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.
With the COVID-19 lockdown being relaxed in phases, companies are gearing up and re-aligning themselves to bag opportunities that are set to arise out of this pandemic scenario. The trends to emerge in the market post-COVID-19 will involve adding intelligence to products and convergence of technologies.
Industry 4.0 represents a leap in factory manufacturing innovations, the convergence of robotics, embedded sensors, and machine-learning algorithms.