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IoT Market Size is Expected to Hit US$650.5 Billion by 2026

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IoT Market Size is Expected to Hit US$650.5 Billion by 2026

The emergence of Industry 4.0 has fostered the IoT market size growth to a large extent

Currently, the Internet of Things (IoT) is stabilizing itself in the mainstream business and industry landscape. The world is witnessing a growing indulgence in IoT applications and platforms. The global IoT market size is expected to grow from US$300.3 billion in 2021 and hit US$650.5 billion by 2026, exhibiting at a CAGR of about 16.7%. This technology has shown consistent growth and has helped fuel the growth of several business organizations. Sensor technology embedded in IoT devices will continue to become cheaper and more advanced than what they are now. Real-time analytics and artificial intelligence continue to grow along with cloud computing and edge computing solutions. Companies will be forced to link their existing tech devices to IoT to ensure they are ahead of the game. The IoT market is booming and gaining massive amounts of funds.

The rising trend for smart city solutions has encouraged stakeholders to bolster their penetration across untapped areas. The footfall of smart meters, smart lights, and sensors will further gain prominence from the demand for smart homes and buildings. It is worth noting that Industry 4.0 has created a wave of innovation across advanced and emerging economies.

5G is seeing rapid applications in a number of industries such as manufacturing, energy & utilities, healthcare, automobile sector, transportation, and agriculture sector among others to boost business profitability and efficiency. The commercial success of IoT devices is linked to their performance. Hence, 5G IoT is projected to be an essential trend in the global IoT industry to meet requirements associated with the performance of IoT devices. 5G is enabling end users to remotely control more IoT devices in applications where real-time network performance is very critical. Such applications include remote surgery and remote control of heavy machinery in a harmful environment, thus improving worker safety.

The post IoT Market Size is Expected to Hit US$650.5 Billion by 2026 appeared first on Analytics Insight.



IoT Market Size is Expected to Hit US$650.5 Billion by 2026

The emergence of Industry 4.0 has fostered the IoT market size growth to a large extent

Currently, the Internet of Things (IoT) is stabilizing itself in the mainstream business and industry landscape. The world is witnessing a growing indulgence in IoT applications and platforms. The global IoT market size is expected to grow from US$300.3 billion in 2021 and hit US$650.5 billion by 2026, exhibiting at a CAGR of about 16.7%. This technology has shown consistent growth and has helped fuel the growth of several business organizations. Sensor technology embedded in IoT devices will continue to become cheaper and more advanced than what they are now. Real-time analytics and artificial intelligence continue to grow along with cloud computing and edge computing solutions. Companies will be forced to link their existing tech devices to IoT to ensure they are ahead of the game. The IoT market is booming and gaining massive amounts of funds.

The rising trend for smart city solutions has encouraged stakeholders to bolster their penetration across untapped areas. The footfall of smart meters, smart lights, and sensors will further gain prominence from the demand for smart homes and buildings. It is worth noting that Industry 4.0 has created a wave of innovation across advanced and emerging economies.

5G is seeing rapid applications in a number of industries such as manufacturing, energy & utilities, healthcare, automobile sector, transportation, and agriculture sector among others to boost business profitability and efficiency. The commercial success of IoT devices is linked to their performance. Hence, 5G IoT is projected to be an essential trend in the global IoT industry to meet requirements associated with the performance of IoT devices. 5G is enabling end users to remotely control more IoT devices in applications where real-time network performance is very critical. Such applications include remote surgery and remote control of heavy machinery in a harmful environment, thus improving worker safety.

The post IoT Market Size is Expected to Hit US$650.5 Billion by 2026 appeared first on Analytics Insight.

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