Wearable devices have already become an integral part of our lives. According to reports, 7% of the global consumers already possess an IoT wearable and 4% have an in-home IoT device. To throw in some more stats based on researches, two-thirds of the consumers intend to buy an IoT device in the next couple of years, further taking the IoT product market by storm in the coming years.
As of the year 2008, there was only one IoT device per person in this world. According to Cisco reports however, it is estimated that over 50 billion objects will populate the IoT market by the year 2020. At that time, the population would be 7 billion. Imagine the ratio!
The international market size of the Internet of Things is forecasted to number over $7.1trillion by the year 2020.
If you have been wondering if there would be enough IP addresses for the increasing number of connected devices in the market, let us reassure you that it’s the last of the concerns faced by IoT. With the onset of the IPV6, we have enough IP addresses in hand to assign over 100 distinct IP addresses to each atom that makes up the planet.