Internet of Things (IoT) Market
Between 2022 and 2025, the Internet of Things (IoT) market is expected to grow fast at a CAGR of 20%, reaching US$ 151.5 billion in 2022. By 2025, the market is anticipated to be valued US$261.95 billion.
The market is expanding because artificial intelligence and machine learning are being used more often to analyse the real-time data streams produced by IoT networks and sensors. Adoption of the IoT boosts productivity, lowers waste and energy use, and reduces maintenance costs.
Cities, connected homes, and businesses are just a few locations that use IoT technology.
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The application of IoT in industrial operational intelligence, remote services, predictive maintenance, and remote monitoring is rising. The key market drivers include advancements in semiconductors and electrical components, as well as greater usage of cloud computing platforms.
Besides, an increase in the number of smart city initiatives and capital investment in the digital ecosystem will drive up demand for IoT devices. IoT platforms and devices are used to monitor mobility, infrastructure, and air and water quality to improve public services and utilities.
The future potential of smart cities is expected to be limitless, fueling the growth of the IoT sector.
North America is projected to be a key market due to the increasing significance of IoT among the region’s significant revenue-generating end-user sectors, mainly due to the deployment of connected vehicles, smart energy projects, home automation, and a focus on smart manufacturing.
Furthermore, rapid digitization across industrial verticals, as well as technological advancements, have fueled the growth of IoT in this region. Because of the existence of global technological leaders, countries such as the United States and Canada are likely to witness enormous growth in the IoT market.
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Impact of Covid-19 on the IoT Market
The COVID-19 pandemic flooded healthcare institutions throughout the world, forcing the adoption of sophisticated patient management and tracking systems. Healthcare officials and manufacturers worked hard to develop Internet of Things (IoT) services to protect individuals from coronavirus.
To monitor patients and staff, hospitals began to deploy linked thermometers and IoT tools. The use of IoT in the healthcare sector has expanded as a result of the pandemic.
Apart from that, the disruption in supply chains caused by the outbreak has led to the use of IoT technology for automation and effective supply chain management in the consumer goods sector.
Key Companies Profiled
IBM Corporation
Microsoft Corporation
AT&T, Inc.
Apple, Inc.
Google
General Electric
Samsung Electronics Co. Ltd.
Comcast Corporation
Intel Corporation
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Internet of Things (IoT) Market Segmentation
Internet of Things (IoT) Market by Component
IoT Platform
IoT Data Transport
IoT Security
IoT Analytics
IoT Sensor
Internet of Things (IoT) Market by Application
Smart Grid
M2M Communication
Home and Building Automation
Wearable Computing Devices
V2V Communication
Others
Internet of Things (IoT) Market by Industry
Manufacturing
Healthcare
Energy & Utilities
Retail
Transportation & Logistics
Government
Others
Internet of Things (IoT) Market by Region
North America Internet of Things (IoT) Market
Latin America Internet of Things (IoT) Market
Europe Internet of Things (IoT) Market
Asia-Pacific Internet of Things (IoT) Market
Middle East & Africa (MEA) Internet of Things (IoT) Market
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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