- Application Management
- Device Management
- Network Management
Internet of Things (IoT) Market Size was valued at USD 611.00 billion in 2022 and is expected to reach USD 3,967.99 billion by 2029; the market is estimated to register a CAGR of 30.6% from 2023 to 2029. This report studies the global Internet of Things market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the global Internet of Things market report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed the global Internet of Things market to better equip clients with possible investment opportunities across the regions (regional Investment hot spots) and market unmet needs (Product opportunities). Factors that are propelling the market are rising demand for the internet of Things across various end-user sectors, the emergence of wireless networking technologies, and the rise in cloud platform adoption. However, an increasing number of data security & privacy concerns and interoperability issues, and a lack of common standards are hampering the market growth. An increasing use of cloud computing networks in a variety of platforms is majorly driving the global Internet of Things market. Moreover, with the rising use of smartphone devices, the market is expected to grow with leaps and bounds in the near future. Many players are expected to bring new technologies to the table, which could certainly propel the market extensively. Moreover, the emergence of advanced data processing and analytics coupled with a reduction in the cost of connected devices is further expected to induce an extensive acceleration in the global Internet of things market growth. In addition, in today's world internet service is required in almost every sector. Such a high dependency on the internet too is majorly proving to be beneficial to the global internet of things market splendid growth. The global Internet of Things (IoT) Market is surging owing to frequent acquisitions and launchings by the market players.
Internet of Things (IoT) Market Key Developments:
For Instance, in 2019, IBM Corporation announced a collaboration with Sund & BÃ¦lt, which owns and operates some of the largest infrastructures in the world, to assist in IBM's development of an AI-powered IoT solution designed to help prolong the lifespan of aging bridges, tunnels, highways, and railways.
Fastest Growing Market
Rising concerns data security and privacy of information to protect it against stealing and leaking is majorly restricting growth of the global Internet of Things market. IoT is considered a worldwide network of individually connected devices which communicate with each other, passing data across the internet. This data is collected about individual users and in some cases may contain very personal and private information about the user. Because this data can also be used for malicious purposes it presents security and privacy issues with Internet of Things (IoT) devices. In addition, the IoT devices and their networks are increasingly becoming a prime target for cybercriminals which has resulted in the breach of data security and privacy.
2022 is the base year and 2029 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
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