The rapidly increasing popularity of IoT across the globe has changed consumer demand and modes of operation of businesses remarkably. IDC MarketScape predicts the Internet of Things market to grow from $655.8 billion in 2014 to $1.7 trillion in 2020 at a compound annual growth rate of 16.9%. McKinsey and company’s study states the annual value of IoT apps will be equivalent to about 11% of the world’s economy in 2025!

With the trend continuing to gain momentum, businesses – big and small, are utilizing the technology to reach the next-generation of customers.