According to a market research report with a forecast, the open IoT market will register a growth rate of 15.5 percent in the next couple of years. The Global Open IoT market will reach a value of USD 5.96 billion by 2027. In fact, the open IoT market comprises different segments that will see great growth in the coming years. Also, the Open IoT platforms aim at increasing connectivity in devices and improve the centralization of devices through the cloud or on-premises industries. In addition to that, the open IoT platforms support the rapid automation of the industrial sector.
These open IoT platforms collect data on sensor performance. This collection of data facilitates through analytical functions and in a particular network. Sometimes the data is shared on cloud services so that it can be analyzed as a whole. The data can also be shared with mobile phones, laptops, and other hardware devices.
The Global Open IoT market enjoys growth in the upcoming years because of the natural demand for centralized monitoring, cost-effective and intelligent devices. Today, industries are looking for strong network connectivity as well as cloud system storage in IoT devices. Such devices will be able to operate over a large-scale network and be scalable with the operation model.
Although the Open IoT market faced a slowdown during the first wave of COVID 19, the market looks hopeful as many countries lift lockdowns and restrictions around manufacturing. However, there is a shortage of raw materials to actually manufacture open IoT devices in the immediate future. However, as the COVID 19 aims to eradicate by the next couple of years, the IoT segment will bounce back and experience growth by 2027.
The major drivers that the global IoT market will experience are expanding internet connectivity and digital literacy. The widespread use of connected, intelligent devices supported by the dependence on new mobile technologies will drive the Global open IoT market further in the growth charts. The increased demand for cloud storage-enabled devices is also a huge driver of the market.
The ushering of the new 5G technology in connectivity will boost the chances of establishing a centralized IoT network. Since 5G is developing, its capabilities are yet to be discovered and are a huge opportunity for the IoT market. Many nations worldwide are opting for 5G technology. Such countries are automatically entering the future open IoT market.
There are many restraints in which the future Open IoT market will function. For example, the IoT market needs a scaffold of high-security solutions for data privacy and data usage. Today, nearly seventy percent of the IoT devices in use are prone to security breaches. Future developers in this sector will aim to reduce the chances of major security breaches. As the number of IoT devices increase, so does the chance of a breach. Therefore, key players of the IoT market have to invest in developing a secure network for open IoT platforms.
The key players like CISCO systems, SIEMENS, Wipro technologies are heavily investing in bringing about collective growth.
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