IoT Gateways are expected to see a compound annual growth rate of more than 130 percent by 2020, according to the PYMNTS.com Internet of Things Tracker.
This three-digit growth would come from the proliferation of IoT and the immense possibilities of connectivity.
In June, Internet giant Google led the way, making several IoT-related advancements that were announced and launched. The internet giant partnered with denim retailer Levi’s to produce a connected smart jacket, which will allow the wearer to make phone calls, play music and use third-party apps.
Extending its reach into the smart home market Google launched its IoT service Google Assistant. It’s a platform that enables Google Home, a voice-powered device that lets homeowners manage and monitor all aspects of their houses through basic voice commands.
Ara, Google’s modular smartphone, received an upgrade this month in advance of a potential release in 2017. The customizable device is made from interchangeable parts with the primary goal of extended the life of the smartphone.
Some other highlights from the report go like this. Notion, an IoT startup that provides connected home sensors, received $3.2 million in funding from Liberty Mutual Strategic Ventures and XL Innovate.
Wearable devices provider Pebble raised $1 million in just over an hour through a Kickstarter campaign for its new smartwatch models.