- The increasing usage of cloud computing solutions would boost the growth of this segment
- Asia Pacific will lead the market throughout the forthcoming period
The global IoT market will reach $1,102 billion by 2026 as per a report by Fortune Business Insights. The report titled, “Internet of Things (IoT) Market Size, Share and Industry Analysis By Platform, By Software and Services, By End-Use Industry And Regional Forecast, 2019 – 2026” said that it will exhibit a compound annual growth rate (CAGR) of 24.7 per cent in the forecast period.
The report said that the emergence of COVID-19 has impacted the world. It added that rising support from governments and several companies can help in the fight against this disease.
Cloud computing solutions
As per the report, IoT revolves around innovative equipment like metres and sensors, software solutions, smart devices, and network connectivity architecture that help in interchanging the data between devices and machines. This has a lot of potential in the communication and IT industry, especially in the emerging economies. Due to this, many companies are able to track and develop new business models to upgrade their pre-existing processes. This will help in boosting the IoT market growth in the coming years.
The report said that the BFSI segment generated 21.1 per cent IoT market share in 2018. This is due to the high demand for IoT software solutions from the banking sector. The increasing usage of cloud computing solutions would boost the growth of this segment.
Asia Pacific to lead
Asia Pacific will lead the market throughout the forthcoming period. It held $74.5 billion revenue in 2018. The report said that China contributes to this growth majorly. North America is expected to showcase moderate growth in the near future due to the presence of many industry biggies in the region.