5 Best Internet of Things (IoT) Companies In the World

3. Sonos, Inc. (NASDAQ: SONO)

Sonos, founded in 2002, is a designer and manufacturer of multi-room wireless audio systems. The company has partnerships with big music streaming platforms and offers users the ability to play and access millions of different kinds of songs without the hassle of computers or smartphones. It has so far raised close to $455 million in funding, including $130 million in the latest round. It has more than 500 employees and offers services in more than 60 countries.

The digitization of everyday life in the past decade has virtually eliminated the need for CDs, DVDs, and record players. Millions of people worldwide now subscribe exclusively to streaming platforms to get their music. A centralized audio experience at home, in which devices are connected to a single platform, though, is missing. Sonos is hoping to tap this market, thereby creating an audio experience that can be lived in any part of the house.

Sonos has thus far filed more than 500 patents in this regard as they develop their business model. Innovation, therefore, forms the key to their growth over the past few years. The products that the company offers include wireless speakers, home theatre speakers and other home audio equipment. Multi-room audio software technologies for advanced acoustics are also developed by the company, according to news agency Reuters.