Global Internet of Things market expected to grow to US$561 billion by 2022: report
The global market for the Internet of Things (IoT) is expected to grow from US$170.57 billion in 2017 to US$561.04 billion by 2022, according to a new market research report published this week by MarketsandMarkets.
The market research firm said in a press release that the IoT market size is expected to grow at a compound annual growth rate of 26.9% between 2017 and 2022. The major force driving the market includes the adoption of cloud platform-as-a-service (PaaS), the release said, adding that “the advent of advanced data analytics and data processing is also fuelling the growth of the IoT market, as advanced analytics and data processing are useful in deriving results from the high volumes of data collected using the machine-to-machine communication.” Read more…