Internet of Things Market Witnessing High Growth By Key Players

Proliferation of high speed networking technologies and rise in volume of connected devices has allowed potential end-users to adopt IoT technologies to leverage opportunities tapped behind the data silos. Either as part of their strategy to enhance customer experience or optimize the processes at back end, direct or indirect monetization of data has been a trend gaining traction in recent years among the consumer facing verticals or those with high capital investment. Though acceptance of IoT has being slow on consumer front due to reasons associated with privacy and cost of these devices, industrial sector has been forerunner, in particular the utilities, automotive, logistics and smart manufacturing. With more network operators entering the filed, ample opportunities for customers are created to leverage on scale of deployment they require.
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According to a new market research report published by Transparency Market Research entitled “Internet of Things Market (By technology- Zigbee, Bluetooth Low Energy, Near Field Communication, Wi-Fi, RFID, By Application- Media, Manufacturing, Medical and Healthcare, Consumer Application, Energy Management, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 – 2027,” the global Internet of Things market is expected to reach US$ 2,746.32 Bn by 2027. The market is anticipated to expand at a CAGR of 21.7% during the period from 2020 to 2027.
Global Internet of Things (IoT) Market: Overview
The internet of things (IoT) market has made giant strides in growing potential use of the related technologies in various applications in end-use industries. The growth of the internet of things market is increasingly propelled by the growing use of advanced analytics and machine learning technologies to make sense of staggering volumes of data from connected devices. High advances related to data security technologies and processing methods in various parts of the world has resulted in enterprises embracing advanced technologies and automation as part of strategy to optimize resource utilization. Furthermore, the rapid enterprise migration to cloud-based services from legacy systems has made IoT data more useful for end users, especially among small- and medium enterprises. The rising adoption of artificial intelligence in connected devices has made real-time use of IoT data more useful. Moreover, the global IoT market is gaining increasing momentum from rapid advances made in wireless networking technologies.

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