What Is Fueling IoT's Growth?
A new research report by research firm Markets and Markets depicts that the global Internet of Things (IoT) market is poised to touch $147.51 billion by the year 2020, with almost a 3-fold growth from its size of $51.96 billion in the year 2015.
The technology has been rapidly witnessing the influx of huge investments with many IoT based startups receiving hefty funding from investors. This has further catalyzed the developments in the segment including remote monitoring, data management, transportation etc.
The rise of smart cities has by far been the largest contributor to the IoT market, followed by a boom in the adoption of IoT devices. At present there are about 200 operational smart city initiatives across the globe, which includes the ambitious 100 smart cities initiative of India as well.
The rapid developments in the cloud-based platforms space is also propelling the market of IoT software and devices, fueling investments.
The report also entails that the emergence of connected devices such as smart appliances, smart meters etc. has also mounted opportunities for the IoT sector, particularly in smart cities.
On the challenges front, markets and markets puts security on top of the list for IoT, followed by high pricing, as it will be a bumpy road ahead for investors if the technology fails to become accessible to the end consumers.
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