Pune, India, May 27, 2021 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) market is expected to reach USD 1,854.76 billion by 2028, exhibiting a CAGR of 25.4% during the forecast period. The market is expected to gain impetus from the rising adoption of digital twins by a wide range of industries. They help in transforming the physical assets of the industries into a virtual representation. It aids in controlling, examining, and viewing the operations based on the digital platform. Fortune Business Insights™ provided this information in a recent study, titled, “Internet of Things (IoT) Market, 2021-2028.” The study further states that the market size was USD 308.97 billion in 2020.
In terms of platform, the market is divided into network management, cloud platform, and device management. Amongst these, the device management segment held the largest IoT market share in 2020. This growth is attributable to the rising need to manage multiple devices owing to the increasing number of connected devices present on the IoT platforms. It provides in-depth information about the working state of the devices and remotely manages the errors. This platform also reduces the testing and development time of solutions by automating the network and device administration. In an organization, such platforms aid in delivering real-time insights and centralized management of the integrated and connected devices.