Rising demands for wireless networking devices and widespread applications of IoT technology are some of major factors contributing towards growth of IoT market globally
The global Internet of Things (IoT) market was valued at USD 185.2 billion in 2018 and is expected to reach USD 905.5 billion in 2026, growing at a CAGR of 21.6% during the forecast period.
Internet of Things, or simply (IoT), denotes the system or technology which is capable to function at multiple application domains by connecting several devices through the internet. IoT is primarily dependent upon high-speed internet connectivity which includes 5G networks. Furthermore, cloud platforms and services are enabling several end-users to extract the full potential of IoT applications.
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The internet of things market is complemented evolution of advanced data processing. Moreover, the demand for real-time streaming analytics, security solution, and data management is anticipated to encourage market growth in the near future. Additionally, rapid growth in internet adoption and increasing penetration of smart devices is propelling the demand for IoT industry.
Several key industry players are focused on introducing compatible solutions for data-driven industries. Technologies such as medical device integration and remote monitoring in the healthcare industry are changing the way of offering healthcare services more efficient. Likewise, in the automotive industry, technological advancements in terms of connected vehicles and autonomous cars have made personal transportation safer than ever. All these factors are cumulatively benefitting the IoT industry globally.
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