Global IoT Market to Reach $924.8B by 2021

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The worldwide Internet of Things (IoT) market stood at $237.7 billion in 2014. Expanding at a CAGR of 21.4% between 2015 and 2021, the market is likely to reach an estimated value of $924.8 billion by the end of the forecast period, according to a new report by Transparency Market Research (TMR).

According to the research study, the technical advancement in the field of medicine and healthcare and various initiatives taken by several governments across the world to promote the IoT are fueling the global market for IoT significantly. In addition to this, the increase in the demand for smart devices worldwide is projected to propel this market in the coming years.

The automotive, industrial, consumer electronics, healthcare, and retail sectors are the prime application areas of IoT. The industrial sector emerged as the biggest consumer of IoT in 2014. However, the consumer electronics and healthcare sectors are anticipated to report the fastest growth over the forecast period, notes the study.

In 2014, North America held a share of 38.6% in the overall market, acquiring the leading position. The rapid rise of the automotive, medical and healthcare, and industrial sectors in this region has boosted the North America IoT market remarkably. Analysts at TMR expect these factors to continue to drive this regional market and help it maintain its position during the forecast period, says the research study.

Further, the market report states that Europe occupied the second position in the global market in 2014 and was followed by Asia Pacific. However, Asia Pacific is projected to register the fastest growth among all the regional IoT markets over the forecast period.