Global IoT market’s growth over eight years unveiled

North America, Western Europe, and the Asia Pacific are forecasted to dominate the global IoT market

IoT

Global IoT market’s growth over eight years unveiled. Source: shutterstock.com

The global Internet of Things (IoT) market is expected to grow at a compound annual growth rate (CAGR) of around 10.2% by 2028. It’s believed to grow from $916 billion in 2020 to $1.9 trillion in 2028. The market is expected to reach $13.1 trillion in total.

The research reveals that the Asia Pacific market will account for more than 30% of the total market.

Nowadays, the IoT market is fragmented and the lack of standardization is one of the key challenges. The study suggests that the way data is being processed would be changed. It would shift from centralized and cloud to edge technology.

At the same time, edge computing is expected to have vast applications in time-critical processes like driverless transport apps.

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