The predictions about IoT market made during its peak of inflated expectations phase about 10 years ago were quite optimistic and forecasted 50 billion devices in 2020 and total worldwide market revenues of around 1,8 trillion USD. However, based on predictions from 2020 and 2021, the current IoT landscape in 2023 connects around 15 billion devices, while the worldwide market revenues are around 290 billion USD. In this blog, we try to ascertain why these expectations remained unfulfilled and what are the current prospects for IoT.

The second part of the IoT Standards & Protocols blog covers the application protocols which can be divided into general application protocols and specialized application protocols for covering specific use cases.

Internet of Things (IoT) has undergone a wide adoption in many domains over the past years. The first thing that comes to mind when discussing IoT solutions are physical devices, hardware, either sensors that sense the environment or actuators which change the environment, and applications (software) through which IoT devices can be sensed and controlled.

The Internet of Things (IoT) is a rapidly growing technology that has the potential to revolutionise the way we live and work. However, behind the simple concept lies a complex system of hardware, software, communications, and platforms that work together to make IoT possible. In this article, we will dive into the science behind IoT and explain everything you need to know about how it works.