Internet of Things

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 12%. Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$4.7 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices. The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices. Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.