IoT Trends and Beyond for 2021

From healthcare and retail to automotive and manufacturing, every industry is getting smarter with technologies like IoT. Failing to stay competitive in this space can result in significant losses. The global pandemic was a significant roadblock for IoT growth in 2020. Although a November 2019 forecast predicted that IoT spending would grow 14.9% in 2020, it could only grow 8.2%. Based on forecasting from the International Data Corporation, IoT will return in stride this year and achieve a growth rate of 11.3% from 2020 to 2024. Recently, a shortage in semiconductors and other IoT components poses questions for IoT's growth in 2021.