When we talk about the Internet of Things (IoT), it refers to everyday physical devices that are connected to and interconnected with the internet. These ‘things’ are embedded with electronics, sensors, software, actuators, and network connectivity that helps them collect, send, and receive data, as well as connect and interact with other devices.
Reportedly, nearly 35% of IoT market value is generated from hardware, 27% from IoT services, 22% from connectivity, and 16% from the software. Germany, the UK, France, Italy, Spain, and the Netherlands are already leading European IoT adoption. Currently, the home, health, and finance sectors are the front runners in IoT adoption.