Latest News- Internet Of Things (IoT) Market: Industrial is expected to lead the Application segment during 2024-2028

The Internet Of Things (IoT) Market is being driven by Technological developments in different platforms

The Internet Of Things (IoT) Market is expected to grow at a CAGR of 18.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1554.5 billion. In today's business landscape, smartphones and tablets, equipped with an array of sensors and advanced connectivity options, have emerged as the primary tools for mobile computing and communication. These devices, integrated with features such as GPS, microphones, accelerometers, cameras, ambient light sensors, gyroscopes, and digital compasses, are revolutionizing various sectors including social networking, environmental and surveillance monitoring, healthcare and wellness monitoring, and transportation. With the addition of Wi-Fi, 3G/4G/5G, and Bluetooth radio, IoT wearables offer consumers personalized healthcare insights and enable doctors to remotely monitor patients. This fusion of technology and mobility is transforming industries and enhancing productivity and efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Industrial
  • Retail
  • Healthcare
  • ICT
  • Others
• Technology
  • RFID
  • Sensors
  • NFC
  • Cloud services
  • Others
• Geography
  • APAC
    • China
  • North America
    • US
  • Europe
    • Germany
    • France
    • Norway
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Technological developments in different platforms
• Exponential growth of Internet-connected and operated devices
• Rise in industrial automation

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness of efficient management of IoT initiatives and investments
• Increasing cybersecurity threats
• High cost of implementation of IoT and its security

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Market Scope in Internet Of Things (IoT) Market Research Report

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Research Analysis Overview

The IoT market is experiencing significant growth, with the World Economic Forum estimating a generative AI-driven revenue forecast. Key players like SAS Software, VMware Tanzu, and Taiwan Mobile are investing in IoT technology for smart factories and logistics chain optimization. Intelligent disease diagnosis and Bluetooth technology are also being integrated. Service providers like Smart Wellington are offering IoT solutions, while IoT adoption in cloud and data processing continues to rise.

Market Research Overview

The Internet of Things (IoT) market is a significant segment of the global technology hardware, storage, and peripherals market, as identified by SAS Software and Technavio. This market encompasses IoT technology service providers, smart city initiatives such as Intelligent Disease and Smart Wellington, and industrial applications like logistics chain optimization and smart factory automation. Key drivers propelling the expansion of this market include the escalating demand for advanced data centers, necessitated by the surge in work-from-home culture due to the COVID-19 pandemic. Additionally, the market growth is fueled by the increasing adoption of IoT technology in various industries, including healthcare, transportation, and manufacturing. Companies like World Economic Forum, Taiwan Mobile, and others are capitalizing on this trend to offer innovative IoT solutions and services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/