Internet of Things (IoT) Market Trends | Segmentation, Outlook, Industry Report 2033

Posted by Ashish on January 24th, 2023

Internet of Things (IoT) Market

The growing use of machine learning and artificial intelligence to analyze real-time data streams generated by IoT networks and sensors is propelling the market growth. Adoption of IoT saves energy, reduces waste, and lowers maintenance costs while increasing productivity. Cities, vehicles, connected homes, and workplaces are just a few of the uses of IoT technology.

The application of IoT in industrial operational intelligence, remote services, predictive maintenance, and remote monitoring is rising. The key market drivers include advancements in semiconductors and electrical components, as well as greater usage of cloud computing platforms. Besides, an increase in the number of smart city initiatives and capital investment in the digital ecosystem will drive up demand for IoT devices. IoT platforms and devices are used to monitor mobility, infrastructure, and air and water quality to improve public services and utilities. The future potential of smart cities is expected to be limitless, fueling the growth of the IoT sector.

North America is projected to be a key market due to the increasing significance of IoT among the region’s significant revenue-generating end-user sectors, mainly due to the deployment of connected vehicles, smart energy projects, home automation, and a focus on smart manufacturing. Furthermore, rapid digitization across industrial verticals, as well as technological advancements, have fueled the growth of IoT in this region. Because of the existence of global technological leaders, countries such as the United States and Canada are likely to witness enormous growth in the IoT market.

Impact of Covid-19 on the IoT Market

The COVID-19 pandemic flooded healthcare institutions throughout the world, forcing the adoption of sophisticated patient management and tracking systems. Healthcare officials and manufacturers worked hard to develop Internet of Things (IoT) services to protect individuals from coronavirus. To monitor patients and staff, hospitals began to deploy linked thermometers and IoT tools. The use of IoT in the healthcare sector has expanded as a result of the pandemic. Apart from that, the disruption in supply chains caused by the outbreak has led to the use of IoT technology for automation and effective supply chain management in the consumer goods sector.

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