After years of anticipation and hype, IoT is slowly getting into mainstream business use. The worldwide number of IoT-connected devices is projected to increase to 43B by 2023, and the spending on software and hardware related to IoT is projected to grow rapidly, from $726B in 2019 to $1.1T in 2023. Asia/Pacific accounted for most of the spending on IoT in 2019, with India spending $20.6B.
Vending machines aren't new, but they've seen high diversification in the use cases in recent times. The global vending machine market is growing at a CAGR of 13% and expects to reach over $146.6B by 2027.
Sandeep Tandon, the founder of online financial services player Freecharge, has allocated Rs 100 crore from his family office to invest in early-stage companies in the hardware, manufacturing, and IoT space.
Home automation has evolved from smart appliances that have led to the development of integrated smart homes. It consists of four functional segments: lighting, security, audio/video & heating, ventilating & air conditioning (HVAC). The global smart homes market is estimated to reach $135.5B by 2025.
In 2016, total global energy came from 80% of fossil fuels (coal, natural gas, and petroleum). 6% of greenhouse emissions derive from energy used for lighting. Globally, 19% of electricity use is for commercial and residential lighting.
By 2024, the wireless gas detection sensors market will reach $1.4B from an estimated $1B in 2019, at a CAGR of 6.4% from 2019 to 2024. These sensors are used to measure the concentration of gases, such as nitrogen oxide.
Not only are more home appliances connected to the Internet, but they’re becoming smarter due to leading-edge advancements in artificial intelligence (AI).
Building upon the conference theme of profit from the Internet of Things (IoT), Sreeram shared his thoughts on the fourth industrial revolution, or Industry 4.0.