IoT – Internet of Things – “The Internet of things describes physical objects that are embedded with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks.” ~ Wikipedia
The global market for the IOT continues to grow despite the impact that COVID-19 and the chip shortage have had on the supply chain. Both factors are expected to have a negative effect on industry for the next several years.
However, it is important to note that IoT markets, in general, are accelerating post-COVID-19, and are driven by investments into additional software tools, applications, and the required integration. Global enterprise IoT spending in 2020 grew 12.1%, and is expected to continue to grow well into 2024 and beyond.
Practical deployment of Internet of Things (IoT)
IoT is hot but there are not as many mainstream applications today as some predicted. We anticipate that with 5G, the number of connected devices and mainstream IoT applications will reach scale. Amazon recently launched Amazon Go, a system that uses IoT and machine vision technologies to enable consumers to shop without manual check out. Environments will use more sensors and vision technologies, enabling more scalable IoT solutions.
Startups Standard Cognition (U.S.), Accel Robotics (U.S.), Trigo (Israel), Grabango (U.S.), and AiFi (U.S.) provide similar services as Amazon Go. https://venturebeat.com/2019/12/30/10-technology-trends-that-will-impact-our-lives-in-2020/