Trends and characteristics
The IoT’s major significant trend in recent years is the explosive growth of devices connected and controlled by the Internet. The wide range of applications for IoT technology mean that the specifics can be very different from one device to the next but there are basic characteristics shared by most. IoT creates opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions.
The number of IoT devices increased 31% year-over-year to 8.4 billion in the year 2017 and it is estimated that there will be 30 billion devices by 2020. The global market value of IoT is projected to reach $7.1 trillion by 2020.