Global IoT market expected to exceed $639bn by 2022
According to new research from MarketsandMarkets, the global internet of things (IoT) market is expected to maintain a compound annual growth rate (CAGR) of 25.1% for the next five years, reaching a valuation of $639.74bn by 2022.
“The market has a huge potential across various industry verticals such as industrial, automotive & transportation, and building automation,” MarketsandMarkets said in a release.
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The report cites that the market has significant potential within a number of industries, largely due to the diverse application of IoT throughout a number of industries. Further, MarketsandMarkets states that the growing penetration of internet connectivity and a more widespread adoption of cloud computing are the two major factors driving the IoT market, with demand for software solutions expected to lead the way as a result.
“The IoT technology market for software solution is expected to lead the market during the forecast period,” said MarketsandMarkets. “As a huge amount of data are generated from IoT devices, there would be a high requirement for software solutions that can analyze data to provide trends. By implementing the IoT software solutions, the businesses are aiming to get a competitive edge with predictive analytics as well as optimize their operations.”
As a result, a number of big name firms are investing heavily into IoT and introducing new IoT-based products – something that will create a greater demand for software, hardware and service within the sector.