Internet of Things (Iot) Market Size, Share, Growth, Trends, Analysis and Forecast to 2022: Credence Research

According to a new market research report published by Credence Research “Internet of Things (By Component – Sensing Devices, Network Connectivity, IT Solutions & Services and IoT Platforms) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023”, the global Internet of Things (IoT) market was valued at US$ 690.43 Bn in 2015 and is estimated to expand with a CAGR of 15.7% from 2016 to 2023.

Browse the full report at http://www.credenceresearch.com/report/internet-of-things-iot-market

Market Insights:

Internet of Things (IoT) refers to a network of different physical objects including electronic devices, automobiles, buildings and other objects equipped with the IoT network component. The concept of IoT works on the principle of connecting various types of objects that can be assigned with an internet protocol (IP) address. The IoT infrastructure is designed to allow an object in the network to be monitored and controlled remotely thereby achieving a higher level of integration. The objects in the IoT network are connected using wireless communication technology.

The IoT market is highly driven by the ever rising penetration of mobile devices such as smartphones and tablets along with the deepening penetration wireless communication services. With further rising penetration mobile devices and advancement in the wireless communication technology, the IoT market is predicted to register high growth in the coming years. Additionally, the IoT market is strongly driven by the rising development of smart grids, smart homes and smart cities.

Nevertheless, the IoT market is strongly hindered due to lack of standardization in the industry and issues related to the data privacy and security. Large number of devices connected in the IoT infrastructure generates huge volumes of data which attracts various security attacks. This is among the serious concerns for the global IoT industry.

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