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What Will Be the Growth Trajectory of the IoT Market from 2024 to 2033?

The scale of the IoT market has expanded swiftly over the years. It is projected to escalate from $464.45 billion in 2023 to $552.87 billion in 2024, experiencing a compound annual growth rate (CAGR) of 19.0%. The historical period growth can be associated with the widespread use of interconnected gadgets, data analytic capabilities, advances in industrial automation, smart city campaigns, and healthcare revolution.

The expansion of the IoT market over the next couple of years is projected to be significant, with the value reaching $1175.77 billion by 2028, with the compound annual growth rate (CAGR) calculated at 20.8%. The anticipated growth in this forecast window can be linked to factors such as the roll-out of the 5g network, the increased adoption of edge computing, the surge in industrial IoT (IIoT), the rise of smart homes and consumer IoT, as well as enhanced focus on sustainability and energy efficiency. The forecast period is marked by key trends including the use of blockchain for data integrity, interoperability standards, edge AI and inference, dedicated focus on sustainable IoT solutions, and growth in healthcare IoT.

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What Are the Primary Growth Drivers for the iot Market?

The incorporation of IoT across industries, most notably in the automotive industry, is propelling the growth of the IoT market. The automotive industry has witnessed a proliferation of opportunities with the advent of IoT that benefit both automakers and consumers universally. The automotive sector is emerging as a preferred domain for a wide range of multi-functional applications facilitated by IoT. It offers improved communication, command, and data delivery solutions at all points during transportation. Prominent companies like Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc., are progressively investing in the creation of smart vehicles boasting enviable features aimed at promoting healthier, more convenient, and enjoyable driving experiences. According to research conducted by UBS, autonomous taxi fleets will account for 12% of the total car sales by 2030 and there will be roughly 26 million driverless taxis operating globally.

What Are the Defining Segments of the IoT Market?

1) By Platform: Device Management, Application Management, Network Management

2) By Application: Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Other Applications

3) By End Use Industry: BFSI, Retail, Government, Healthcare, Manufacturing, Transportation, IT & Telecom, Other End-User Industries

What Trends Are Revolutionizing Standards in the IoT Market?

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What Regions Are Propelling Growth in the IoT Industry?

Asia-Pacific was the largest region in the IoT market in 2023. North America was the second largest region in the global IoT market share. The regions covered in the iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The IoT Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the iot market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The IoT Market Include

1. IoT Market Executive Summary

2. IoT Market Segments

3. IoT Market Size And Template Market Growth Rate

4. Key IoT Market Trends

5. Major IoT Market Drivers

……

25. Key Mergers And Acquisitions In The IoT Market

26. Top IoT Companies

27. IoT Market Opportunities And Strategies

28. IoT Market, Conclusions And Recommendations

29. Appendix

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