September 23, 2019

Internet of Things (IoT) Market to hit US$1490.31 bn by 2024 - TMR

The global internet of things market depicts the presence of a highly competitive, fragmented, and emerging vendor landscape, says Transparency Market Research on the basis of a newly published report. Such competitive mainly exists due to a rapid rise in the use of smart devices and technologies that operate through the internet. With the number of companies expected to increase in the next few years, the competition is predicted to highly intensify. Most players are focusing on improving their product quality, enhancing geographical reach, and facilitating product differentiation. Many companies in the global internet of things market are also focusing on participating in mergers & acquisitions, partnerships, and collaborations. Microsoft Corp., Cisco Systems, Inc., Amazon.com, Intel Corp, Google, Inc., and Apple, Inc., are key players operating in the global internet of things market. These companies are attempting to introduce new and advanced products into the industry on a regular basis.

According to market experts, the global internet of things market had registered revenue worth US$334.22 bn in 2016, which is further expected to rise up to US$1490.31 bn by the end of 2024. This growth is predicted to occur with a stellar and a phenomenal CAGR of 20.55% CAGR between 2016 and 2024.

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Geography-wise, the global internet of things market is spread across North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of these, a strong technological infrastructure as well as large-scale adoption of new technologies in North America has made this region hold a leading stance in the global internet of things market. Apart from North America, Europe too holds an impressive presence in the global internet of things market.