IoT Devices Market Size & Share Growing Rapidly To Surpass USD 158,140 Million by 2024
According to the report, global IoT devices market was valued at around USD 31,500 million in 2016 and it is expected to reach around USD 158,140 million in 2024. The global Internet of things (IoT) devices market is expected to grow at a CAGR of 23% between 2017 and 2024.
Internet of Things (IoT) is an ecosystem of connected devices in which electronic devices are connected to the internet. The sensor is used to communicate, collect and exchange data from one device to others. The data accumulated from these devices can be analyzed to optimize products, services, and operations. The concept of IoT can achieve operational efficiency and optimize business processes.