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Internet of Things (IoT) Market to witness a robust CAGR of 20% between 2022-2025
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The key market drivers include advancements in semiconductors and electrical components, as well as greater usage of cloud computing platforms. Besides, an increase in the number of smart city initiatives and capital investment in the digital ecosystem will drive up demand for IoT devices. IoT platforms and devices are used to monitor mobility, infrastructure, and air and water quality to improve public services and utilities. The future potential of smart cities is expected to be limitless, fueling the growth of the IoT sector.
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Company Profiles:
AMAZON WEB SERVICE.
BOSCH SOFTWARE INNOVATION GMBH
CISCO SYSTEMS, INC.
GOOGLE LLC
HEWLETT PACKARD ENTERPRISE
INTERNATIONAL BUSINESS MACHINE CORPORATION (IBM)
INTEL CORPORATION
MICROSOFT CORPORATION
ORACLE CORPORATION
SAP SE
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North America is projected to be a key market due to the increasing significance of IoT among the region's significant revenue-generating end-user sectors, mainly due to the deployment of connected vehicles, smart energy projects, home automation, and a focus on smart manufacturing. Furthermore, rapid digitization across industrial verticals, as well as technological advancements, have fueled the growth of IoT in this region. Because of the existence of global technological leaders, countries such as the United States and Canada are likely to witness enormous growth in the IoT market.
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Impact of Covid-19 on the IoT Market
The COVID-19 pandemic flooded healthcare institutions throughout the world, forcing the adoption of sophisticated patient management and tracking systems. Healthcare officials and manufacturers worked hard to develop Internet of Things (IoT) services to protect individuals from coronavirus. To monitor patients and staff, hospitals began to deploy linked thermometers and IoT tools. The use of IoT in the healthcare sector has expanded as a result of the pandemic. Apart from that, the disruption in supply chains caused by the outbreak has led to the use of IoT technology for automation and effective supply chain management in the consumer goods sector.
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PMR has presented a comprehensive report based on IoT Market as per Components (IoT Platform, IoT Data Transport, IoT Security, IoT Analytics, and IoT Sensor), based on seven regions.
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