The demand for IoT is beyond the measures today! The global market, with the key players, is booming on a large scale. The expected or predicted market size for the IoT market on a global basis is $1 Trillion by 2024.
The growth rate is pretty much higher in the past few years because the use of wearables has significantly increased over time. The global market of IoT generated a pretty high revenue in the years 2020 and 2019. The figures of the market sizes were $622 billion in the year 2020, which was higher than that of $586 billion in 2019.
As the demand scale is rising every day, the exact predicted figure of revenue by the end of 2024 is $1,077 billion, equivalent to more than a trillion USD dollars. The compound annual growth rate for the global IoT market is 13% for the current forecast years. The statistic is put up by Global Data, a data & analytics company.
IoT enterprise or industry seems to be dominating, and this effect is predicted to continue for a long tenure unless there is any considerable replacement or enhancement of IoT technology. IoT has dominance as it holds 76% of the total generated revenue of all the industries in 2020.
As the dominance is continuing since then, the predicted market position of IoT enterprise is expected to hold onto the same revenue position. The Associate Project Manager, Thematic Research, Global Data- Jasaswini Biswal, says that the COVID pandemic played a key role in educating people about the importance of IoT in their lives. She says that the use cases of IoT are rising over time, and the adoption of this technology is also growing during this situation of a pandemic.
Therefore, the COVID impact didn’t hamper the business of the IoT market. Instead, the use and demand were hiked, as thermal cameras were demanded to detect potential infections of COVID-19 in patients. Along with that, new sensors were also developed during the pandemic that was preferable for monitoring office occupancy.
The COVID 19 pandemic intends to drive a new transformation wave for fuelling the growth of the IoT market on higher levels. IoT is one such technology, the demand of which is higher for helping the companies resume their work operations safely from their physical offices. Some of such IoT-oriented devices in demand are health-monitoring wearables, contact tracing IoT devices, and others, which are effective in providing data to help overcome the pandemic, says Biswal.
As per the survey of Global Data, 48 percent of all the respondents expressed their positive interest in the applications of IoT. Moreover, 45% of those respondents showed their belief that IoT will be playing an important role in helping businesses flourish in the coming three years. And with these positive survey aspects, the market demand is expected to boom in the coming three years. Therefore, by considering the annual growth percentage of 13% per year, the global IoT market is expected to generate revenue or market size of over $1 Trillion by 2024.
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