Internet Of Things Market is Projected To Reach USD 74630 Million By 2028

The global IoT market size is projected to reach USD 74630 million by 2028, from USD 34250 million in 2021, at a CAGR of 11.6% during 2022-2028.

The IoT market growth is expected to grow due to increasing access to low-cost, low-power sensor technology, availability of high-speed connectivity, the proliferation of cloud-based software, and the use of data processing and analytics.

The increase in smart city initiatives, the growing number of connected devices, and the emerging 5G network will drive the growth of the market.

Organizations around the world are shifting to IoT technology to improve efficiency and serve customers better. A network of sensing units and actuators covered with software and equipment connect the gadgets to collect and store reasonable information. Software programs with machine intelligence capabilities analyze the stored raw data and provide the final information that aids in decision-making. These factors will drive the growth of the IoT market during the forecast period.

The internet of things market will be impacted positively by the continuous innovations in sensor technology. Computing power has increased manifold in the last few years. This has enabled newer applications for mobile connectivity in augmented and virtual reality. Microprocessor advancements have allowed IoT manufacturers to develop smaller, faster, and cheaper sensors for large-scale monitoring and detection. These high-end IoT sensor chips can detect minute changes and operate robots in warehouse environments. However, the market will be impacted in the short term due to the global chip shortage.