By 2028 IoT Connectivity Market size to be worth $ 693.26 Billion Globally
By MYBRANDBOOK
Verified Market Research has published a report, "IoT Connectivity Market" By Product (Data Management, Remote Monitoring, Real-time Flow Analysis), By Application (Smart Manufacturing, Connected Health, Smart Retail), and By Geography. According to Verified Market Research, the Global IoT Connectivity Market size was valued at USD 157.83 Billion in 2020 and is projected to reach USD 693.26 Billion by 2028, growing at a CAGR of 20.33% from 2021 to 2028.
The primary factor driving market growth is increasing productivity and efficiency, creating new business models, companies worldwide relying on IoT technology to derive data-driven insights and revenue streams, and expanding business. The growing new automation trends in industrial processes are driving the demand for IoT connectivity to monitor products continuously and troubleshoot quality defects in real-time. Apart from that, IoT wearables are widely accepted in the healthcare industry because they can remotely monitor patients with health analytics. It is also used to track the health and safety of workers employed in dangerous situations, contributing to market growth.
Furthermore, because consumers prefer luxurious driving experiences, the increasing sales of connected cars catalyze the demand for IoT connectivity to aid device-to-device communication. Besides this, increasing investments by governments of several economies on the development of smart cities are expanding the applications of IoT connectivity. It assists in decreasing energy consumption and enhancing building performance, waste management, urban space management, street lighting, outdoor air quality, and road safety are the factors driving the market growth of the IoT Connectivity Market.
In contrast, the data security and cyberattack concerns at the connectivity layer hamper the growth of the Internet of Things (IoT) connectivity market. In addition, the open-source IoT platform offers a competitive advantage over traditional connectivity platform providers. This will provide further growth opportunities for the Internet of Things (IoT) Connectivity Market over the next few years. However, high bandwidth and energy usage could further challenge the growth of the Internet of Things (IoT) connectivity to increase the market growth.
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