The worldwide IoT market share would reach 158 million

by | Jul 30, 2019 | IoT Applications & Examples

Zion, an acclaimed Market Research, recently published a brand-new report, “Device Type for the Internet of Things Market.” The report revolves around home automation, building, utilities, connected logistics, manufacturing, transportation, among others. The report states that the worldwide IoT market has a market valuation of 31,500USB back in 2016. However, it is said that when the time progresses to the year 2024, the global market of the Internet of Things will reach 158,140 million USD.

Moreover, the global market of the Internet of Things will grow at the CAGR of around 23% from 2017 to 2024. According to the reports, there is a massive increase in the adoption of wireless technology. On the other hand, there is a rise in the adoption of the cloud platform around the world. There are also some essential & crucial factors which are going to trigger the growth of the devices market of IoT.

IoT is a powerful technology when it comes to analyzing the solution in real-time. On the other hand, IoT is also helpful in helping organizations to make better decisions. The digital transformation that comes from the IoT would create new opportunities for distinctive industry. Moreover, it would also increase the valuation of the Internet of Things devices.

The people are still unaware or do not have any knowledge about the Internet of Things devices and its applications. IoT is more like an ecosystem of the devices which are connected to the Internet. These devices are electronic devices. The IoT devices use sensors to collect, communicate, and also exchange data from one equipment to another.

One of the most peculiar attributes of the Internet of Things devices is that they gather data from various devices. The IoT devices can be of great help in optimizing services, products, as well as operations.

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Neelam Dimri

A post graduate and gold medalist in English literature with a great passion for writing. I am an avid blogger and love to write technical and nontechnical Articles, Blogs, e-books, the latest platform of global interest. I firmly believe in the healing power of writing and how it works fantastically to improve one’s creativity as well as personality. Life is too short to express yourself so, keep writing and enjoying.