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Industry Trends Driving Internet of Things Market

Industry Trends Driving Internet of Things Market

Internet of Things (IoT) Market Overview:

The global Internet of Things (IoT) market size was valued at US$726.86 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.1% during 2021-2026. The feasibility of data exchange between operational technology (OT) and information technology (IT) in an IoT environment offers greater business benefits but introduces significant cybersecurity risks. Many IoT-related networks handle critical national infrastructure, such as power grids, and the impact of a breach resulting from immature IoT technology would be significant. As investments in cybersecurity increase and networks become more secure, more users will be inclined towards implementing IoT in their businesses.  

Enterprises globally are pushing for greater efficiency in terms of operations. IoT devices and systems allow businesses to continuously measure and control the operating conditions to achieve improvements in their processes and detect anomalies to take required actions for quick remediations. IoT technology is rapidly becoming a standard for monitoring equipment and systems across the globe.  

Growth of the IoT market is being fueled by various concurrent developments. Process improvement requirements of enterprises are the key factor in the adoption of IoT-powered conditional monitoring. Furthermore, businesses are also implementing IoT devices and technologies to improve sustainability and reduce the ecological footprints of their businesses as mandated by the regulators. Implementation of 5G networks is also expected to boost IoT adoption as faster connectivity ensures better real-time monitoring. Furthermore, the emergence of IoT has enabled high-speed processing of vast amounts of data collected at IoT nodes, with minimum latency. 

Several IoT use cases saw growing adoption during the pandemic, such as using connected thermal cameras to detect potential COVID-19 infections and sensors for monitoring office occupancy levels. The demand for technologies that can help the workforce return safely to work is rising and will likely continue to grow. 

Need more information? GlobalData's new report covers each of these trends in much more detail, providing an analysis of the following:   

  • Drivers and challenges impacting the IoT market  
  • COVID-19 impact 
  • A deep dive into the IoT market’s value chain and the stakeholders involved    
  • Detailed competitive landscape  
  • Detailed Analysis of the M&As, patents, jobs, venture financing, and social media in the IoT market 
  • The comprehensive report provides global market size estimates, revenue numbers, and coverage of more than 20 countries  

 For more insights on IoT market, Download a FREE sample 

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