Today, IoT is a billion-dollar market and is growing continuously. There are various drivers which is supporting the Internet of Things market growth. Industrialization, concept of smart cities, automation, smart manufacturing, smart communication and several others are key part of the IoT which helps the market to grow.
READ MORE: 50% OF ORGANIZATIONS IN THE EUROPE and US LAG IN IOT ADOPTION, FINDS HCL STUDY
IOT helps the companies to achieve the maximum efficiency which they have been working, helps the countries to maximize their communication system and provide seamless experience by offering advance and latest technologies.
Concepts of smart homes where an individual can control the smart appliance from any place on earth with a smartphone is only can be achieved through help of IoT where all the appliances have smart sensor deployed in it and are connected with the information grid.
A study shows that by the end of year 2020, there will be more than 30 billion devices connected with the information grid and the market size will be double the size of pc, smartphone and connected cars and wearable’s market.
READ MORE: Mobile operator revenues from IoT reached € 11 billion in 2016
The global IoT market is expected to grow with a CAGR of ~ 19.75%, and is expected to grow US ~ 2488 Billion by the end of 2022.
Key Players:
Amazon Web Services (U.S), AT & T Inc. (U.S), Cisco System Inc. (U.S), Google Inc. (U.S), Oracle Corporation (U.S), , Dell Inc. (U.S), Microsoft Corporation (U.S), Hitachi Data Systems (U.S.), Huawei Technologies Co. Ltd. (China) – International Business Machines Corporation (IBM) (U.S) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Internet of Things market. Wide range of benefits and growing application areas such as IT & Telecom, Retail, Healthcare, Manufacturing, Automotive, Connected Logistics and among the others are some of the major driving factor of IoT market.
