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The IoT (Internet of Things) has come a long way from a vending machine and a toaster to smart cities and connected cars. Despite IoT’s prevalence today, many people are still unaware of the technology.
In a broad sense, the Internet of Things is a massive network of interconnected objects that exchange data across a wired or wireless network. By 2025, Insider Intelligence predicts 3.74 billion IoT mobile connections worldwide. With more than 64 billion Internet of Things devices installed by 2026.
IoT After Covid-19
Covid-19 affected different segments of the Internet of Things in different ways. As a result of the epidemic, several companies reported a 50% drop in new orders as their clients’ budgets and IoT expenditures shrank. Customers’ expenditure in various other IoT areas. Such as IoT hardware and IoT cloud/infrastructure services, climbed 5.4 percent and 34.7 percent, respectively, as a result of the epidemic.
Overall, global enterprise spending on IoT increased by 12.1 percent year over year to USD 128.9 billion. China’s enterprise IoT investment is expected to climb by 23.5 percent in 2020. Which is double the worldwide average, because to its Zero-Covid policy, which helped the country weather the epidemic effectively. The Internet of Things market is re-accelerating as the impact of the epidemic fades.
According to Internet of Things Analytics, between 2022 and 2025. Internet of Things spending would grow at a CAGR of 26.7 percent due to the increased use of digital technology.
IoT and the metaverse
The desire for more complex Internet of Things systems will rise as the Metaverse. And its immersive virtual environment become more popular. Many have stated that AR, rather than VR, is the actual metaverse buzz.
The capacity to stay connected across the virtual and real worlds is critical in driving increasing IoT spending demand. While XR will blur the border between reality and virtuality in the future. The metaverse will need to rely on Internet of Things devices like sensors and wearables to do so (sensor gloves, head-mounted devices, glasses, etc.).
We’re excited to announce that Henry Wang, the Founder and CEO of SmartMesh, will be one of the speakers on EqualOcean’s next webinar, Industry Projections for the Metaverse in 2022 and Beyond.