IoT market to hit projected CAGR of 20.55% by 2024: TMR
January 10, 2017
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As one of the highly trending markets in the world today, the global Internet of Things market is expected to be crowded by a large number of players of all sizes, according to a research report released by Transparency Market Research.
Key players in the market are already ahead in terms of development rates and the acquisition of proprietary technologies, the report states.
“Wi-Fi is expected to continue being the leading technology in the global internet of things market, despite the grand entrance of alternative device communication methods such as ZigBee and NFC, which are also gaining an intense amount of demand and popularity. The global Internet of Things market was expected to reach US$334.22 billion at the end of 2016. Gaining strength at a whopping projected CAGR of 20.55%, this market’s revenue is expected to reach US$1.5 trillion by the end of 2024.
“It is only natural for two of the leading concepts in device communication, software, and interfacing to find a way to merge with each other to create a whole new world of developments,” the research firm said.
“The global Internet of Things market is currently finding a massive scope of growth through the growing demand for cloud computing across the world, because IoT communication can help resolve the constraints faced by cloud computing. IoT technologies can help supplement cloud platforms with additional storage options, processing power, and even help out with the energy constraints of hosting large-scale cloud computing solutions.”
TMR adds that the sectors of healthcare, hospitality, and retail are expected to be golden grounds for the global IoT market to expand on over the coming years. “Players in the market are likely to find massive growth opportunities in these sectors through concepts such as next-gen door locks and security systems, connected televisions, improved food delivery, and room settings controlled remotely. Retails stores are also showing a high demand for security sensors connected to smartphones or portable devices to monitor their stores efficiently.”