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The IoT industry is expected to touch $1 Trillion in next three years
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IoT Industry to touch $1 Trillion
The global IoT market will grow from worth $622 billion in 2020 to $1.077 trillion by 2024, with a CAGR of 13% over the period, according to GlobalData. The figure comes with the increasing development of wireless networking technologies, rise in cloud platform adoption, miniaturization, and the emergence of advanced data analytics are the factors that are driving the global IoT market. The other factors that are propelling the growth of the market include advancement in data analytics, computing economies, and demand from varied domains including manufacturing, automotive, energy, and others. IoT brings different physical objects to be linked by a common network. The IoT market is split into various major segments such as analytics, security, cloud, mobile technologies, and platforms. integration, automation, and cloud computing are major driving forces behind the IoT market. The issues such as Security and Privacy are restraining the market growth.
Further, the IoT technology also assists in connecting various devices to provide ease in the operation and sharing of data amongst themselves. The IoT market caters to every sector from retail, energy, healthcare, infrastructure, and so on. Smart homes, wearable's, and smart cities are the most effective and high-growth applications in the IoT market. Smart devices connected to the internet enable unified connectivity with people, things, and networks. These seamless network connections create an efficient and customized user experience for both end-users and manufacturers. End-to-end security of IoT is critical for both device and network connection. However, today’s IoT systems lack three critical features: Firstly, unstructured and fragmented security regulations are major roadblocks to broader IoT adoption: be it in consumer or enterprise IoT.
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