligent computers that we use as accessories, including watches, bracelets and glasses. Their functions include alerting us of our vital signs or providing us with information about our environment through augmented reality.
  • Health: The term IoMT or IOT in medicine is a technology that connects medical and pharmaceutical electronic devices with each other. This allows patients to avoid having to go to the doctor’s office in person, since the devices take care of data management and manipulation by sending it directly to the doctor.
  • Agriculture: Farmers have implemented various irrigation technologies supported by the use of smart sprinklers, access to weather information to determine aspects of the crops and data repositories on soil conditions, which helps them to make decisions on the use of herbicides.
  • Industrial and manufacturing sector: The incorporation of IoT in industry enables efficiency in processes and operations, improves employee safety and contributes to reducing workplace accidents, as well as reducing costs.
  • Smart Cities: The internet of things helps the transformation of cities, solving real-life problems that citizens face every day, such as road congestion, crime and pollution.
  • Mobility: Vehicles equipped with internet access, motion sensors and cameras enable not only more efficient driving, but also support the driver if a repair is needed, avoiding the need to go to a garage.

Market overview

According to the Thematic Research: Internet of Things report issued by Globaldata, the global IoT market, by revenue, will reach a value of $1.1 trillion by 2024, with a compound annual growth rate (CAGR) of 13% over the period, with much of that growth expected to come from wearables.

The global IoT market reached a value of $622 billion in 2020, up from $586 billion a year earlier, with enterprise dominating, generating 76% of total revenues. This dominant role is expected to continue in the future.

 

×

How to invest in Internet of Things?

From BBVA New Gen we have compiled the companies and investment funds that are dedicated to Internet of Things?. Find out how to invest in the companies that are revolutionizing the sector

Open an account

Related news

  • 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)...

  • Cybersecurity: The importance of protecting our data

    The flow of personal data generated by these new technologies may leave our privacy exposed, meaning the concept of cybersecurity is increasingly critical.