February 25, 2020
The number of IoT devices being used around us is growing rapidly, and upcoming 5G networks will be the most crucial ingredient of this truly connected world of IoT. The latest numbers suggest that in 2019 over $200 billion was spent on Industrial IoT modules and sensors. By 2025, there would be more than 75 billion IoT devices online. According to a report by Particle, IoT proliferation will have an economic impact of $11 trillion on the world’s economy by 2025. This rapid proliferation of IoT devices poses a question: what does it mean for IoT users and financial services providers, especially insurance players?
Particle’s study reveals that industries such as technology, manufacturing, healthcare, agriculture, and energy are quite interested in incorporating the technology into their business. In the consumer segment, a good number of IoT devices are commercially available and are being used by consumers as healthcare devices or to convert their home into a smart home. The concept of smart home covers various routinely used devices such as lighting, CCTV cameras, thermostats, air conditioners, etc. These devices are linked to a single ecosystem via the internet and can be controlled using the devices that support the same ecosystem, such as smartphones & smart speakers.
Beyond smart homes, the advent of new and improved IoT devices is a game-changer in many other secto ...