Internet of Things Market to grow by USD 1,036.83 billion from 2022 to 2027

The potential growth difference for the Internet of Things market from 2022 to 2027 is USD 1,036.83  billion, according to Technavio. The rise in industrial automation is a key factor driving market growth.

Industries are undergoing revolutionary changes with the increasing automation of industrial processes. The combined use of physical and digital systems to enable advanced machine-to-machine (M2M) and human-machine interface (HMI) communication has grown significantly, with most regions developing developers deploying such systems.

In addition, integrating physical and cyber systems in industrial manufacturing increases efficiency, predicts machine maintenance, enhances security, and increases profits. As a result, industries around the world are implementing Industry 4.0 to optimize material flows and detect defects early in the product lifecycle. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more.