IoT Devices Market Analysis, Size, Share, Growth, Trends & Forecast 2016-2024 – ResearchAndMarkets.com
DUBLIN–()–The “IoT Devices Market by Device Type: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024” report has been added to ResearchAndMarkets.com’s offering.
The global internet of things (IoT) devices market was valued USD 31,530. million in 2016 and it is expected to reach around 158,140. million in 2024. The global IoT devices market is expected to grow at a CAGR of 23% between 2017 and 2024.
The major factor driving the growth of IoT devices market is increasing adoption of cloud platform across the developing regions. Cloud computing has generated around USD 67 billion revenue in 2015 and It is estimated to increase up to USD 162 billion by 2020. IoT Cloud is a platform designed to store and process IoT data. The cloud platform provides access to the device manufacturer and service providers for advanced analytics and monitoring. Another driver for the growth of cloud adoption in IoT is its cost-effective services. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud computing technology. These factors will increase the revenue of IoT device market in near future. Owing to this, IoT device market will grow with a CAGR of 22.67% between 2017 and 2024. Read more…