Global Internet of Things (IoT) Market is primarily driven by the advancement in technology of electronic devices, according to a research report "Global Internet of Things (IoT) Market Outlook 2023” released by market research firm Research Nester.
The Global Internet of Things (IoT) Market study is segmented into application type. Among this segment, manufacturing sector is expected to showcase a significant growth in near future on account of automation in manufacturing industries. Emerging manufacturing industries are focusing towards the internet enabled devices to manufacture the products efficiently.
The market of Internet of Things is expected to reach USD 724.2 by 2023 and is expected to register a CAGR of 13.2 per cent over the forecast period i.e. 2016-2023. Rising adoption of smart devices and growing awareness towards Internet of Things among the population in urban regions are fostering the growth of IoT market.
The Asia-Pacific region accounted the maximum revenue share in 2015 and it is expected to dominate the overall market of IoT across the globe during the forecast period i.e. 2016-2023. Rapid pace in urbanization and availability of low cost data services are propelling the demand for IoT-enabled devices. Rising tech savvy population across the region and increasing government initiatives to adopt advanced technology in emerging nations such as India and China are some of the key factors which are swelling the growth of internet of things market.
Rise in technological advancements, increasing adoption of advanced electronic devices, rising popularity of internet enabled smart gadgets and appliances, availability of numerous consumer electronics with internet connectivity according to the requirements of users and enhancement in user experience are some of the factors which is expected to fuel the market of internet of things (IoT) in the near future. Technological advancements in IT sector led to enhancing the internet connectivity and services over the internet. High-speed internet connectivity helps to access remote monitoring through various devices by consumers across the globe.
Growing demand in various sectors
Factors such as rapid growth in manufacturing and automation sector, installation of advanced internet enabled robots in various end-use industries to reduce the time of processes are key factors which are fostering the growth of internet of things (IoT) market. Moreover, emergence of automotive and healthcare sector across the globe are adopting high-end electronic devices and equipment enabled with internet connectivity in order to operate efficiently and to serve better to the customers. These adoption and installation of advanced devices in various-end-use industries thus, anticipated to propel the demand for internet of things in near future.
Although, low internet connectivity in undeveloped nations and lack of awareness towards internet of things are some of the major key factors which are hampering the market growth. Likewise, issues related to privacy and security of credential data in internet connected devices and losses of data are some of the key elements expected to curb the growth of IoT market.