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Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest TechnologyWESTFORD, Mass., April 25, 2024 /PRNewswire/ -- SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future. Download a detailed overview: https://www.skyquestt.com/report/internet-of-things-market Browse in-depth TOC on "Internet of Things (IoT) Market"
Internet of Things (IoT) Market Overview:
Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance. Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well. Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031. Request Free Customization of this report: https://www.skyquestt.com/speak-with-analyst/internet-of-things-market Internet of Things (IoT) Market Insights: Drivers
Restraints
Prominent Players in Internet of Things (IoT) Market
View report summary and Table of Contents (TOC): https://www.skyquestt.com/report/internet-of-things-market Key Questions Answered in Internet of Things (IoT) Market Report
This report provides the following insights:
Related Reports: Global Internet of Things in Retail Market Global Internet of Things (IoT) in Agriculture Market Global Internet of Things (IoT) Microcontroller Market Global IOT In Healthcare Market Global IOT in Manufacturing Market About Us: SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology. We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. Contact: Mr. Jagraj Singh
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