IoT’s upcoming trends and business opportunities

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Earlier what was called machine to machine was merely an idea and now IoT which is a giant network of connected things is no longer a nascent dream. McKinsey predicts the IoT market will be worth $581B for ICT-based spend alone by 2020, growing at a Compound Annual Growth Rate (CAGR) between 7 and 15%. According to Statista, for 2020, the installed base of Internet of Things devices is forecast to grow to almost 31 billion worldwide. “The IoT will continue to deliver new opportunities for digital business innovation for the next decade, many of which will be enabled by new or improved technologies,” said Nick Jones, research vice president at Gartner. Whether you are thinking of creating your own IoT startup or considering adding IoT applications to your business or just inquisitive, it is essential to know some of the key trends that will shape IoT in 2019.