The enthusiasm of developers and customers alike for Internet of Things (IoT) continues to build and be strong, especially if you use the measure of support by crowd funding sources. It may be that predictions for burgeoning market growth may be right on the money.
Gartner predicts that 6.4 billion connected things will be in use worldwide in 2016, up 30% from 2015, and will reach 20.8 billion by 2020. In 2016, 5.5 million new things will get connected every day, the firm estimated.
Business Intelligence, meanwhile, puts the figure at a staggering 34 billion IoT connected devices by 2020. Investment in the IoT sector will reach $6 trillion over the next five years, the analyst firm found. The market is shaped by a number of promising drivers:
- Expanded internet connectivity
- High mobile adoption
- Low-cost sensors
- Large IoT investments
A look at recent wins on crowd funding platforms such as Indegogo and Kickstarter make it clear that everyone is enthusiastic about IoT, from engineers and coders who want new boards and chips to end users who want to connect with their homes, cars, and even pets.
In recent months, all of these IoT projects received greater than 100% funding on their chosen crowd sourcing site. Although the Silicon Valley area continues to be a hotbed of innovation in this area, winning projects bubbled up from all over the world, including the Netherlands, the United Kingdom, and Israel.
Click on the image below to start a slideshow that reviews the basics on these big ideas. Then let us know, in the comments section below, what big dreams you have for IoT.
— Hailey Lynne McKeefry, Editor in Chief, EBN