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The Worldwide Internet of Things (IoT) Industry is Expected to Grow at a CAGR of 21.3% Between 2020 to 2026 – Iot Market Analysis
The global market for the Internet of Things (IoT) is expected to grow at a fast pace, increasing by 21.3% during the forecast period. Iot Market Analysis – The growth is driven by various factors such as the use of wireless networking technologies, cloud platforms, advanced data analytics, and miniaturization. The demand for IoT technology is also high in sectors such as manufacturing, automotive, and energy. The IoT technology connects physical objects with each other, creating a common network. The market is divided into different segments such as analytics, security, cloud, mobile technologies, and platforms. Automation, integration, and cloud computing are some of the main driving forces behind the IoT market. However, security and privacy issues are hindering the growth of the market.
Image Courtesy: https://www.precedenceresearch.com/industrial-iot-market
Impact of IoT Technology in Various Sectors and the COVID-19 Pandemic
IoT technology helps in connecting different devices and facilitates the sharing of data among them, which makes it easier to operate. The IoT market serves many sectors, including retail, energy, healthcare, and infrastructure. Smart homes, wearable devices, and smart cities are the most promising applications of the IoT technology. Due to the COVID-19 pandemic, investments and deployments in IoT have slowed down. The global healthcare and supply chains have been disrupted, leading to a quick response from hospitals, insurers, governments, and logistics providers to create a more connected world that can address the current crisis and future ones effectively.
Image Courtesy: https://iot-analytics.com/iot-market-size/
The Report Covers – Iot Market Analysis
Report Coverage Details Market Size in 2022 USD 392.85 Billion
Market Size by 2030 USD 1742.8 Billion Growth Rate from 2022 to 2030 CAGR of 20.47% Base Year 2021 Forecast Period 2022 to 2030 Segments Covered Component, End-Use, and Geography Companies Mentioned ABB, General Electric, IBM Corporation, Intel Corporation, Rockwell Automation, Inc., Siemens, Microsoft, Cisco Systems, Inc., NEC Corporation, KUKA AG
Industrial IoT Market Share, By Region, 2021 (%)
Regions Revenue Share in 2021 (%) North America 34% Asia Pacific 25% Europe 29% Latin America 7% MEA 5% Information Courtesy: https://www.precedenceresearch.com/industrial-iot-market
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