Technology Industry Point of View: Connected Devices

The accelerating pace of innovation related to the Internet of Things (IoT) is unleashing a wave of connected smart products that are becoming increasingly mainstream and are integral to everyday life. Smart watches, activity trackers, wearable devices, connected cars, homes, and more are now a reality. Tasks that previously required human presence, such as home cleaning, cooking, and driving can now be controlled remotely through IoT sensors embedded in smart products. According to an Ericsson estimate, there will be 16 billion active IoT devices by 2021.1 McKinsey predicts IoT’s potential economic impact to touch USD 11 trillion annually in 2025–this means IoT will account for a staggering 11% share of the global economy in less than 10 years.

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