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EXPONENTIAL TECHNOLOGY

Internet of Things

An interconnected world

to drive enhanced experiences

The future of consumer adoption

The Internet of Things is experiencing exponential growth fueled by decreasing costs in computing (especially sensors, bandwidth and processing), the proliferation of smartphones, ubiquitous connectivity, and the rise of cloud computing, evidence of its expanding use abounds.

IoT not only provides opportunities for organizations to improve operational efficiency, it also offers rich potential for those that make equipment and products to introduce new digital products and services—thus creating entirely new sources of revenue.

43%
Iot adoption

IoT is the fourth most common 4.0 technology leveraged by Costa Rican IT companies. (Procomer, 2022)

$5.5-$12.6 trillion
Economic impact

IoT will have an economic impact between $5.5 trillion and $12.6 trillion by 2030. (McKinsey's Global Institute, 2021)

$3.4B
increase in revenue

The revenue in the IoT market in Costa Rica was forecast to continuously increase between 2023 and 2028 by 3.4 billion U.S. dollars (+84.7%). (Statista, 2023)

16.7%
Market size growth

Into 2026. (Markets and Markets, 2022)

Top 5
Megatrend

Among multinational companies in Costa Rica. (Vital Statistics Survey, CINDE, 2022)

10%
IoT employment

IoT employs 10% of all 4.0 technology jobs in Costa Rica. (Procomer, 2022)

#1
for digital skills

Costa Rica ranks in Latin America. (WEF, 2019)

IoT conections

Leaders in Internet of Things present in Costa Rica:

TOP

Applications

Embedding tech for customer visualization and product traceability

Featured success story

A start-up company involved in the design, manufacturing and marketing of aesthetic breast implants developed an integrated chip to read, trace and extract detailed patient and product features within the device. It has built a partnership with Intel Megalab to launch a new scanner for personalized devices.
80
Establishment Lab’s products are sold in more than 80 countries, including Brazil, Colombia, Costa Rica, United Kingdom, Italy, Spain, Poland, United Arab Emirates, Qatar, Philippines, Thailand, South Korea, among others.
2016
In 2016, the company inaugurated the Advanced Silicone Technologies Center that integrates research, development, and innovation (RDI) laboratory and manufacturing facilities.
12
The innovative Costa Rican company created a 12-mm sized chip placed within the implant, to read, trace and extract detailed patient and product features.

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