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Internet Of Things (IoT) Market to Witness Heightened Growth During the Period 2023
Market Growth Analysis added Most state-of-the-art investigate on Internet Of Things (IoT) Market to Remain Positive Through 2025 to its colossal gathering of research reports
The global internet of things (IoT) market should grow from $52.3 billion in 2018 to $141.2 billion by 2023, at a compound annual growth rate (CAGR) of 22.0% for the period of 2018-2023.
The report is a compilation of the existing BCC reports in IoT markets. Topics analyzed within the report include a detailed breakdown and analysis of the global markets for IoT by components, platforms and end-users.
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The scope of this report extends to sizing of the IoT market and an analysis of global market trends with market data for IoT technologies at global level in 2017, which is considered as the base year, 2018 as the estimate year and forecast for 2023 with projection of compound annual growth rate (CAGR) from 2018 to 2023. The scope is limited to the recent studies published by BCC Research on IoT.
The IoT industry is highly fragmented with a large number of small startups entering the market.
An interesting trend shaping the industry is the growing interest of many of the larger IT solutions/service providers who view IoT platforms as high margin solutions that will generate a steady revenue stream through cloud-based, subscription revenue models. This has spurred number of high value acquisitions in the past three years, for instance Jasper’s acquisition b Cisco in 2016.
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The IoT industry is also seeing activities from many global mobile network operators for connectivity management platforms as well as IT solution developers for application enablement platforms. The market has benefitted from the combined effects of a strong lineup of new IoT platforms, a marketing push to educate IT decision makers on the scope of their platforms and a sustained demand for platforms in the enterprise and consumer applications segment.
Reasons for Doing the Study
IoT is in its growth stage and there are significant revenues to be attained even in the components segment of the market. The subject matter of this study is critical in providing additional intelligence for decision-makers all along the value chain within the IoT industry. The emergence of artificial intelligence and smart home devices and innovations in the sensor technologies are primarily supporting the growth of the market. In view of these trends, BCC Research has decided that this is an appropriate time to provide a general outlook of current scenario in order to provide readers with an up-to-date understanding of the value and structure of the global IoT industry.
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