Internet of things market size to grow at a CAGR of 15.12% from 2022 to 2027

The internet of things market is expected to grow by USD 1,036.83 billion from 2022 to 2027.

The use of wearables to monitor human health and the environment is a new trend in the global IoT market. IoT wearables help consumers understand their healthcare needs, enable doctors to remotely monitor patients, and enable businesses to track the health and safety of their employees. This is especially beneficial for people working in hazardous environments.

Wearable devices have shown great potential in their fight against the COVID-19 pandemic in 2020. COVID-19 symptoms and disease progression can be detected, monitored, remedied, and managed with wearable devices such as smartwatches, smart bracelets, and patches. Therefore, increasing demand for wearable healthcare devices will increase demand for IoT solutions, driving the growth of the focus market during the forecast period. Click & get the Latest Sample Report within minutes!

The rise in industrial automation is notably driving the internet of things (IoT) market growth during the forecast period. The integration of physical and cyber systems in industrial manufacturing leads to increased efficiency, predictive machine maintenance, increased safety, and increased profitability. Industries are implementing Industry 4.0 to optimize material flows and detect errors early in a product's lifecycle. In the US, the Smart Manufacturing Leadership Coalition (SMLC), founded in July 2012, is launching initiatives to promote the widespread adoption of smart manufacturing systems.