According to a recent report from McKinsey, the potential of the Internet of Things (IoT) market could have been grossly underestimated. IoT has a potential economic impact of $3.9 trillion to $11.1 trillion a year by 2025. While IoT presents an undeniable massive growth opportunity, most investors have chosen to flock to the more mature tech companies rather than smaller growth stocks in the space.
According to a recent report from McKinsey, the potential of the Internet of Things (IoT) market could have been grossly underestimated.
According to Intel (NASDAQ:INTC), the number of connected devices could surge from 15 billion in 2015 to 200 billion by 2020, which essentially means every person in the world could have an average of 26 smart appliances.
Another report from research firm IDC says the IoT market will accelerate from $655.8 billion in 2014 to $1.7 trillion in 2020, registering a 16.9% compounded annual growth rate.
Despite the bright prospects of the industry, IoT will have to overcome a number of challenges.
The recent Mirai botnet attack, which took down major websites across the world, turned IoT devices like unsecured routers and IP cameras into bots to carry out DDoS attacks, flooding sites with traffic until they crashed.
The platform’s SaaS-based solution gives users the ability to analyze data, track performance, gain insights and quickly launch new IoT services.
The company also made headlines when it announced its acquisition of AppDynamics for $3…