According to recent market research by MarketsandMarkets, IoT Connectivity Markets are set to reach more than $8.9B by the year 2024. Currently valued at an estimated $3.8B in 2019, the company has forecasted an 18.7% compound rate of annual growth (CAGR) with major factors set to increase the demand for connected devices over time.
North American markets will take the reins, accounting for a majority of growth through 2024.
North America is said to account for the largest market size during the forecasted period of growth. This comes, as the United States continues to be the leader in innovation and digital transformation, placing a high priority on large-scale implementation and enterprise services. Artificial Intelligence (AT) and cloud computing are additional factors, attributing such growth, as they are intimately powered by “The Internet of Things.”
The demand for wireless sensor networks, necessary in creating smart infrastructure, has so-far been a major player in the demand for low-power, wide-area (LPWA) networks in IoT applications. People like to control things in their home. Even more so, they like controlling things at home, while not at home, and find convenience in doing so through the fast-action swipe of their smart phones. The rise in IoT adoption and the advancements, taking place across telecommunications industry, will single-handedly drive sales, as more people learn to trust their personal hand-held device for nearly every aspect of their waking lives.
The World slowly catches up, as new technologies are adopted, connectivity is improved and networks are secured.
As we see more stable and reliable high-speed networks appearing in rural areas across the globe and an overall increase in heightened information security, there will be a dramatic shift in IoT adoption, as it emerges alongside the integration of standalone and non-standalone components, therein. In fact, the Wireless Connectivity markets are expected to reach $95.7B by 2023, alone.
The World is quickly adopting 5G, and major cities have already been implementing plans for faster internet speeds through product integration. Enabling these products with a host of IoT capabilities, we can expect IoT-based services to rise as an immediate factor in the concurrent growth of service-related markets, around the globe.
Additional factors that are said to contribute to the growth of IoT Markets, include:
- Platform & Service Components
- The Size of Each Organization
- Trends in Smart Retail Production
- Trends in Transportation
- Connected Health & Devices
- Smart Manufacturing Processes
- Smart Energy & Utility Practices
- Business & Home Automation
- Additional Factors, Based on Region
All industry verticals are undergoing a huge transformation in a bid to provide affordable, accessible, and quality services to their customers.
Addressing the continued shift in IoT Markets and in meeting the demands of the everyday working-class, we see something similar happening to our modern technologies that we have seen happen throughout the history of electronics. Once upon a time, a 4GB desktop computer went for more than $2K at full market value, and now we see 1TB laptops going for less than $300 during regular sales and/or promotions.
The increasing number of connected devices sold, in addition to the growth of smartphone ownership has significantly, contributed to the demand for IoT-based technologies, as used by early adopters and tech enthusiasts alike. Large multinational corporations have learned ways they can capitalize off of such technologies, whether through location-based incentives or by providing customers with in-store messaging, trading off valuable data in exchange for a rewards or in-store promotion.
More information about the growing IoT Market and 2024 predictions can be found here.