The number of IoT devices being used around us is growing rapidly, and upcoming 5G networks will be the most crucial ingredient of this truly connected world of IoT. The latest numbers suggest that in 2019 over $200 billion was spent on Industrial IoT modules and sensors. By 2025, there would be more than 75 billion IoT devices online. According to a report by Particle, IoT proliferation will have an economic impact of $11 trillion on the world’s economy by 2025. This rapid proliferation of IoT devices poses a question: what does it mean for IoT users and financial services providers, especially insurance players?
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