Global IoT Market to Grow at a CAGR of 20 Per cent: Report

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The privacy and data security of information to protect it against leaking and stealing can restrict the growth of IoT

A recent study by Transparency Market Research revealed that 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.

The global IoT market had recorded revenues worth US$ 334.22 billion in 2016, which are further estimated to grow to US$ 1490.31 billion by the end of 2024.

Growth factors

The study suggested that the increasing use of cloud computing networks in a range of platforms will be majorly driving the IoT market worldwide. In addition,increasing use of smartphone devices reflected in the market and it is likely to grow with leaps and bounds in the near future.

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.

Key players

Many players in the market are focusing on participating in mergers,acquisitions, and collaborations.The major players like Microsoft, Cisco Systems, Amazon.com, Intel Corp, Google and Apple try to introduce new and advanced products on a regular basis.

With  the strong technological infrastructure and large-scale adoption of new technologies, North America holds a leading place in the global IoT market IoT. Europe too holds a considerable presence in the same.

Major concerns

However, data security and privacy of information to protect it against leaking and stealing can restrict the growth of the IoT. The dearth of common standards in several regions as well as an increase in the demand for extensive bandwidths can also be major obstacle for many players in the market.

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