- The cumulative market is expected to reach $ 13100 Billion
- It is expected that there would be a transformation in the way data is being processed
As per a report by ResearchAndMarkets, the global IoT Market is expected to grow from $916.9 Billion in 2020 to $1994.3 billion in 2029. The Global IoT Market is expected to grow at a CAGR of around 10.2 per cent during the forecast period. The cumulative market is expected to reach $ 13100 Billion.
The cost of implementation and legacy devices is expected to act as restraints to the growth of the IoT market during the forecast period. The current IoT market is fragmented and one of the key challenges is lack of standardisation.
Accommodate the large number of connected devices
The report added that bottleneck issues are expected to arise as the IoT market grows which would result in the shift from cloud computing to edge computing and then to a mesh topology. IPV4 standard is expected to be replaced by the IPV6 standard. This will be used to accommodate the large number of connected devices which would be present in the IoT market in the future.
It is expected that there would be a transformation in the way data is being processed. Data processing would shift from centralized and cloud to edge technology where analysis of data and development of solutions would take place at the site where the data is generated.
The report added, “Edge computing is expected to have vast applications in time-critical processes like time-critical like driverless transport applications. The diminishing size of sensors is primarily driven by MEMS technology.”