The IoT Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Global Market Report 2024, The iot market size has grown rapidly in recent years. It will grow from $464.45 billion in 2023 to $552.87 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to proliferation of connected devices, data analytics and insights, industrial automation, smart cities initiatives, healthcare transformation.
The iot market size is expected to see exponential growth in the next few years. It will grow to $1175.77 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to 5g network rollout, edge computing adoption, expansion in industrial iot (iiot), smart home and consumer iot, focus on sustainability and energy efficiency. Major trends in the forecast period include blockchain for data integrity, interoperability standards, edge ai and inference, focus on sustainable iot solutions, healthcare iot growth.
The application of IoT in various industries such as automotive industry is driving the growth of the IoT market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control and data delivery at any transportation point. Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. According to UBS, 12% of the total cars sold in 2030 will be for autonomous taxi fleets with 26 million driverless taxis in operation worldwide, approximately.
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The iot market covered in this report is segmented –
1) By Platform: Device Management, Application Management, Network Management
2) By Application: Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Other Applications
3) By End Use Industry: BFSI, Retail, Government, Healthcare, Manufacturing, Transportation, IT & Telecom, Other End-User Industries
The IoT devices collect a great deal of data of all types. Managing this data and analyzing it will help maximize its value for the company. Data analytics will help in analysis of IoT data in several areas such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time (logistic data). In 2020, major cloud vendors such as Amazon, Microsoft and Google, are increasingly using data analytics for business improvement and various companies hope to expand their market share with AI algorithms capable of exploiting machine learning and deep learning, allowing businesses to derive more value and make informed decisions from the increasing data volumes.
The iot market report table of contents includes:
1. Executive Summary
2. IoT Connectivity Management Platform Market Characteristics
3. IoT Connectivity Management Platform Market Trends And Strategies
4. IoT Connectivity Management Platform Market – Macro Economic Scenario
5. Global IoT Connectivity Management Platform Market Size and Growth
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31. IoT Connectivity Management Platform Market Other Major And Innovative Companies
32. Global IoT Connectivity Management Platform Market Competitive Benchmarking
33. Global IoT Connectivity Management Platform Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IoT Connectivity Management Platform Market
35. IoT Connectivity Management Platform Market Future Outlook and Potential Analysis
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