In this article we will take a look at the 14 best IoT companies. You can skip our detailed analysis of the IoT industry’s outlook for 2021 and some of the major growth catalysts for IoT stocks and go directly to 5 Best Innovative IoT Companies.
The Internet of Things (IoT) is on track to become a trillion dollar industry by the middle of this decade as relentless innovation drives remarkable growth and continues to spark investor interest from across the world. According to forecasts by global research and advisory firm Gartner, new IoT companies are now focusing on revenue generation not only through connectivity but by application development, platform hosting and other services.
Innovation is booming within the sector that managed to attract close to $20 billion in investments over the past year. According to Venture Scanner, a research firm that specializes in providing insights into emerging technologies, this innovative energy is evidenced by the explosion of IoT startups over the past few years. In 2020 alone, these seed and early stage companies attracted a whopping 68% of total investments in IoT.
The rollout of 5G internet services in many countries looks set to hasten the pace of research and development in IoT. Some companies are already setting a benchmark in this regard. Even as big IoT firms like Google Nest, Amazon Ring and GE Digital steal the spotlight and establish themselves in the marketplace, the 14 firms mentioned below have managed to hold their own in the IoT universe through sheer creative genius and business acumen.
With this context and industry outlook in mind, let’s start our list of 14 most innovative IoT companies.
Best Internet of Things (IoT) Companies in the World
14. Skyworks Solutions, Inc. (NASDAQ: SWKS)
California-based Skyworks Solutions is one of the best Internet of Things companies in the world. The company enables connectivity for IoT products through its chips and communication equipment. For example, Skyworks’ SKY68020-11, which is a multi-band multi-chip RF front-end (RFFE) module, powers IoT and smart home devices. The company’s products are used by major companies including Amazon, Arlo, Google, Honeywell and Ring.
13. Sierra Wireless, Inc. (NASDAQ: SWIR)
Sierra Wireless is one of the best Internet of Things companies in the world, offering connectivity services for various IoT devices. The company provides embedded modules, routers and gateways to power IoT applications and devices. The company is known for its Cloud-based IoT solution called Octave. Octave processes data through modules, gateways, wireless connectivity and cloud APIs to facilitate decision-making in IoT systems.
12. NXP Semiconductors N.V. (NASDAQ: NXPI)
NXP Semiconductors offers various IoT solutions, including gateways, Cloud services and wireless equipment. The company in February launched EdgeLock 2GO IoT service platform for deployment and management of IoT devices. The platform is integrated with the company’s Common Criteria (CC) EAL 6+ certified EdgeLock SE050 secure element to protect IoT devices.
11. CalAmp Corp. (NASDAQ: CAMP)
CalAmp is one of the best Internet of Things companies providing solutions in the fleet management and industrial IoT industry. The company’s IoT solution provides real-time equipment and vehicle monitoring by giving insights into location and real-time updates about vehicles and fleet units.
Mocana, founded in the early 2000s, is a firm that specializes in cybersecurity and protects millions of IoT devices from a whole range of threats. The company is headquartered in San Jose, California and presently serves over 200 clients. It has so far managed to generate close to $100 million in funding, with over $15 million coming in the latest round.
IoT Analytics, a leading market research firm, has projected that there will be more than 30 billion IoT devices in the world by 2025. By comparison, the world population is projected to be a little over 7 billion by that time. Naturally, with so many inter-connected devices around humans, privacy and security concerns take center stage. Gartner claims privacy and security are top challenges faced by IoT projects around the world.
Mocana, in anticipation of the growth of the IoT sector, is already offering safe and secure digital transformation to companies and people throughout the world. The firm’s technology already protects close to 100 million devices and aims to expand. The company’s core philosophy revolves around helping businesses develop self-defending systems that are resistant to tampering from the outside.
EnOcean, also founded in the early 2000s, is a firm that offers energy harvesting technology that can deliver data for IoT devices in a resource-saving, maintenance-free way. The company, headquartered near Munich, has so far raised close to $31 million in investments, including $8 million in the latest round. It is presently serving over 350 product manufacturers and has provided energy harvesting solutions for more than a million buildings already.
Big power trade wars over the supply of rare earths in the past few years have exposed a critical flaw in a world full of electronic devices. What happens if access to materials that power electronic devices is blocked? Even though research is still ongoing to explore the use of nuclear energy as a possible solution to this problem, cheaper and more effective methods, like solar power, could offer a more environment-friendly solution to the problem.
EnOcean is offering customers exactly that, with wireless technology that uses energy from the surroundings to stay powered. The estimated annual revenue of EnOcean is presently close to $10 million and the company employs more than 150 people. Earlier this month, the firm joined hands with indoor services provider Cisco DNA to bring self-powered IoT devices to smart spaces. The core aim of the firm is to provide solutions without the hassle of batteries or wires.
8. Sight Machine
SightMachine, founded in 2011, is a company providing real-time analytics to manufacturing industries in order to help them address production challenges and improve quality. The firm is based in San Francisco, California. It has so far raised more than $80 million in funding, including close to $30 million in the latest round, from different investors. It has around a hundred employees and many big tech partners, including Microsoft and Google.
IoT devices are primarily gathering data from their surroundings without human input, and one of the most important aspects of data collection is analytics. For industry-wide applications, analytics can be an important tool for assessing past performance. However, the use of analytics to improve performance on the go in the manufacturing industry is a big problem as many different datasets are used by each production facility.
Sigh Machine, in line with a company philosophy that calls for the merging of traditional power with new technology, is offering manufacturers the ability to optimize production according to their own preferred metrics. This is achieved by a dynamic analytics process that looks at manufacturing data in real time and uses a digital representation of the production process to identify errors, improve efficiency and maximize output.
Verkada, founded in 2016, is a company offering enterprise-level security solutions to businesses. It is based in San Mateo, California. So far, the company has raised close to $140 million in investments, including $80 million in the latest round. The company has close to 500 employees. Verkada has partnered with leading technology firms in the United States, including automaker Tesla. It offers services in the United Kingdom, Australia and Canada as well.
For enterprise-level security in the internet age, cloud storage and reliability at low bandwidths have always been key concerns. In addition, video security and access control have also traditionally been separate projects. According to a 2020 white paper by cloud security firm Cisco, as IoT devices take over the world, it is projected that machine to machine connections will be more than half of all devices and connections globally by next year.
Verkada has anticipated these trends and offered solutions to the problems. The company gives encrypted cloud storage to customers and offers reliability at low bandwidths through its especially designed cameras. It has combined on-site hardware with a one-stop software solution to manage access control and video security in every part of an organization. The success of the firm is evidenced by the fact that 25 global Fortune 500 companies trust it.
Whill, founded in 2012, is a firm that designs and manufactures robotic wheelchairs or personal mobility devices for different applications. The company has raised more than $75 million in funding till now, including $45 million in the latest round. The company is headquartered in San Carlos, California. It has more than 200 employees. The company has grown in the past few years, establishing offices in Europe and China.
According to market and advisory group Technavio, the robotic wheelchairs market is expected to grow by $240 million by 2024. However, some users of robotic wheelchairs do not want to be associated with the perceptions associated with the mobility vehicle. Although it would have been quite impossible to address the issue in the past, thanks to IoT devices, these vehicles can now be turned into personal mobility vehicles.
Whill is not the first IoT health firm, but it is certainly one of the fastest growing in the sector. In addition to being electrically powered, the vehicles made by the company are afforded with sensors that gather data and transmit it wirelessly in order to personalize the vehicle experience of the customer in question. The firm has so far sold more than 400 such vehicles in the United States alone and plans to expand overseas in the coming years.
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Disclosure: None. 14 Best Internet of Things (IoT) Companies is originally published on Insider Monkey.