“IoT Market to Surge at 20% CAGR, Increasing Demand for IoT is due to growing emphasis on remote tracking of work from home, rising acceptance of smart payment technology to reduce human interaction with cash payments, and increasing demand for wearable devices is anticipated to Propel Growth, says Industry & Research
The size of the Internet of Things (IoT) industry is projected to rise from USD 153 billion in 2019 to USD XXXX billion by 2030, at a CAGR of 20% over the forecast period of 2020-2030.
In healthcare IoT offers substantial life-conforming advantages and has been a major technology adopter. With the growing number of chronic illnesses, IoT has already made its way into the healthcare field, with various applications, including telemedicine, connected imaging, inpatient tracking, drug control, connected safety, connected staff, connected ambulance, and many others.
The recent COVID-19 outbreak has prompted providers of IoT healthcare solutions to rapidly make strategies to counter the growing demand for high-quality virus protection services. The fast-spreading COVID-19 has taken over pharmaceutical firms, drug manufacturers, COVID-19 vaccine creators, to health insurers and hospitals, the whole health care ecosystem. Technologies such as telemedicine provide remote patient monitoring, and virtual medicine is expected to gain momentum during this period, along with inpatient care.
The latest COVID-19 epidemic has prompted most companies to utilize employee remote work. This has resulted in a major increase in the trend toward Bring Your Own Computer (BYOD). Due to the lack of effective security solutions, these devices are potentially vulnerable, so demand for endpoint protection rises during the lockout time. In addition, COVID-19 has also increased the need for managed IoT security services to protect employee and organizational data. In the end, COVID-19 is pushing companies in different sectors to speed up their current digitalization programmers. For example, advancement in healthcare technologies – from the processing of patient data to connected hospitals – have all acquired a much greater significance. IoT applications across industries that allow remote operation, tracking, and diagnostics can all help companies to recover and prosper in the future.
North America has been a significant IoT adopter, and this can be due to numerous factors such as the presence of two major economies in the region, the US and Canada, large-scale internet penetration, and the presence of major IoT service providers in the region. The key sectors facing significant challenges in the region in the midst of the virus outbreak are the infrastructure, education, BFSI and telecom industries.
Key Players in the Market
Some of the key players operating in the global IoT market are Gemalto N.V. (Netherlands), Zebra Technologies Corporation (USA), Infineon Technologies AG (Germany), Intel Corporation (USA), Microsoft Corporation (USA), Google, Inc. (USA), ARM Ltd. (UK), Samsung Electronics Co., Ltd (South Korea), Qualcomm Technologies, Inc. (USA), Fujitsu Limited (Japan), and Bosch Software Innovations GmbH (Germany),
Get Valuable Insights into IoT Market
In the new report, Industry & Research thrives to present an unbiased analysis of the global IoT market that covers the historical demand data as well as the forecast figures for the period, i.e. 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by component into software, solutions, platforms and services. By vertical, the market is segmented into BFSI, Healthcare, Manufacturing, Retail, Travel and Transportation, Utilities, Government & Defense and Others. Geographically, the market is segmented into North America, Latin America, Europe, APAC and MENA.
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