The freight train that is the Internet of Things (IoT) is gaining steam. Machina Research expects the global IoT market to more than quadruple between 2014 and 2024, growing from $900 billion to $4.3 trillion. Within the next eight years, Machina estimates there will be 30 billion connected IoT devices; investment in IoT will be upwards of $1.6 trillion.
The market today is witnessing the emergence of new type of consumer electronics, sensors and mobile devices that can be connected to the network. Some have the ability to connect to the global network (cellular phones, tablets, etc.,), while some remain constrained to more of a private network that could be residing inside a home.