Fast Facts: IoT’s Tech Market Value Is Exploding
In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.
The Internet of Things (IoT) is quickly becoming the Internet of Everything, as consumers and enterprises alike race to connect just about every piece of hardware on the planet. And because of that, the IoT technology market growth and value is about to make history.
See related: Understanding IoT’s Role In Enterprise Mobility
According to a new forecast from MarketsandMarkets, the IoT technology market, defined by node component, network infrastructure, software solution, platform, and end-use application is expected to see a CAGR of 25.1% from 2017 to 2022, creating a market value of $639.7 billion in just a half decade.
So, what’s driving the growth?
“The major factor driving the IoT technology market is the growing penetration of Internet connectivity, the increasing adoption of cloud platforms, and increased IP address space with the introduction of IPv6,” the report said.
See related: IoT Ecosystems, Not Just Devices, Need Security
The report also explained that companies taking the leap into an IoT infrastructure will create more demand, thus raising the need and value of the market. The market is also largest in North America, and the software solutions segment is expected to hold the largest growth during the forecast period.
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