As connected devices rapidly proliferate industries worldwide, the IoT space is witnessing significant growth. It is predicted that there will be 41 Billion IoT devices by 2027 (Business Insider). According to International Data Corporation (IDC), worldwide spending on software and hardware around IoT will see a growth from $726 billion in 2019 to $1.1 trillion in 2023. The total spending on consumer and industrial IoT technology is expected to pass $1 trillion by 2022 (IDC).
However, there is a severe shortage of professionals with the right expertise to manage and execute IoT projects. Research (Immersat) shows that around 47% of organizations do not possess the right IoT skills and therefore outsource everything. Gartner predicts that 75% of IoT projects take twice as long because of the IoT talent shortage. This is creating massive opportunities for companies, entrepreneurs, and professionals in the IoT space. IoT has the potential to create 10-15 million jobs (The ET) in India alone.
Hence this is the right time for tech professionals to invest in building expertise in IoT technology.