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March 19, 2021According to the latest IOT report from Fortunes Business insight, the IOT industry will grow by 25% CAGR from 2019 to 2026. This is higher than any other industry we have seen. The IOT revolution has just started!
Here is what is says:
‘The global internet of things (IoT) market was valued at US$ 190.0 Bn in 2018 and is projected to reach US$ 1,102.6 Bn by 2026, exhibiting a CAGR of 24.7% in the forecast period.
The internet of things (IoT), encompasses a set of advanced equipment (sensors and meters), network connectivity architecture, smart devices and software, that helps to interchange the information between machines and devices. The internet of things (IoT) technology holds significant potential in the overall IT and communication industry in developing countries. The internet of things (IoT) technology market is gaining rapid growth due to the rising adoption of AI (Artificial Intelligence) and connected device based on machine learning (M2M, M2P).
IoT technology is the keystone for several organizations by providing them digital transformations, empowering them to upgrade existing processes by creating and tracking new business models. The key players in the internet of things (IoT) market are developing strategies by completing deliberate mergers and partnerships, to develop new advanced IoT products and solutions.
‘The internet of things (IoT), encompasses a set of advanced equipment (sensors and meters), network connectivity architecture, smart devices and software, that helps to interchange the information between machines and devices. The internet of things (IoT) technology holds significant potential in the overall IT and communication industry in developing countries. The internet of things (IoT) technology market is gaining rapid growth due to the rising adoption of AI (Artificial Intelligence) and connected device based on machine learning (M2M, M2P).
IoT technology is the keystone for several organizations by providing them digital transformations, empowering them to upgrade existing processes by creating and tracking new business models. The key players in the internet of things (IoT) market are developing strategies by completing deliberate mergers and partnerships, to develop new advanced IoT products and solutions.
Small and medium enterprises are immensely adopting IoT solutions to maintain the cost efficiency, productivity and operation enhancements in their business. Also, the rapid adoption of cloud-based solutions in the IT industry is acting as the key driver for the growth of the internet of things (IoT) market during the forecast period.
“BFSI and Agriculture to Develop as Most Lucrative End-Use Industry”
BFSI holds a major share in terms of market revenue of the global internet of things (IoT) market, in 2019. The BFSI segment in the end use industry is the most lucrative segment among others. This growth is mainly due to the growing demand for IoT solutions in the banking industry to monitor the supply of liquid cash in various branches, ATMs, bank partners and others. IoT solutions also help to collect the useful information of the customers. The key benefits of using IoT solutions in the banking industry is offering easy-to-access services to both debit and credit card customers.’
More at: https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-market-100307
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IOT747 Team
