Advanced Connectivity Powering the Future of Internet of Things (IoT)
Global Internet of Things (IoT) market size was valued at USD 1572.37 Billion by 2031, growing at a CAGR of 19.4% in the forecast period (2024-2031). Internet of Things (IoT) refers to a connected network of devices capable of communicating with the devices as well as cloud platforms. Rapid advancements in connectivity technologies and sensor technologies are fostering new demand for Internet of Things (IoT) around the world. The emergence and development of new IoT platforms and ecosystems are also estimated to promote the Internet of Things (IoT) market growth over the coming years.
Growing Use of Smart Devices and Connected Devices
Rapid digitization around the world and the launch of new digital transformation initiatives are estimated to bolster the adoption of Internet of Things (IoT) across the forecast period. IoT devices are smart devices that enhance consumer convenience and improve the day-to-day lives of the general population. Smart home automation, wearable devices, remote monitoring, and personalized services are some key applications where Internet of Things (IoT) adoption is projected to increase rapidly in the future.
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Lack of Standardization Hurts Internet of Things (IoT) Adoption
Internet of Things (IoT) devices are not yet standardized and still subject to different regulatory and compliance requirements from various parts of the world. This lack of standardization adds up to the cost of configuration and development of IoT devices as per regional compliance norms and hurts the Internet of Things (IoT) market growth potential as well. This factor also negatively affects the scalability, functionality, and acceptance of the Internet of Things (IoT) in the long run. Interoperability is another challenge that arises from a lack of standardization in the Internet of Things (IoT) space.
Smart Cities Initiatives to Promote Growth
Smart city initiatives are being launched by governments around the world and they are estimated to favor the demand for Internet of Things (IoT) going forward. Smart cities require smart transportation networks, smart energy management, and other smart technologies, all of these rely heavily on the use of Internet of Things (IoT) and thereby create new growth opportunities. Integration of IoT in smart city infrastructure offers an immense investment scope for Internet of Things (IoT) companies.
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Growing Demand for Industrial IoT (IIoT) Solutions
The growing popularity of the Industry 4.0 trend has led to increased adoption of automation in different industries, which is slated to promote the demand for Industrial IoT (IIoT) solutions. Growing emphasis of industries on improving operational efficiency, predictive maintenance, and real-time analytics is slated to bolster the demand for IIoT solutions and promote market growth over the coming years.
Will Internet of Things (IoT) be Relevant in the Future?
Integration of artificial intelligence and deployment of 5G technology around the world are key trends that help secure the future of Internet of Things (IoT). The development of custom business-specific IoT solutions and devices will help companies maximize their revenue generation in the future. The adoption of IoT devices in the automotive industry is another exciting opportunity that Internet of Things (IoT) market players can explore in the future.
Related Reports:
Global IoT Sensors Market
Global IOT Security Market
Global IOT In Healthcare Market
Global Industrial Internet Of Things (IIoT) Market
Global Narrowband-IoT (NB-IoT) Market
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