The global IoT market to reach USD 724.2 Billion by 2023

The global internet of things (IoT) market reached USD 598.2 Billion in 2015 and the market is expected to reach USD 724.2 Billion by 2023. Further, the market is projected to register a CAGR of 13.2% during the forecast period 2016-2023 globally. The internet of things comprises components and devices that enable connectivity and exchange of information. Expansion of e-commerce sector and shifting of industries towards applications and online helping portals for the customers are the major reason behind the growth of this industry.

However, consumer electronics segment accounted the market share of 32% in 2015 of overall market of internet of things. Rapid adoption of internet connectivity enabled appliances such as washing machines, microwaves, televisions, etc. and ease of operating of appliances through remote operating facility are the prime features which are expected to uplift the market of internet of things (IoT).

Geographically, Asia-Pacific is expected to showcase a tremendous growth in the market of internet of things (IoT) across the globe in near future. The market is driven by presence of huge players of consumer electronics in Asia-Pacific region such as Philips, Samsung, etc. which leads to introduce advanced and affordable consumer electronics in near future. Factors such as government initiatives towards adoption of advanced technology and positive GDP growth in developing nations are expected to bolster the demand for internet of things (IoT). The market of Asia-Pacific region acquired 36% of the global revenue share in 2015 and the market is anticipated to grow at a CAGR of 10.2% during the forecast period i.e. 2016-2023.

On the other hand, North-America (especially United States) is expected to maintain its revenue share of 24.2% during the forecast period i.e. 2016-2023. While, Europe region is expected to generate more revenue and will jump from 12.2% in 2015 to 20.2% by 2023. Increasing adoption of advanced devices and implementation on healthcare IT in both the regions are expected to drive the demand for internet of things in near future.

Moreover, importance of internet of things (IoT) is growing in industries and government organizations owing to rising need of remote monitoring systems and internet enabled devices. These devices and systems enabled to operate efficiently and served better to their consumers. Likewise, consumers are creating a huge pressure to increase the consumption of internet of things on industries by adopting smart devices to reduce the time for various processes of buying, shopping, etc. The internet of things (IoT) comprises connected vehicles, wearable electronic devices and other electronic appliances that can be connected through internet and operate from remote locations.

Wide-scale availability and diversity in technological devices are providing ease to the consumers to adopt latest technology. Increasing tech savvy population across the globe is increasing the demand for internet of things (IoT) globally.