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IoT Market Key Players, Market Analysis, Share, Trends And Forecast To 2033
IoT Market Key Players
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According to The Business Research Company's, The iot market size has grown rapidly in recent years. It will grow from $464.45 billion in 2023 to $552.87 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to proliferation of connected devices, data analytics and insights, industrial automation, smart cities initiatives, healthcare transformation.
The iot market size is expected to see exponential growth in the next few years. It will grow to $1175.77 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to 5g network rollout, edge computing adoption, expansion in industrial iot (iiot), smart home and consumer iot, focus on sustainability and energy efficiency. Major trends in the forecast period include blockchain for data integrity, interoperability standards, edge ai and inference, focus on sustainable iot solutions, healthcare iot growth.
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Market Drivers and Trends:
The application of IoT in various industries such as automotive industry is driving the growth of the IoT market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control and data delivery at any transportation point. Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. According to UBS, 12% of the total cars sold in 2030 will be for autonomous taxi fleets with 26 million driverless taxis in operation worldwide, approximately.
The IoT devices collect a great deal of data of all types. Managing this data and analyzing it will help maximize its value for the company. Data analytics will help in analysis of IoT data in several areas such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time (logistic data). In 2020, major cloud vendors such as Amazon, Microsoft and Google, are increasingly using data analytics for business improvement and various companies hope to expand their market share with AI algorithms capable of exploiting machine learning and deep learning, allowing businesses to derive more value and make informed decisions from the increasing data volumes.
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Major Key Players of the Market:
Google Inc., Microsoft Corporation, AT&T Inc., Dell Inc., Huawei Technologies Co. Ltd., Hitachi DataSystems Corporation, Amazon WebServices Inc., General Electric Company, Intel Corporation, International Business Machine Corporation, CiscoSystems Inc., Oracle Corporation, SAP SE, Fujitsu Ltd., Hewlett-Packard Enterprise Company, Alcatel-Lucent SA, Bosch Software Innovation GmbH, Autodesk Inc., PTC Inc., Davra Networks Limited, Cumulocity GmbH, BlackBerry Limited, C3 IoT Inc., Exosite LLC, Device Insight GmbH, Concirrus Limited, EVRYTHNG Limited, Bright Wolf LLC, Connio Inc
IoT Market 2024 Key Insights:
• The iot market size is expected to see exponential growth in the next few years. It will grow to $1175.77 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%.
• Iot Is Transforming The Automotive Industry And Accelerating Growth In The Iot Market
• Leveraging Data Analytics For Business Growth And Innovation
• Asia-Pacific was the largest region in the IoT market in 2023
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