IoT Market To Surge $1,036.83B (2022-2027) Fueled By Rising Industrial Automation, Per Technavio.
The global Internet of Things (IoT) market is projected to
witness substantial growth, increasing by an estimated USD 1,036.83 billion
from 2022 to 2027, with a remarkable CAGR of nearly 15.12% throughout the
forecast period. This surge is attributed to the widespread adoption of
industrial automation, where the integration of digital and physical systems
enhances machine-to-machine (M2M) communication and human-machine interfaces
(HMI). The industrial sector, valued at USD 168.54 billion in 2017, foresees
significant market share growth driven by IoT technology, enabling enhanced
productivity and global competitiveness.
Technavio has segmented the market based on application
(Industrial, Retail, Healthcare, ICT, and Others), technology (RFID, Sensors,
NFC, Cloud services, and Others), and geography (APAC, North America, Europe,
Middle East and Africa, and South America). The industrial sector, with its
focus on IoT technology, is anticipated to drive substantial market share
growth, fostering global competitiveness through enhanced productivity.
Geographically, the Asia-Pacific (APAC) region is poised to
contribute 38% to the global market growth during the forecast period.
Government infrastructure investments in countries like India, China, and the
Philippines, coupled with Small and Medium-sized Enterprise (SME) modernization
initiatives, are key drivers of IoT adoption in the region. APAC governments
are advocating embedded sensor deployment in smart city projects, enhancing
urban governance and public services.
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