Evolution of the IoT Technology Industry- Market Size and Growth rate

 

 The IoT technology market is expected to grow from USD 384.5 billion in 2021 to USD 566.4 billion by 2027, at a CAGR of 6.7%.

 

Remote monitoring segment to grow with the highest CAGR during the forecast period

The remote monitoring segment is expected to register the highest growth rate during the forecast period. Remote monitoring involves collecting data from assets and using these data to trigger automatic alerts and actions, such as remote diagnostics, maintenance requests, and other operational processes. By using IoT, assets located anywhere can be monitored ..

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Network management platform segment to hold the largest share of the market during the forecast period

IoT network management enables functionalities such as authenticating, provisioning, configuring, monitoring, routing, and device software management (e.g., firmware update, bug fix, and so forth).

IoT Technology Market, by Software Solution

• Data Management
• Real-Time Streaming Analytics
• Network Bandwidth Management
• Remote Monitoring
• Security Solution

North America held the largest share in the IoT technology market in 2020. Increasing penetration of the internet in technologically advancing economies and growing adoption of wireless sensors and networks across major end-use applications such as healthcare, retail, consumer electronics, industrial, and automotive and transportation have resulted in the growth of the global IoT technology market. 

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