Technology growth

Internet of Things (IoT) Market Innovations, Technology Growth

Internet of Things (IoT) Market

The global Internet of Things (IoT) market is expected to reach US$151.5 billion in 2022 and grow at a healthy CAGR of 20% from 2022 to 2025. By 2025, the market is expected to reach US$261.95 billion US dollars.

The increasing use of machine learning and artificial intelligence to analyze real-time data streams generated by IoT networks and sensors is propelling the growth of the market. Adopting IoT saves energy, reduces waste, and lowers maintenance costs while increasing productivity. Cities, vehicles, connected homes and workplaces are just some of the uses of IoT technology.

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The application of IoT in industrial operational intelligence, remote services, predictive maintenance and remote monitoring is increasing. Major market drivers include advancements in semiconductors and electrical components, as well as greater use of cloud computing platforms.

Furthermore, an increase in the number of smart city initiatives and capital investments in the digital ecosystem will lead to an increase in the demand for IoT devices. IoT platforms and devices are used to monitor mobility, infrastructure, and air and water quality to improve utilities and utilities. The future potential of smart cities is expected to be limitless, fueling the growth of the IoT sector.

North America is expected to be a key market owing to the growing importance of IoT among the major revenue-generating end-user sectors in the region, primarily due to the deployment of connected vehicles, smart energy projects, home automation and a focus on smart manufacturing. .

Additionally, rapid digitalization in industry verticals, along with advancements in technology, have fueled the growth of IoT in this region. Due to the existence of global technology leaders, countries like the United States and Canada are expected to experience huge growth in the IoT market.

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Impact of Covid-19 on the IoT market

The COVID-19 pandemic has inundated healthcare facilities around the world, forcing the adoption of sophisticated patient management and tracking systems. Health officials and manufacturers have worked hard to develop Internet of Things (IoT) services to protect people from the coronavirus.

To monitor patients and staff, hospitals have started to deploy connected thermometers and IoT tools. The use of IoT in the healthcare sector has expanded following the pandemic. Apart from this, the disruption of supply chains caused by the outbreak has led to the use of IoT technology for automation and efficient supply chain management in the consumer goods industry.

Profiled Key Companies

IBM Corporation
Microsoft Corporation
AT&T, Inc.
Apple Inc.
Google
General Electric
Samsung Electronics Co.Ltd.
Comcast Company
intel company

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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 Analysis
IoT sensor

Internet of Things (IoT) Market by Application

Smart Grid
M2M communication
Home and building automation
Portable computing devices
V2V communications
Others

Internet of Things (IoT) Market by Industry

Manufacturing
Health care
Energy and Utilities
Detail
Logistic transport
Government
Others

Internet of Things (IoT) Market by Region

North America Internet of Things (IoT) Market
Internet of Things (IoT) Market in Latin America
European Internet of Things (IoT) Market
Asia-Pacific Internet of Things (IoT) Market
Middle East and Africa (MEA) Internet of Things (IoT) Market

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Persistence Market Research
Address – 305 Broadway, 7th Floor, New York, NY 10007 USA
Telephone in the United States – +1-646-568-7751
USA-Canada Toll Free – +1 800-961-0353
Sales – [email protected]
Website – https://www.persistencemarketresearch.com

Persistence Market Research is here to provide businesses with a one-stop solution when it comes to improving customer experience. It is committed to gathering appropriate feedback after going through personalized customer interactions to add value to the customer experience by acting as the “missing” link between “customer relationships” and “business results”. The best possible yields are guaranteed.

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