China and the US will spearhead the global adoption of the internet of things, as demand for smart products across industrial and security use cases is still growing globally.
Online education and trading comparison service provider TradingPlatforms.com has published research showing that the internet of things (IoT) has emerged as one of the most crucial technologies available to businesses, providing seamless communication between people, processes, and things, and is now set to generate global revenues of $19.5bn in 2022, a 13% year-over-year increase.
According to the study, these revenues will increase by 45% over the next three years as a result of the IoT being one of the technologies powering Industry 4.0.
According to TradingPlatforms.com, the market’s CAGR of above 12% is expected. The expert went on to say that IoT enhances data collecting, security, efficiency, and time savings, and that the potential for its usage in both personal and professional settings are “endless.”
According to the study, despite the fact that the global semiconductor scarcity has reduced market supply and growth from pre-pandemic levels, there will still be a rise in demand for smart products for use cases ranging from industrial to security. According to a Statista report from 2021, global IoT revenues increased by 27% year over year to $17.3 billion.
Despite a slowdown in growth in 2022, revenues increased by $2.3 billion, or 13.3%. Statista predicts that by 2025, IoT sales would increase by another 45% to $28.3 billion.
TradingPlatforms.com also pointed out that with $19 billion in revenue in 2022, up 13% from the previous year, smart home technologies will continue to be the IoT market’s top income source.
The revenue for the other important IoT market area, financial technology, decreased slightly to $570 million in 2022 from $580 million in the previous year. This amount is projected to rise to $630 million by 2025.