San Francisco, Feb. 02, 2016 (GLOBE NEWSWIRE) --
The global Internet of Things (IoT) market size is expected to reach USD 1.88 trillion by 2022, according to a new study by Grand View Research, Inc.
Technological proliferation and increasing internet connectivity are expected to boost global IoT market growth. Growing VC investments by tech companies into innovative industry startups have further bolstered the growth opportunities in the market.
IoT connects devices such as consumer electronics as well as industrial equipment over a network, allowing information gathering and management of these devices via software to increase efficiency and enable new services.
Decreasing costs of internet enabled sensors, internet connectivity, and data processing are expected to propel industry growth. Additionally, futuristic concepts such as connected wearable devices, connected vehicles, connected homes, connected cities, and the Industrial Internet of Things (IIoT) are bound to open extensive market avenues over the next seven years.
However, issues such as privacy and security along with absence of universally accepted standards are expected to hamper the growth prospects. Moreover, increasing regulations by authorities in the U.S. and Europe in support of privacy and data security for the consumers are expected to challenge the industry.
Browse to access In-depth research report on Global IoT (Internet Of Things) Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/iot-market
Further key findings from the study suggest:
Request for free sample of this research report: http://www.grandviewresearch.com/industry-analysis/iot-market/request
Grand View Research has segmented the global IoT market on the basis of component, application and region:
IoT Component Outlook (Revenue, USD Billion, 2012 – 2022)
IoT Application Outlook (Revenue, USD Billion, 2012 – 2022)
IoT Regional Outlook (Revenue, USD Billion, 2012 – 2022)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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