Mar 13, 2020
Next year, the Internet of Things (IoT) market will grow to about $520B, more than twice the amount spent in 2017, which was $235B. Global IoT technology encompasses a set of advanced equipment, such as meters and sensors, along with network connectivity, smart devices, and software that send data between machines and devices. This market is gaining rapid growth due to the rising adoption of artificial intelligence (AI) and connected devices based on machine learning and the increased use of cloud-based solutions in the IT industry.
Many companies use this technology to upgrade existing processes, such as developing devices that better monitor energy and water usage. However, the core players in the IoT market, which tend to be large fortune 500 companies, are focusing their energy on developing new advanced IoT products and solutions, while small and medium businesses are adopting IoT solutions to improve their overall cost efficiency, operations, and productivity. Many startup companies have also entered the IoT playing field.
On a global scale, Asia Pacific produced a revenue of $74.5B in 2018, and it’s expected to be the global IoT market leader this year. The largest IoT market is in China, boasting 64% of the 1.5B global networks. Europe has aided China with this growth by increasing the IoT business. North America has a similar growth as Europe, and other countries have started implementing connected devices across healthcare, retail, and transportation industries. Developing countries offer a potential for growth in the IT and telecom industries. [1,2]
Current IoT Market Trends
Power of IoT Connectivity
The most significant trend is that IoT networks of connected devices will expand, and the amount of data collected from these networks will increase. The driver of IoT networks improvement in the industries fostering sensor-based technologies is data. These applications are now being tested within an increasing number of verticals, such as healthcare and transportation. The more data a business receives from connected devices, the more likely it can deliver personalized experiences to its clients and predict their behaviors. The need for data thus creates a foundation for future IoT trends.
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