Product ID: SQMIG45D2038
Global Internet Of Things (IoT) Market Size, Share, Growth Analysis, By Component Type(Hardware, Software), By Application(Smart Manufacturing, Smart Energy & Utilities) - Industry Forecast 2024-2031
Report ID:
SQMIG45D2038 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
69 |
Figures:
75
Global Internet Of Things (IoT) Market Dynamics
Internet of Things (IoT) Market Driver
Innovations in Sensor Technology to Boost Market Growth
- Sensors are the most critical components of IoT devices. They aid in the generation of data about a physical event or state. Sensors can measure everything from orientation, motion, light, sound, humidity, and temperature to biometrics like blood pressure and heart rate.
- These sensors will drive the practicality of IoT across industries and application areas. Furthermore, continued sensor technology innovation is expected to expand IoT capabilities.
- Initially, the cost of sensors used in IoT devices was relatively high, resulting in limited industry adoption of the technology. However, the rapid decrease in the cost of these sensors has resulted in a significant increase in the rate of IoT adoption across organizations.
Internet of Things (IoT) Market Restraint
Sluggish Advancement of Infrastructure to Support Development will Hinder Market Growth
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In developing economies, there is a lack of advancement in communication technology as well as poor operational efficiency. The key factors responsible for the successful operation of IoT are technological advancements and operational efficiency.
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Various countries in Asia Pacific, the Middle East and Africa, and Latin America face a lack of basic technologies, such as telecom and networking infrastructure, and are unable to quickly implement smart projects due to a variety of factors, including a low budget and a low literacy rate.
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Several countries have yet to mature or even introduce 4G technology, whereas countries such as China have completed trials on 5G technology. These factors will hinder internet of things market growth
Global Internet Of Things (IoT) Market Report Snapshots
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