Global IoT Connectivity Market Achieves $233.76 Billion in 2022, Set to Surpass $720.37 Billion by 2028
DUBLIN, Aug. 28, 2023 /PRNewswire/ -- The "Global IoT Connectivity Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global IoT connectivity market attained a value of USD 233.76 billion in 2022. Aided by the rapid adoption of IoT devices across various industries, the market is projected to further grow at a CAGR of 20.6% between 2023 and 2028 to reach a value of USD 720.37 billion by 2028.
IoT connectivity refers to the network of interconnected devices and objects that collect, exchange, and transmit data through the internet. These connected devices are equipped with sensors, software, and other technologies, enabling them to communicate and interact with other devices and systems over the internet. IoT connectivity plays a crucial role in the efficient functioning of smart homes, smart cities, and various industry verticals, including healthcare, manufacturing, and transportation.
The rapid adoption of IoT devices across various industries is driving the global IoT connectivity market growth. As more organisations implement IoT solutions to improve operational efficiency, enhance customer experience, and optimise resource utilisation, there is a growing demand for IoT connectivity services. IoT connectivity helps organisations streamline their processes, monitor equipment performance, and collect valuable insights for data-driven decision-making, thus driving the market growth.
The increasing government support and investments in smart city projects ae further fuelling the IoT connectivity market expansion. Smart city projects involve the integration of IoT devices and sensors across various infrastructure components, including transportation, energy, and waste management systems. IoT connectivity plays a crucial role in enabling efficient data collection, analysis, and management in smart city projects, driving the demand for IoT connectivity services.
Additionally, the growing adoption of IoT devices in the healthcare sector is positively impacting the IoT connectivity market share. The use of IoT devices in healthcare enables remote patient monitoring, telemedicine, and efficient asset management, among other benefits. As the healthcare sector increasingly relies on IoT devices to improve patient care and streamline operations, the IoT connectivity market demand is expected to grow.
The market can be divided based on component, organisation, application, and region.
Market Breakup by Component
Market Breakup by Organisation
Market Breakup by Application
Market Breakup by Region
For more information about this report visit https://www.researchandmarkets.com/r/btuuxb
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