IoT Market: Everything You Need To Know About (Updated PDF)

Progressive Deployment of 5G Networks to Provide Growth Opportunities for IoT Market During 2023–2030.

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The Internet of Things (IoT) extends Internet connectivity to physical objects and devices. It provides greater control over lights, appliances, and door locks; offers insights into resource consumption habits; streamlines business processes; and enables connectivity between people and systems. Moreover, communications between IoT devices can be established over the Internet or directly via a wireless protocol. Thus, these devices can also be monitored and controlled remotely. The smart home products, such as lighting fixtures, thermostats, home appliances, cameras, and home security systems are a few IoT devices which are gaining traction in the consumer market, further fueling the growth of IoT market in the forecasted period. IoT technology helps connect various smart devices to ease business operations; the connected smart devices collect and share data, which can be further utilized to enhance customer experience, thus, propelling the IoT market growth.

The growing transition from traditional to digital ecosystems across industries creates a tremendous need for connected ecosystems, which is increasing the demand for IoT-based solutions. Thus, an increase in digitalization across different sectors is expected to fuel the IoT software market during the forecast period.

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