Internet of things (IoT) market expected to reach USD 2995.2 billion by 2022 published by leading …

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Growing digitization of the business models across medium enterprises primary drivers fueling the growth of the iot market

Internet of Things (IoT) market worth USD 1470.8 billion in 2016 and expected to reach USD 2995.2 billion by 2022, at a CAGR of 12.6% between 2016 and 2022.

We know that within the Iot market the intelligent system will be the largest type segment while software will be the fastest growing segment growing at a CAGR ranging from 15% to 20% during the forecast period. In addition, the operation management will be the fastest growing service segment in the market growing at a CAGR ranging from 15% to 20% during the forecast period.

The Asia Pacific region will be the fastest growing geographic region in the market growing at a CAGR of more than 15% by 2022.

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KEY PREMIUM INDUSTRY INSIGHTS:

Growing digitization of the business models across medium enterprises primary drivers fueling the growth of the iot market

The introduction of smart city initiatives by government and rising adoption of smartphone and tablet expected to boost growth of iot market

Other factors such as increasing introduction to smart devices and appliances widening application areas and growing transition from IPV4 to IPV6 are increasing the ontake in iot technology across globe.

However the high selling price of smart devices and appliances is impeding the growth of the market. Data privacy and security threats and lack of awareness in developing regions hampering growth of the global market.

RESEARCH METHODOLOGY:

The research methodology for Scalar Market Research’s iot market report utilizes a combination of top-down and bottom-up research formats. Our primary focus on continuous market tracking, rigorous fact-checking, data-triangulation, and multiple layers of quality control ensures high-quality data that can be leveraged for actionable research insights.

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