Internet Of Things (IoT) Market to Reach USD 1572.37 Billion by 2031, Growing at 19.4% CAGR | SkyQuest Technology

Westford,USA, June 03, 2024 (GLOBE NEWSWIRE) -- Internet of Things (IoT) refers to physical objects embedded with sensors and software to enable communication and share or transmit data. Growing demand for connected devices around the world and advancements in IoT technology are projected to drive the internet of things (IoT) market growth. The availability of low-cost sensors and rapid adoption of cloud technologies are also setting the tone for internet of things (IoT) market growth across the forecast period and beyond. The global Internet of Things (IoT) market is segmented into component and application, and region.

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Any Functional IoT Device is Incomplete Without its Components

Hardware is a prominent sub-segment of the component segment as it brings in most revenue for internet of things (IoT) companies. Sensors, actuators, connectivity devices, and RFID tags are some key hardware components that are extensively used in IoT devices. Growing demand for advanced IoT devices is pushing companies to invest in the development of new hardware technology. Rising demand for remote monitoring in multiple industry verticals is also estimated to promote the use of advanced hardware components going forward.

The need for advanced software for IoT devices for data collection and analysis is projected to help the software sub-segment boost market development at a good pace. Increasing emphasis on process optimization and demand for custom applications are also slated to help this segment bolster internet of things (IoT) market growth. The launch of new digital transformation initiatives around the world is also projected to aid IoT software demand. The rising use of IoT devices in different automation applications is estimated to help the expansion of the service sub-segment. Integration of IoT devices with other advanced and smart technologies will also help internet of things (IoT) companies expand their revenue generation through services.

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Smart Manufacturing Leading the Application Scope of IoT Technology

Rising emphasis on improving manufacturing facilities' productivity and operational efficiency is promoting the adoption of smart manufacturing practices. Most smart manufacturing approaches rely on the utilization of the Internet of things and other connected technologies. The adoption of the Industry 4.0 trend is another key factor helping internet of things (IoT) adoption in smart manufacturing applications. The Internet of things (IoT) is important in almost all kinds of smart applications and the growing popularity of smart solutions around the world is slated to create new opportunities going forward.

Growing demand for better agriculture yield around the world has promoted the popularity of smart and precision agriculture. This trend is also estimated to bolster sales of IoT devices across the forecast period and beyond. Smart transportation and logisticsare another application where IoT devices will be high in demand owing to rising demand for automation. High investments in smart infrastructure development will also create new opportunities for internet of things (IoT) providers in the long run

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In conclusion, the internet of things (IoT) market has a lot of untapped potential in its sub-segments, where internet of things (IoT) companies can focus and generate impressive revenue going forward. Smart agriculture, smart transportation, and hardware are the top segments that are estimated to provide the best return on investment for internet of things (IoT) companies in the future. New companies as well as established market players can target the sub-segments to amplify their business scope.

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