IoT Connectivity Markets set to reach $8.9B by 2024
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…
