Internet of Things Market is expand at phenomenal CAGR of 20.55% 2024

Leaders of the global internet of things market in 2015 included the likes of Google, Inc., Apple, Inc., Microsoft Corp., Amazon, Intel Corp, and Cisco Systems. As seen, a lot of the key players in the global internet of things market are predominantly from consumer electronics or ICT fields, and a majority of the market leaders are headquartered in the U.S.

The Internet of Things refers to the interrelated devices that are able to transfer data over a network without requiring computer and human interaction devices. Internet of Things is directly and indirectly associated with daily lifestyle products across the globe. Internet connectivity is one of the major requirements of different application as it is expected to grow at high rate in next forecast period.

Furthermore, internet connectivity requires more monitoring through applications and human interactions. Moreover, Internet of Things offers an easier and comfortable controlling of different electronic devices from one place. Internet of Things is definite as an invisible and intelligent network of things that correspond directly or indirectly with each other which is fueling the enlargement during the forecast period.

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The global internet of things market is currently being boosted by its growing scope in the field of cloud computing. Cloud computing platforms can benefit a lot from the use of IoT concepts to increase their efficiency and solve storage and energy related issues. The market is also being propelled by the growing rate of urbanization and globalization, two factors that are creating a larger number of users that are capable of accessing a higher volume of online data.

The global internet of things market is also being driven by factors such as the growing need for automation in process and manufacturing. However, factors such as high safety and security concerns of online data, insufficient speed of development in real-time data analytics, and high cost of implementation are disturbing the overall rate of growth of the global internet of things market.

The global internet of things market was valued at US$280.70 bn in 2015. It is expected to reach US$1490.31 bn by the end of 2024, after expanding at a phenomenal CAGR of 20.55% during forecast period from 2016 to 2024.

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Based on application, the Internet of market is generally classified into media, manufacturing, medical and healthcare, consumer application, energy management and others. Geographically, Internet of Things market is classified into Europe, North America, Latin America and Asia Pacific.

The key companies in the global Internet of Things market have been competitively profiled across the five broad geographic regions. This competitive landscape is inclusive of the various business strategies accepted by these key players and their recent developments in the field of Internet of Things. Furthermore, the report contains analysis of market attractiveness of different applications and provides an insight into various application areas of the Internet of Things.

A detailed analysis of the various dynamics of the market of global Internet of Things market is provided in the report. Opportunities, restraints and market drivers are also covered in this report. Thus, the report of global Internet of Things offers a detailed report of the market and that includes the projection of the global IoT market revenue-wise (USD Million) from the period of 2016 to 2024.

The global Internet of Things market is characterized by the presence of numerous major players in the market. The major players of the market compete their competition on the basis of factors such as price, performance, quality, support services and innovations of product. Major players in IoT market are Intel Corp. (U.S), Amazon (U.S), Microsoft Corp. (U.S), Cisco Systems Inc. (U.S), Google Inc. (U.S), AT&T (U.S) and Apple Inc. (U.S) among others.

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