This article is an extract of an ongoing study around patent activities in the space of IoT technologies. The analysis conducted by IPlytics intends to shed light on the potential legal risks for any IoT business in the market.
The Internet of Things (IoT) is one of the most discussed technology concepts right now. It refers to the use of sensors, actuators and communication technology embedded into physical objects, which enables them to communicate over the Internet. The increasing internet bandwidth and availability, the growing number of devices with built-in sensors, skyrocketing smartphone use and falling technology costs have paved the way for effective and fast-moving IoT integration. IoT data is supposed to result in improved processes and also to offer new types of products and services in multiple application areas. These include tracking machinery status in factories, monitoring inventory flow, predicting the usage of resources such as electricity or water, managing traffic and improving security systems. The scale of the number of IoT devices and IoT market forecast spending is staggering. It is estimated that the number of global IoT devices in 2018 reached 7 billion, with a market spend exceeding $150 billion. Forecasts for 2025 indicate that the number of IoT devices will increase to 22 billion, with a market spend of $1.5 trillion.
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