Internet Of Things Technology Market Overview

The market for the Internet of Things is anticipated to reach US$280 billion by 2027, expanding at a CAGR of 15% between 2022 and 2027. The Internet of Things (IoT) is a network of web-enabled smart devices that collect, transmit, and act on environmental data using embedded systems like processors, wireless sensor networks, and hardware devices. Bluetooth, Wi-Fi, and other networks are used by these technologies for communication. Consumer-focused IoT devices, such as connected cars, smart homes, wearables, connected health, and appliances with remote monitoring capabilities, make up a growing portion of the market.

The market is expanding due to the rise in big data for data management, expanding cloud computing platforms, artificial intelligence, and machine learning research, as well as expanding government projects for smart cities and 5G technologies. The development of the Internet of things market is constrained, though, by difficulties with technical integration and a lack of connectivity in developing nations. Following the Covid19 outbreak in 2020, 47% of organisations are preparing to make new Internet of Things (IoT) investments, while 35% of organisations have already scaled back their spending, according to a Gartner report.

Source: Analytics Market Research