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The global Internet of Things (IoT) market size was USD 308.97 billion in 2020. The market is projected to grow from USD 381.30 billion in 2021 to USD 1,854.76 billion in 2028 at a CAGR of 25.4% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Internet of Things (IoT) Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, Solution & Services), By End-Use Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, Others), and Regional Forecast, 2021-2028.”
Key players are striving to offer radical services to their end-users in order to achieve maximum business output. For example, Cisco Systems, Inc. provides IoT solutions such as network connectivity, connectivity management, data control and exchange, and edge computing.
Internet of Things Technology is applied to Tackle COVID-19 Crisis
The global impacts of the novel coronavirus disease were noticed by nearly every sector in the first half of the year 2020.
The front-line emergency services are enforcing the usage of drones, telemedicine, as well as other gears to tackle the pandemic in a better way. For example, Spain and China positioned drones to trace inhabitants during the lockdown, whereas South Korea has fitted drones to assist with clean parts of Daegu, which is an outburst hotspot.
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AT&T and Nokia Collaborate for Dependable IoT Connectivity
AT&T collaborated with Nokia to offer dependent connectivity for the Internet of Things (IoT) gadgets. Moreover, Chris Penrose, the President of the IoT Solutions of AT&T, stated that the carrier’s enterprise consumers are subjected to profit from this collaboration through the simplified implementation of IoT gears and the refined capability of the networked worker to reply to the issues of its clients.
Additionally, the notice stated in its declaration that this merger allows AT&T to address precise business apprehensions of corporations utilizing the newest technologies involving 5G network slicing.
Associated Solutions to Supply Competitive Edge and Capability to Endure in Market
The data generated from associated gadgets are likely to be of attentiveness only if exposed to assessment, which drags data analytics into the limelight. Data analytics is a procedure used to examine large as well as small data sets with diverse data properties to gain appreciated consequences and actionable understandings. These outcomes stereotypically take the form of signs of progress, designs, and statistics that empower market enterprises to communicate proactively with data to enforce effective decision-making procedures.
Procurements Commenced by Chief Players to Nurture Market Growth
The important leaders in the market are incessantly rooting for proficient tactics to enforce in order to extend their business. One such approach is to initiate collaboration, mergers, or even procure other companies to upsurge the financial yield.
List of Key Players Covered in the IoT Market Report
Table of Segmentation
Value (USD billion)
Component; End-Use Industry; and Region
By End Use Industry