The Internet of Things (IoT) shows no signs of slowing. The market for IoT reached nearly $5 billion last year, and experts believe it will only continue to grow. IoT has an extensive list of benefits for businesses, so it’s no wonder that more than 90% of executives think IoT is worthwhile and want to build a comprehensive IoT ecosystem.
But what exactly is an IoT ecosystem? One example would be a healthcare network that uses internet-connected devices to monitor patients’ blood pressure or blood sugar and analyzes that information to make health recommendations. Another is an industrial IoT ecosystem, which might use smart devices to check fluid levels in machinery and increase or decrease those levels where necessary for machines to function correctly.