The increasing concerns regarding privacy and data security of information to protect it against leaking and stealing can restrict the growth of IoT
The global internet of things (IoT) market is expected to grow at a phenomenal compound annual growth rate (CAGR) of 20.55 per cent between 2016 and 2024, according to a latest study by Transparency Market Research.
In 2016, the global IoT market had recorded revenues worth US$ 334.22 billion, which are further estimated to grow to US$ 1490.31 billion by the end of 2024, the study says.
Factors for growth
Citing the reason for such a growth, the study mentions that the increasing use of cloud computing networks in a range of platforms will be majorly driving the IoT market worldwide. In addition, the market is likely to grow with leaps and bounds in the near term due to the increasing use of smartphone devices.
The growth of IoT would certainly be propelled in the future as many industry players would bring forth new technologies to the table. Furthermore, the advent of advanced data processing and analytics along with reduction in costs of connected devices would encourage an extensive acceleration in the IoT market’s growth.
Many players in the market are focusing on participating in mergers and acquisitions, collaborations and partnerships. The major players operating in the market are Microsoft, Cisco Systems, Amazon.com, Intel Corp, Google and Apple. These organisations try to introduce new and advanced products on a regular basis.
Geography-wise, North America holds a leading stance in the IoT due to a strong technological infrastructure and large-scale adoption of new technologies. Europe too holds a considerable presence in the global IoT market.
However, the states, the increasing concerns regarding privacy and data security of information to protect it against leaking and stealing can restrict the growth of the IoT. In addition, the lack of common standards in several regions as well as an increase seen in the demand for extensive bandwidths can also be major obstacle for many players in the market.