It’s easy to see the attraction. According to Gartner, there were 6.4 billion connected devices worldwide in 2016, and this number will reach 20.8 billion by 2020. PwC has forecast that $9 trillion will be spent on IoT solutions between 2015 and 2020, whilst McKinsey has calculated the annual economic impact of the IoT to be $3.9 to $11.1 trillion by 2025. That’s a dynamic space to be part of. Crunchbase data has shown venture capital funding in US-based IoT start-ups going up and up, albeit with a slight drop in the actual number of deals in 2017.
The IoT is, as we know, one of the most dynamic, diverse and potential-filled sectors of the technology industry right now. Little wonder that many investment firms and venture capitalists are key to make inroads into the sector.