According to research by global tech giant Cisco, there will be an estimated 500 billion devices connected to the internet by 2030 thanks to the Internet of Things boom.
For those that are unaware, the Internet of Things (IoT) is the network of physical devices, vehicles, home appliances, and other items which have the ability to connect to the internet and exchange data.
As the Internet of Things market expands over the coming years, I think the three shares listed below could be in a position to profit. Here's why:
Altium Limited (ASX: ALU)
This software-as-a-service company is an obvious choice for investors due to the fact that almost all connected devices require a printed circuit board (PCB) inside them. I expect this will lead to strong demand for Altium's award-winning PCB design software and ultimately bumper profit and dividend growth.
Buddy Platform Ltd (ASX: BUD)
I feel that 2018 could be a big year for this IoT company. Last year Buddy Platforn signed reseller agreements with Telstra Corporation Ltd (ASX: TLS), Ingram Micro, and Digicel for its hardware. Furthermore, it recently advised of a distribution agreement with leading wholesale distributor Dicker Data Ltd (ASX: DDR). The key product in my opinion is its building utilities monitor Buddy Ohm. The product has been referred to as the "Fitbit for buildings".
Elsight Ltd (ASX: ELS)
This secure transmissions company could be a big winner from the future autonomous vehicle market which is tipped to be worth billions. Automated vehicles will have to relay information securely between vehicles, road infrastructure, and satellites. I believe this is something which Elsight's technology will be able to achieve in the future. Interestingly, this morning the company announced the receipt of its first order from the autonomous military vehicle sector.
