- 1 Definition / Scope
- 2 Market Overview
- 3 Key Metrics
- 4 Market Risks
- 5 Market Drivers
- 6 Industry Challenges
- 7 Technology Trends
- 8 Regulatory Trends
- 9 Other Key Market Trends
- 10 Market Size and Forecast
- 11 Market Outlook
- 12 Technology Roadmap
- 13 Distribution Chain Analysis
- 14 Competitive Factors
- 15 Key Market Players
- 16 Strategic Conclusion
- 17 References
Definition / Scope
- The IoT also known as Internet of things is a technology where network of devices are created where they are connected via internet. These devices are also known as connected products or smart devices which include home devices such as smart meters, smart locks, and smart a/c among others. Through IoT these devices are able to share data among each other providing benefits of quality of life and greater insights to their manufacturers/creators.
- The scope of IoT has seen a radical change in the global Internet of Things market with a wide range of applications. The IoT market can further be sub-categorized by: 
- Type of application: According to application, the types of deployment include, networks, platform applications and IoT services. Among these, the biggest share i.e. 68% of the market is captured by platform applications with number of IoT venture concentrated on this segment.
- Type of industry: Majorly six industries are utilizing IoT on large scale which include, Manufacturing, Logistics & Transport, Retail, Healthcare, Automotive and Agriculture. **Among these, the IIoT Industrial Internet of Things platforms (manufacturing industry) will have the highest scope to thrive in 2019 and beyond where manufacturers are looking to solve most complex challenges by combining all production systems into single data model. These manufacturers that are coordinating analytics, BI, quality management, mobile technologies and IoT sensors are likely to grow faster than market innovating more than their competitors. Some of the areas where the potential of IIoT implementation is high at present include, environment monitoring, smart shelves, smart product tracking, operator productivity, inventory intelligence, warehouse management, renewable plant supervision among others.
- Type of vertical: The IoT technology is being deployed across 10 major verticals that include: smart buildings, personal IoT, connected care, smart agriculture, commercial transport, smart cities, home automation, industrial IoT, medical IoT, retail IoT respectively.
- Among these, the market value of home automation is highest as of 2018 ($1.2 billion) followed by smart cities ($473.2 million). However, in future the scope lies in other verticals such as IIoT and medical IoT.
- As of 2019, the combination of AI, machine learning, real-time data access delivered by IoT sensors and networks are going to drive business case of IoT technology. The technology is becoming foundation of many organizations across industries enabling them to optimize operations and creating new business models. 
- As of 2018 there were approximately 11.1 million units of IoT installed base around the world. The number of connected consumer devices were 7 million which is 63% of total devices present in the market. Also, average connected devices per person is up to 5, however, the adoption of IoT is only limited to 18%. Similarly, in 2019, the IoT technology adoption is going to reach a tippling point of 18-20%. And over the next 10 years the IoT adoption will be 100%. 
- In 2018, up to 60% of the enterprises around the world are piloting the IoT technology up from only 40% in 2016. However, the enterprises are more interested in combining both IoT and analytics technology. In addition, 90% of the technology executives in these enterprises cited IoT as a critical technology for them. 
- The global IoT analytics market revenues were $235 billion in 2018 and is expected to double in 2021 to $520 billion respectively. The building blocks of the combined technology are: hardware, connectivity, cloud, analytics, application, cybersecurity and system integration whereas six supporting technologies include, additive manufacturing, 3D printing, AR/VR, collaborative robots, connected machine vision and drones and self-driving cars. 
- Finally, businesses, governments and consumers combined are expected to spend $1.6 trillion in IoT solutions by 2020. The majority of the shares is predicted to be made up by the software and application development areas.Further, new business models and revenue streams are likely to get represented in the IoT market and array of new IoT networks and sensor devices will proliferate soon in the market around the world. 
|Base Year||2018||Researched through internet|
- Some of the major concerns of IoT are data privacy and security. As the number of connected devices around the world increase in number, there is high possibility of these devices being exposed to security breaches ranging from hacking, phishing etc. Also, repeated data leaks from social media also raise concerns about information security standards at present around the world. For IoT to become a reality, however the cybersecurity of such products must be considered in advance. 
- Also, as per the Bain & Company's survey, more than 40% of the enterprises around the world consider privacy as a barrier to adopt IoT and regard securing and integrating IoT networks as a major priority. 
- Various factors enabling technologies across the world are follows:
- Decrease in cost: The cost of sensors and electronic costs have been decreasing rapidly with average cost of IoT sensor which was 1.38 dollars in 2004 is only 0.38 dollars in 2019. Also cloud computing technology that is crucial in supporting IoT, there is decrease in price per hour of IaaS (Infrastructure-as-a-Service) where price per hour is only 0.28 dollars. Similarly, there is decrease in cost of connectivity where, transfer cost of 1GB data across connected devices is only 0.04 dollars as of 2019. Thus, decrease in costs in several areas of building blocks and technology supporting IoT has promoted the adoption of IoT across all verticals.
- Advancements in connectivity technologies: Proliferation of Low Power Wide Area (LPWA) and 5G networks are also supporting new IoT use cases. The 5G is at its initial phase, however its dawn is likely to reshape the current wireless communication methods used for IoT based applications. As IoT cannot thrive without effective and affordable wireless connectivity, interoperability and common standards, 5G has the potential to become a building block for IoT especially in areas such as scalability, latency, reliability, security and the level of individual control on connectivity parameters.
Mostly the challenges associated with the successful IoT implementation are associated with the technical difficulties which is universal to all IoT deployments across the world, the few challgenges faced by IoT markets/ technology include: 
- IoT is being considered as a serious security concern and is coming into attention of government agencies, technology firms and businesses around the world. The news around hacking of baby monitors, smart fridges, thermostats, cameras and even defense weapons are increasing the risks in usage of IoT. Also, the number of nodes being added to internet will also invite malicious attacks which has the possibility to lead internet breaches which in turn can also affect devices connected to internet including cloud. As IoT becomes more a daily part of our lies, the more will be the requirement to make these products secure.
- Connectivity: Connecting as many products or 'things' present will be one of the biggest challenge in the IoT in near future which will also change the structure of operating communication models and underlying technologies. The centralized system through which we operate and manage thousands of connected devices will pose obstacle when the number of connected products reach billions. Systems to manage that many IoT led products will require billions fo investment and spending on cloud servers hat can handle the large amounts of information exchange or else system can entirely fail if the server becomes unavailable.
- Compatibility and Longevity: IoT is growing across multiple industries and areas and within IoT there are thousands of technologies with different standards. This will cause difficulties and require deployment of extra software and hardware when connecting technologies among each other. Lack of standardization of IoT will cause other compatibility issues to rise such as non-unified cloud services, diversities in M2M protocols and in firmware and OS.
- Lack of proper data analysis: The analysis is driven by cognitive technologies and due to unstandardized practices in IoT, leads to unstructured data which could cause algorithmic limitations and thus generate incompetent insights.
- Privacy issues: Especially around consumer devices, voice recognition and vision features are being incorporated that can continuously listen to conversations or monitor the activity through vision. These then in form of data can be transported to cloud remotely which sometimes also includes third party. Thus, collection of the information exposes regulatory challenges facing data protection and privacy law. Thus, as these IoT devices are unprotected due to lack of privacy law, mass-awareness among consumers might lead to reluctance to use.
- Digital twin: It is a model which is particularly evident in the IIoT or Industrial Internet of Things. It is virtual representation of physical object or system across its lifecycle where using real-time data the system is able to enable understanding, learning and reasoning. Thousands of IoT sensors are used to gather information and data on real-time status, performance, live position etc. which are attached to the physical objects used in in industrial/manufacturing process. The ecosystem of digital twin is mainly comprised of IoT technology however, other technologies such as AI, big data and cloud are also integrated to enable a twin system. For instance, from product development process to post-service the entire physical system is converted to a virtual model by leveraging the technologies. The digital twin market is expected to grow at a CAGR of 37.7% in 2018-2023 period reaching a market value of $15.66 billion by 2023. 
- Edge Computing: Although, data processing of IoT through edge networks was supposed to happen in early life cycle of the technology but wasn’t possible due to increasing connectivity costs and other popular communication networks throughout the ecosystem that led the shift to dependence on cloud. However, at present the falling prices and increasing processing power of edge devices has led to transition towards network edge. The inclination towards edge computing has potential to drive IoT to new heights. For instance, through edge computing, many IoT software companies are launching products that embed complex event processing. Other technologies such as Machine learning and Artificial Intelligence present in the edge computing are also creating new competencies in the IoT technology. According to IDC, by 2025, nearly 45% of the world's data is expected to move closer to network edge and as IoT adoption rises more data in connected products will be processed through edge computing technology. The edge computing market size is expected to reach $3.7 billion by 2019 and further to $18.2 billion by 2022.
- Virtual reality/Augmented Reality (VR/AR): VR provides a 3D environment that surrounds a user and responds to users' action in natural way usually through head tracking. AR on other hand is a technology that connects physical and digital ecosystems by transferring information such as audio, text, images and interactive graphics into physical environment. An infrastructure where AR/VR and IoT are integrated is being piloted continuously for use at present. For instance, in the infrastructure, first virtual objects are restructured using computer aided design (CAD) tools to model the AR experience and scenes that are created, second, equipment properties and services are exposed by IoT/Manufacturing Equipment Services (MES)/Supervisory Control and Data Acquisition (SCADA)/Enterprise Resource Planning (ERP) software and are merged with virtual objects. Finally, a real-time feed of cameras are used to enrich user experience with contextual data on recreated AR scenes on devices such as smartphones screens or any other connected devices. AR/VR technologies are projected to grow fast reaching a CAGR of 71.6% in 2018-2022 period reaching a market value of $147.4 billion by 2022.
- In the USA, NASA and Jet Propulsion Lab in collaboration with the US Department of Homeland Security are producing a machine learning system to help give real-time insights to fire-fighting teams. The AI platform called AUDREY gathers data on emergency situations and guides responders allowing them to better deal with such conditions. Also, together these two institutions are developing smart equipments to help responders safely and effectively save lives and minimize damage is constantly evolving — such as devices designed to improve navigation in smoke-filled buildings through vibrations or thermal imaging. The new system that is designed is the part of IoT to coordinate those kinds of wearable technologies. For instance, the responder and their action can be tracked through GPS and sensors in their uniforms to save them from dangerous situations and successfully navigate them through a safer route. Thus, this initiation of IoT by the government in one of their department is definitely a revolutionary effort towards disaster management in the country. 
- In China, the rapid adoption of IoT is being driven by the government policies. The Chinese government understands the important role of IoT in manufacturing industry to remain competitive and for the same, has incorporated IoT in its 13th Five year plan (2016-2020). Adoption of IoT is also a significant goal for China in other strategies such as 'Made in China 2025' and 'Internet Plus'. The IoT related objectives that the government has led out in their plan include developing and strengthening capabilities around telecom, cloud computing, the IoT, and big data, and reducing reliance on foreign technology and imports. Besides friendly policies, government has also led out special funds accessible for key development projects and pilots associated with IoT in industrial clusters of the country such as Bohai Sea Rim, the Yangtze River Delta and the Pearl River Delta regions. 
- In India, the government is taking multiple approach to promote IoT technology. For instance, in 2015, the GoI rolled out a draft policy on IoT building a framework that has a vision of secure smart and connected IoT based system. The second initiation was plan to build 100 smart cities projects for an astounding amount of $69 billion. The government plan also includes automating several industries such as energy, health disaster management via remotely connected devices. The policy of the government is to be implemented from a multi-faceted approach such as capacity building, R&D and incentives and engagements. Within India, the government is also planning to make Andhra Pradesh into IoT hub by 2020 creating more than 50,000 jobs in IoT sector. Also, the state government of Andhra Pradesh also is setting up 10 IoT hubs and expects to attract more than 100 IoT companies to work on innovative ideas around the technology. 
- As of 2019, the UK government is one the first around the world to announce plans to introduce new IoT security laws for manufacturers of connected devices. Launched by the Digital minister, Margot James, the bill will be mandatory and will determine the security of IoT devices and label them accordingly. The law is also introduced next to 'Secure by Design' code of practice which was introduced by the UK government in October 2018Further, the law includes three security criteria for IoT device manufacturers: devices must contain unique passwords, state minimum amount of time that the devices will continue to receive security updates as part of 'end of life policy' and must provide public point of contact. These significant steps suggest UK government's approach to lead safe IoT ecosystem and also awareness of the challenges and repercussions of such risks if left untreated. 
Other Key Market Trends
Some of the trends being followed in IoT are as follows: 
- Smart warehousing is gaining more attention than ever where the IoT integration in warehouse is set to transform warehousing and manufacturing operations within next 20 years. The emphasis lies on safety, cost cutting and operational efficiency.
- On the consumer side, power devices equipped by ultra-low energy and wearable sensors are in rise within healthcare IoT. Similarly, like factories in manufacturing sector, hospitals in healthcare are also being embedded by IoT technology from indoor navigation, track-and-trace technology, personalized temperature and lighting control among others.
- IoT is expected to play big role across personal transportation of all kinds. Smart street lighting, pedestrian and automobile traffic patterns, parking apps, enabled sensors embedded in light poles are some applications for IoT in transportation in 2019.
- Some of the world's biggest cities are making long-term commitments to IoT powered smart tech. For instance Alphabet's Sidewalk labs are taking the stab at building smart city ground up. IoT for smart city includes applications such as self-maintaining sidewalks, buildings that could elevate and shrink according to occupancy needs among others. More than 30% of the total smart city projects across countries will initially be tested in small cities.
- IoT is having enormous potential to improve quality and sustainability of human life whether it be boosting agricultural yields or reducing resource consumption. Some of the IoT powered green projects are being introduced and in long-term to deploy it in large scale.
Market Size and Forecast
- The worldwide IoT (Internet of Things) market size was valued at $212.1 billion in 2018 and is expected to witness CAGR of 25.68% during 2019-2026 period reaching $1319.08 billion by 2026. 
- The y-o-y growth rate of IoT market was 37% from $151 billion in 2017 to $212.1 billion in 2018 respectively. 
- The IoT volumes and revenues by industry include following: 
- Manufacturing: The IoT revenue of the manufacturing industry was $113 billion in 2018 and is expected to reach $136 billion by 2020 with growth rate of 9%.
- Automotive: The IoT revenue of the automotive industry was $219.2 billion in 2018 and is expected to reach $303 billion by 2020 with growth rate of 50.6%.
- Agriculture: The IoT revenue of the Agriculture industry was $16.1 billion in 2018 and is expected to reach $25 billion by 2020 with growth rate of 14.7%.
- Retail: The IoT revenue of the Retail industry was $10.45 billion in 2018 and is expected to reach $13 billion by 2020 with growth rate of 8.9%.
- Health: The IoT revenue of the Health industry was $17.7 billion in 2018 and is expected to reach $25.5 billion by 2020 with growth rate of 16.3%.
- Transportation & Logistics: The IoT revenue of the Transportation industry was $405 billion in 2018 and is expected to reach $491 billion by 2020 with growth rate of 8.9%.
- The total set up of IoT connected devices is forecasted to amount to 75.44 billion worldwide by 2025 which is a fivefold increase since 2015. The IoT enabled by abundant internet technology is the next major step in making world a connected territory. 
- The worldwide technology spending on IoT is also going to reach $1.2 trillion attaining a CAGR of 13.6% over 2018-2022 period. 
- Within the sectors, consumer sector is likely to spend the most on IoT with CAGR of 19% followed by healthcare and insurance sectors respectively. Both, discrete manufacturing and transportation sector will exceed $150 billion spending by 2022 making these two sector largest spenders of IoT by 2022. 
- Similarly, the number of cellular IoT connections is expected to reach a market value of $3.5 billion by 2023 registering 30% CAGR between 2018-2023. 
- By 2030, the number of IoT installed base is going to equal 1.25 billion units, with more than 750 million connected devices, the average connected device per person is expected to remain to 5 whereas the adoption rate of the technology is going to reach an astounding 176%.
- According to region, Asia pacific region is going to become the largest global IoT region in terms of both connections and revenue by 2025. By connections, Asia pacific is expected to have around 10.9 billion connected devices closely followed by North America with 5.8 billion connected devices respectively. 
- Although cybersecurity in IoT is not yet a debated subject on consumer end at present, however, the recent news being floated on 'car hacks' or 'smart products hack' has led IoT security to become a major concern for organizations. As, without a strong security architecture, massive amount of data stored across the networks is being exposed to vulnerabilities which can be further exploited by hackers. 
- As a result, security remains a major concern among all parties within IoT market and the worldwide IoT security spend is also expected to increase from $912 million to $3.1 billion in 2021. Some of the key mechanisms that is expected to ensure security across IoT infrastructure include: 
- Authentication of all the entities, digital signatures, secure boot mechanisms in IoT devices, centralized infrastructure to prevent distributed DDoS attacks and latest securities patches updates among others.
Distribution Chain Analysis
- The IoT value chain is generic and spreads around the IoT industry. The value chain is building block for the IoT technology that gives insight on how value is created, who the players are and how they interact with each other to deliver the value. The components of value chain of IoT are: 
- Hardware & Chips/modules: This segment constitutes of embedded chipsets, IoT modules, transponders, etc. Devices/equipment constitutes smart appliances like smart thermostats, smart meters, smart parking sensors, IoT gateways, etc.
- Connectivity: This segment is comprised of networking equipment and devices for enabling overall connectivity of IoT devices installed in the network.
- Platform: This segment is organized of different software platforms used for processing, securing, storing, analyzing, visualizing, controlling, monitoring and gaining data insights out of IoT devices.
- Solution and applications: This segment consists of software and domain specific applications and services that leverage IoT data.
- Integration, operations and services: This is the final segment that creates system of integration services to integrate the end-to-end network, operating the services and providing managed or other services to the end-clients.
The IoT is currently being deployed across the world and few countries are showcasing their competencies in application, across industry or within verticals of IoT. Some of the companies that are innovating the IoT include: 
- Smart cities & IoT:
- An IoT hardware called Crosswalk works in coordination with an app that can adjust the time that lights remain green. The traffic lights contains a sensor that scans the sidewalk for someone using crosswalk app and automatically adjusts the lights. The IoT technology is currently being piloted across cities in Holland.
- Simialrly, in London a general line insurer in collaboration with design specialists called Umbrellium have together developed a crosswalk that uses AI, cameras and computer controlled LED's to alter patterns, layout and configuration of pedestrian crossings.
- A German clean-tech startup called Green City solutions have recently launched a modular plant wall that actually filters the polluted air in urban areas. Its product called CityTree is a 12 foot high freestanding plant filter that as same cleansing effect as of 275 urban trees. However, the device occupies just 1% of the space and the cost is also quite low.
- Logistics: measuring freshness
- In Zurich Switzerland, the ETH University have advanced temperature micro-sensors that are same enough to be used with food. These micro-sensors are embedded with superfine electrical filament made from corn and potato starch. They are not only safe to be ingested into humans but are comprised of thin feature (just a fraction of milligram). They can be connected to an external battery and are capable of sending data via Bluetooth. Although, these sensors are very expensive but the researchers are positive about the scope of technology that it will reduce costs and maintain food at their best condition during shipment.
- Increasing Farm yields:
- Viridix, an Israel based company is hoping to disrupt farming with a platform for farmers. The soil sensors developed by the company is used in farming to collect data from soil and further analyze it to gain insights. Further, the company’s branded soil moisture sensor measures the water potential available to the roots of the plant, which is considered the gold standard of measurement in irrigation.
- Another smart sensor technology founder called Cowlar, a start-up based in Islamabad, Pakistan, are headed towards leveraging connected sensors to increase the productivity of the country's livestock rearing. The start-up has developed a wearable for cows that tracks their temperature, activity, health and fertility. The collar then sends farmers all these information via cellular IoT technology.
- Promoting Sustainability:
- Kumbaya, a Los-Angeles based IOE (internet of Everything) Technology Company that is approaching the sustainability issue by utilizing IoT to help those without reliable access to electricity to connect to internet. Its ZeroXess platform uses solar panels to manifest a touch-screen hub which can connect to multiple other communication means such as internet, television and radio. Kumbaya has scope to help SME businesses to create more sustainable cities.
- The Poland based firm, Bin-e has developed a fully-automated recycling bin. It is a smart bin that is capable of identifying the wastes put into garbage, segregate it and also alert the waste discposal company when it is time to pick up the trash. The data can also be collected and shared in the IoT cloud to improve a company’s waste management by monitoring recycling rates.
- Safety at work:
- A French company called Intellinium is utilizing the IoT technology to improve workplace safety through variety of wearables that are connected. The wearable is a safety shoe that allows to send and receive messages through vibrations by exerting the big toe. For instance, system alerts on situation the requires to vacate the area, request help if anybody is not able to move. In addition, the company has also come up with bio-sensing wearables that can track environmental hazards and send remote alerts.
- Improving efficiency:
- View, a US based smart-glass manufacturer has created a IoT window that can be controlled remotely. The sensors track location of sun and increase/decrease tinting and prevent glare. By doing so, the a/c consumption can be reduced up to 20%.
- OtoSense another start-up based in US is developing Audiohound (a sensor technology) which they are in verge to license to car manufacturers soon. The sensor technology is used to listen the inner workings of the vehicles to identify when parts are about to tear and fix problems before they lead to worse collapses.
Key Market Players
- According to the innovative practices the top 10 IoT companies in the world are follows: 
- Alibaba: The Chinese e-commerce giant recently partnered with Siemens to launch MindSphere, a pioneering IoT development expected to launch by 2019 end. This cloud-based, open-IoT OS can connect all of a company’s plants, machines, and systems and provide advanced data analysis to improve productivity. MindSphere’s IoT is a kind of digital “mirror” for real-life products. These insights increase product efficiency, further, it also has scope to be used across smart cities.
- JD.com: The Chinese E-commerce giant is also investing in IoT where in 2018, the company announced plans to partner with Intel to explore potential applications of IoT in smart retail. Some of the areas in IoT commenced by the company are next-gen vending machines and advertising solutions.
- DHL: The German logistics company DHL entered the IoT arena in 2017 with series of pilots deployed across regions around the world. The company first partnered with Huawei to launch narrowband IoT application and then with Cisco and startup company called Conduce to introduce IoT cockpits at its smart warehouses in Germany, Netherlands and Poland.
- Konux: It is Munich-based company that is delivering end-to end IoT solutions mostly to enable predictive maintenance for rail and industrial companies by combining IoT and AI based analytics. Founded in 2014, the company has already appeared on Forbes30.
- Nexiot: It is a spin-off of ETH Zurich,one of Switzerland's top scientific universities. The company's Globehopper smart sensors represent the culmination of over 10 years of research into complex systems, big data algorithms and ultra-low-power embedded technology. These smart sensors are designed with ultra low power which has scope to be used in applications across rail freight, container shipping and security industries.
- Hitachi: In 2017, Hitachi launced a new sister-concern company called Hitachi Vantara by combining various enterprise units including Hitachi data systems, Hitachi insight group and Pentaho. The new company launched an IoT platform called Lumada 2.0 which turns data into intelligent action. The platform is mostly dedicated to manage IoT life cycle of business assets also digital twin model and analytics.
- Huawei: It created an IoT connection management platform which delivers a model, featuring a full connection between people and things. It also provides edge computing IoT, narrowband IoT, low data rates among others. Additionally, in order to increase its presence, Huawei also partnered with DHL to focus on innovation of cellular based IoT technology that can be deployed across multiple networks.
- SAP: The SAP's ERP software called S/4HANA suite allows consumers to gain real-time insights from the data collected from connected sensors. The platform also allows third parties to develop IoT applications via open APIs. In addition, in January 2017, SAP also launched Leonardo as a standalone IoT platform offering its consumers a service that tracks data from connected sensors to gain insights quickly.
- General Electrics (GE): The manufacturing giant based on US created a concurrent organization called GE digital in 2015 to focus on predictive maintenance and IoT model. GE has its own PaaS offering Predix that is a software platform which connects both machine and human data. GE has connected products to cater hospital operations management, airline fuel optimization and Grid IQ solutions for utility companies respectively.
- Rolls Royce: British manufacturing firm Rolls Royce uses IoT enabled sensors in its jet engines to observe performance and determine any problems before they become an actual problem. While not an IoT company itself, Rolls Royce uses Microsoft's Azure IoT suite and Cortana Intelligence suite to diagnose any issues and give insight to airlines. While not an IoT company itself, Rolls Royce uses Microsoft’s Azure IoT Suite and Cortana Intelligence Suite to diagnose these issues and provide insight back to airlines. The intelligence platforms pulls sensor data from engines and connect it with information from air traffic control including route, whether data and fuel usage.
As IoT becomes incorporated into the daily parts of our life, it will not become "Internet of Things" but rather things and consumers will be surprised if there are no connected products. As more connected products in the world rise, they won't need a special designation as IoT but will be called things in general. The IoT market is expected to increase in adoption from both industrial and consumer markets at an exponential rate and by next decade the IoT is expected to become the most important next-gen technology in our world.