Thursday, May 26, 2022

Slide Slide
Home IOT IOT market globally to be worth $1.1 trillion by 2024

IOT market globally to be worth $1.1 trillion by 2024

GlobalData expects this segment to still occupy 73 per cent of the overall IOT market in 2024

With much of the growth coming from wearables, the (Internet of Things) IOT market, by revenue, globally will be worth $1.1 trillion by 2024, a new report said on Wednesday.

The global IOT market, up from $586 billion in 2019, was worth $622 billion in 2020 and will grow to reach $1,077 billion by 2024, with a compound annual growth rate (CAGR) of 13 per cent over the period, according to data and analytics GlobalData.

For the foreseeable future, the dominance of the enterprise IOT will continue. Generating 76 per cent of total revenue in 2020, the overall IOT market has been dominated by the enterprise IOT.

GlobalData expects this segment to still occupy 73 per cent of the overall IOT market in 2024.

“The on-going Covid-19 pandemic has highlighted the crucial role the IOT has come to play in our lives. Several IOT use cases saw growing adoption during the pandemic, including using connected thermal cameras to detect potential Covid-19 infections and sensors for monitoring office occupancy levels”, said Jasaswini Biswal, Associate Project Manager for Thematic Research at GlobalData.

Across all IOT market, the COVID-19 driven new digital transformation wave will fuel higher growth.

“The demand for technologies that can help the workforce get safely back to work is rising and will likely continue to grow. IOT applications such as contact tracing devices and health-monitoring wearables provide critical data to help fight the pandemic”, Biswal added.

According to a GlobalData survey, 48 per cent of respondents showed a positive sentiment towards IOT, and 45 per cent believed IOT would play a critical role in the new business generation over the next three years.

Also read:DigiYatra: A paperless journey experience for domestic air travellers

Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

Khushbu Soni
Chief Editor - CIO News | Founder & CEO - Mercadeo


Please enter your comment!
Please enter your name here

- Advertisment -1x1 banner1x1 banner1x1 banner1x1 banner

Most Popular

INT. on global expansion path; to hire 2500 in next 3 years with key focus on leadership hiring

Founded in 1997, INT. has charted a remarkable course dotted with successful deliveries and steady YoY revenue and profit growth over the last two...

L&T Technology Services inaugurates Engineering R&D Centre in Poland to provide Embedded and Digital Solutions to Clients

Krakow ER&D Centre to cater to major industries including Automotive and Hi-Tech; LTTS to ramp up the centre headcount to over 300 engineers India, May...

Schools and colleges must start building a technologically inclined foundation for students, says Manoj Madhavan, CIO at Blue Dart Express Limited

To anyone looking to begin their careers in information technology or any of its sister streams, my only insight on this front is: opportunities...

Indian Public Cloud market to reach $13.5bn by 2026

To automate processes and drive innovation with public cloud as the foundation, the increased spend is expected to continue as enterprises invest in emerging...

Recent Comments