Despite the headwinds of the COVID-19 pandemic, economies worldwide are seeing increasing adoption of the Internet of Things (IoT) for different applications. Adoption, however, is uneven across verticals. IoT growth remains a function of drives toward productivity, cost-efficiency, new revenue streams, as well as to boost employee and customer experiences. The pandemic has accelerated preexisting trends and speeded enterprise willingness and eagerness to undertake digital transformations. Across verticals, businesses have a heightened perception about the value of remote monitoring, predictive maintenance, and automation that IoT can unlock.
Globally, in 2020, there were more than 26.47 billion IoT devices in service. By 2026, Frost & Sullivan estimates there will be approximately 65.96 billion IoT devices in service at a compound annual growth rate of 16.4%, representing roughly 8 connected IoT devices per human being.