IoT Technology Market Expected to Be USD 639.7 Billion by 2022

Growth of the IoT technology market can be attributed to the growing market of connected devices and increasing investments in the IoT industry

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Internet of Things

The "Internet of Things Technology Market - Global Forecast to 2022" report has been added to Research and Markets' offering.

The IoT technology market is expected to be valued at USD 639.74 billion by 2022, growing at a CAGR of 25.1 percent from 2017 to 2022. The growth of the IoT technology market can be attributed to the growing market of connected devices and increasing investments in the IoT industry.

However, the lack of common communication protocols and communication standards across platforms, and high-power consumption by connected devices are hindering the growth of the IoT technology market. The IoT technology market for the BFSI end-use application is expected to grow at the highest CAGR from 2017 to 2022. The growing mass adoption of online banking, contactless payment, and mobile banking apps has increased significantly, which would propel the growth of IoT technology in the BFSI sector.

The IoT technology market segmented on the basis of region into North America, Europe, Asia Pacific, and Rest of the World. North America held the largest share of the IoT technology market in 2016 owing to the strategic initiatives taken by many large American technology firms, the early adoption of various IoT-enabled products across multiple end-user applications, and the increased research and development in the field of IoT.

The market in APAC is expected to grow at the highest rate from 2017 to 2022 owing to the growing penetration of the Internet across commercial as well as residential spaces, high consumer base, and improving IT infrastructure.


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