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IoT Technology Market to Grow to $883.55 Billion by 2022
September 26, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Internet of Things Technology Market - Forecast to 2022" report to their offering.
The Internet of Things technology market size, in terms of value is expected to grow from USD 130.33 billion in 2015 to USD 883.55 billion by 2022, at a CAGR of 32.4% between 2016 and 2022.
The Internet of Things technology market is driven by factors such as increasing Internet connectivity worldwide, increasing demand for the smartphones & other connected devices, increasing adoption of wireless sensors, and mainstreaming of cloud computing. The increasing government funding across globe for research and development in IoT and scope for innovative cross-domain application provide significant growth opportunities in the market.
The automotive and transportation application is expected to hold the largest share of the Internet of Things technology market by 2022, whereas the consumer electronics application is expected to witness highest growth between 2016 and 2022. IoT is changing the technological landscape across all industry verticals, and organizations are seeking ways to make improvements amidst the evolution.
The Internet of Things technology market in consumer electronics segment is expected to grow significantly owing to the emergence of a number of smart appliances that can connect to the Internet and smartphones,. Automotive component suppliers across the globe as automobile manufacturers are investing in IoT to deliver the next generation of automobile vehicles and related services to their customers.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key people.
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