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1.1.1 IoT and Wearables Market Size

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With around 18 billion devices connected to the Internet as of 2018, Cisco Systems predicts that this number will reach 50 billion by 2020. A recent report by the United Kingdom government speculates that this number could be even higher, in the range of 100 billion “things” connected.

A recent market analysis reports that the combined markets of IoT and wearables will grow to about $520 billion in 2021, compared to $235 billion spent in 2017. Another report indicated that the global shipments of wearables reached 49.6 million units in 2019, 55.2% up from 2018, with smart watches and wristbands continuing to dominate the wearables landscape, accounting for 63.2% of all devices shipped in that year. It is anticipated that the global wearables market share will exceed $51.50 billion by 2022.

What these numbers mean is that IoT and wearables will primarily shift the way people and businesses interact with their surroundings. Management and monitoring smart objects and systems using real‐time connectivity will enable an entirely new level of data‐driven decision making. This in turn will yield to optimized processes and deliver new services that save time and money for both people and enterprises.

Fundamentals of IoT and Wearable Technology Design

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