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The global Internet of Things market size is projected to reach USD 1,854.76 billion by 2028. It is expected to gain impetus from the adoption of smart sensors for gaining more intelligent, accurate, and reliable solutions. The healthcare industry, for instance, uses smart sensors for the remote monitoring of patients. This information is given by Fortune Business Insights™ in a recent 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.” The report further mentions that the market stood at USD 308.97 billion in 2020. However, it is set to exhibit a CAGR of 25.4% during the forecast period between 2021 to 2028.
Cisco Introduces IoT Security Architecture to Deliver Enhanced Visibility
In January 2020, Cisco, a multinational technology conglomerate headquartered in California launched an IoT security architecture for providing improved visibility across both IoT and IT environments. It is capable of protecting the processes. It also offers the extraction and collection of information from the IoT edge so that the companies can surge their efficiencies to boost their digitization projects and make enhanced business decisions. The company’s latest security architecture includes the following features:
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Rising Development of Smart Cities to Skyrocket Demand
The total population worldwide living in the cities is expected to surge astonishingly. The infrastructural needs and environmental pressures are persistently giving rise to the demand for better quality of lives in the cities. Therefore, several countries have begun investing heavily in building smart cities. Such cities would eliminate the challenges that people are facing today. To build a smart city, advanced technologies, namely, connected devices, smartphones, and artificial intelligence (AI) are required. IoT plays an important role in the operation of connected devices. It would be able to provide real-time data and alerts. However, the increasing usage of connected devices is, in turn, raising the concerns regarding data privacy and security. This factor may hamper the IoT market growth in the near future.
Cisco Maintains Leading Position by Delivering Unique Solutions to End-users
Out of all the prominent companies present in the global market, Cisco is in the leading position stoked by its possession of an extensive product portfolio. It delivers unique solutions to a large number of industries, such as utilities, retail, transportation, and manufacturing. It is also investing hefty amounts of money on research activities to create technologically advanced solutions.
Fortune Business Insights™ lists out the names of all the IoT solution providers operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
Asia Pacific held USD 120.85 billion in 2020 and would lead the market on account of the increasing implementation of advanced technologies in several industries. In India, the government is planning to develop around 100 smart cities. It would also contribute to the market growth in this region.
The global market can be segmented in the following way:
Value (USD billion)
Component; End Use Industry; and Region
By End Use Industry