Fast Facts: What’s Fueling 228% IoT Market Growth?
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 IoT market is already booming, but forecasters say to expect a 228% growth in the next five years, as market size is expected to move from $170.57 billion this year to $561.04 billion in 2022, with a CAGR of 26.9%.
So what’s driving the IoT market by software solution growth? According to a new report by Markets and Markets, the key drivers behind the increase include:
- Increased adoption of cloud Platform as a Service (PaaS)
- Advent of advanced data analytics and data processing
- Wider adoption of connected devices across organizations
- Evolution of high-speed networking technologies
Geographically, North America is expected to be the largest contributor to the IoT market growth as countries in the region will be able to more rapidly invest in R&D.
As enterprise mobility grows, so will the threat landscape, giving hackers more endpoints to attack. Security in mobility across all industries will be the focal point of Enterprise Mobility Exchange’s Security East Coast event at Trump International Hotel in Miami on October 10 and 11. Find out more about the event and which security experts will be attending here.
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