Global IoT Market Trends And Strategies Of Major Players In The IoT Market 2021-2030
3 Sep, 2021
The Internet of Things (IoT) market consists of sales of IoT and related services that are used in building and home automation, smart energy and utilities, connected logistics, smart retail, smart mobility, and transportation. The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction.
Global IoT Market Size And Drivers:
The global Internet of Things market is expected grow from $244.47 billion in 2020 to $286.9 billion in 2021 at a compound annual growth rate (CAGR) of 17.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $767.3 billion in 2025 at a CAGR of 28%. The growing demand for IoT market to meet the needs of the rising various industries such as automotive industry is expected to drive the global IoT.
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Trends In The Global IoT Market
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.
Global IoT Market Segments:
The global IoT market is further segmented –
By Platform: Device Management, Application Management, Network Management
By End Use Industry: BFSI, Retail, Government, Healthcare, Manufacturing, Transportation, IT & Telecom, Others
By Application: Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Others
By Geography: The global IoT market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global IoT Market At:https://www.thebusinessresearchcompany.com/report/internet-of-things-iot-market-global-report-2020-covid-19-growth-and-change
IoT Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides IoT market overviews, analyzes and forecasts market size and growth for the global IoT market, IoT market share, IoT market players, IoT market segments and geographies, IoT market’s leading competitors’ revenues, profiles and market shares. The IoT market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.