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The global internet of things (IoT) market size stood at USD 544.38 billion in 2022. The market value is slated to rise from USD 662.21 billion in 2023 to USD 3,352.97 billion by 2030 at a CAGR of 26.1% during 2023-2030. Fortune Business Insights™ presents this information 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, and Others), and Regional Forecast, 2023-2030”.
Rising Deployment of IoT to Combat Coronavirus Favored Industry Expansion Amid the Pandemic Period
The COVID-19 pandemic aimed the delivery of proper services for keeping citizens from being exposed and curing the infected people. The pandemic prompted governments and organizations to rethink their actions and objectives. Furthermore, the adjustments proved to a prominent driver for technology and innovation.
Cisco Upgrades IoT Portfolio to Help Service Providers and Users with a Simplified Way of Handling IoT Connectivity
In February 2022, Cisco upgraded its IoT portfolio for helping service providers and users with a simplified and flexible way of handling 4G/5G/LPWAN IoT connectivity for new applications. The solutions allow industries to develop digital tactics with a hybrid work culture.
Furthermore, it satisfies industry needs for mass IoT with secured and flexible connectivity management.
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Growth in Market Value Driven by an Increase in Smart City Initiatives
Many countries across the globe are commencing smart city projects and focusing on the adoption of smart city solutions for the effective management of resources. The devices help in the improvement of infrastructure efficiency and associated services. The internet of things market growth is further driven by the rising adoption of smart city solutions such as smart waste management, smart transportation, smart grids, and smart air quality controllers.
However, the industry expansion is likely to be hampered by the various limitations associated with data privacy, integrity, and security.
Major Players Ink Collaborative Agreements to Strengthen Industry Footing
Leading companies are focused on adopting a range of strategic initiatives for strengthening industry position. Some of these steps include merger agreements, acquisitions, and the rollout of new solutions. Besides, many companies are entering partnership agreements and forming alliances to strengthen industry foothold.
Key Industry Development
Further Report Findings
Table of Segmentation
CAGR of 26.1% from 2023 to 2030
Value (USD Billion)
Component; End-use Industry; and Region
By End-use Industry