Benefits Of Internet Of Things and Components of Internet Of Things

Due to the availability of real-time data insights at scale and automated responses at the user level, the Internet of Things market is expanding rapidly in all industries.

IoT will become more efficient and widely accessible as network infrastructure improves its bandwidth and lowers latency.

Continue reading to find out more about the IoT market today, including the technologies involved and how companies are using IoT solutions.

A Closer Look At The IoT Market

Internet Of Things Market

According to, the IoT market was worth $761.4 billion in 2020. It is projected to rise to $1.39 trillion by 2026 according to Mortor Intelligence.

This growth is mainly in a handful of industrial sectors, such as manufacturing, retail, health care, and other areas where IoT technology was deployed to track illnesses and handle other logistical aspects involved with pandemic control.

The global infrastructure for Edge Computing as well as will become more accessible. IoT will be easier to use for corporate development and growth.

This infrastructure will be used more often to enable smart factory automation. Industry 4.0 is an ongoing industrial revolution that focuses on automating manufacturing processes.

Internet Of Things Market

According to, the IoT market was worth $761.4 billion in 2020. It is projected to rise to $1.39 trillion by 2026 according to Mortor Intelligence.

Internet Of Things Components

IoT deployments are made possible by a complex set of technical elements.
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IoT devices

Smart devices that can connect wirelessly to a network to exchange data and interact with sensors and other devices. Companies are looking for the right devices to support their IoT infrastructure. An increasing number of third-party devices also offer IoT capabilities.

IoT sensors

Specialized hardware that collects and analyzes data from a specific environment. The collected data is focused on factors such as temperature, location and movement.

Internet of Things network connection:

The Internet of Things needs a reliable network connection to allow the software to communicate with sensors and devices.

5G infrastructure is commonly used to power the network connection, providing bandwidth, low latency, and availability that IoT needs in order to work properly.

IoT cloud or cloudless IoT?

The traditional cloud infrastructure is preferred for IoT data as it tends to be reliable, elastic and scalable. Some companies are concerned about IoT cloud security and privacy.

Some users have chosen to go “cloudless”, or choose edge computing, fog computing and more private “mini-clouds” in order to avoid these problems.

IoT Software:

IoT Software is an interface that analyzes data from IoT devices to provide insights for users.

Find out more about the top IoT solutions on today’s market. 85 Top IoT devices

The Internet Of Things

Companies can reap the many benefits of IoT deployments, as they can monitor a wide range of environmental factors in real-time.
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Real-time, remote data monitoring

• IoT software allows for easy user-level data access
• Safety and security tracking
• Management and tracking of resources
• Automating manual tasks
• Customer service and marketing – Catered marketing

Internet Of Things Use Cases

The Internet of Things technology offers a wide range of benefits to everyone, from the individual user of their smart home device to the corporate executive who wants to automate security and operations.

The following are examples of how major IoT companies helped their customers and partners.

“Our guests find robotics solutions engaging and fun. They also use them to get the information they need. They make our brand stand out, and make customer visits easier and more enjoyable.

Our customers have the ability to get the help they need quickly and efficiently with robotics solutions. We’re also reducing the workload on concierge employees so they can concentrate on other important tasks.” -SVP of Marketing for an Asia-Pacific mall chain and retail chain on Intel IoT

We have used the most advanced technology and tools to communicate with our customers about electricity consumption and supply. This has allowed us to get this far quickly.

We evaluated which cloud provider could scale and grow with us from a technical perspective and which would provide the greatest business benefits.

We differentiate ourselves from traditional energy companies by empowering our customers and giving them easy-to-implement tech-based solutions at home.

We need to use the most advanced technology and data analytics to make this possible.” -CEO, co-founder of Tibber (an energy company) on IoT and cloud infrastructure.
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Internet Of Things Providers

There are many companies that provide components for the Internet of Things deployment.

These are the top IoT providers:

IoT Software Providers

• Intel
• Cisco
• IBM
• Amazon
• SAP
• Google

IoT Cloud Providers

• Google Cloud
• AWS
• Microsoft Azure
• IBM Watson
• Oracle
• Salesforce

IoT Sensor Providers

• Bosch
• Honeywell
• IBM
• Ericsson
• Cisco
• GE
• ARM

Other IoT Solution Providers

• PTC
• ABB
• Huawei
• Schneider Electric
• Belkin
• Advantech
• Bitdefender
• LG
• Nest
• Philips
• Ring
• Samsung
• Sonos
• Samsara
• Apple