Business Research Company’s Internet of Things (IoT) Market research report expands on key drivers, trends, and opportunities for market growth.
LONDON, July 19, 2022 /PRNewswire/ — The application of IoT in various industries, such as the automotive industry, is driving the growth of the global IoT market. The introduction of IoT in the automotive industry has opened up new opportunities for automakers and consumers around the world. IoT has become a popular access point for various multifunctional applications in the automotive sector. The IoT offers improved communication, control and data delivery to any point of transport. Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are increasingly investing in developing smart cars with rich features that deliver healthier, more convenient, and more enjoyable driving experiences. According to UBS, 12% of total cars sold in 2030 will be for self-driving taxi fleets, with around 26 million driverless taxis in service worldwide.
The global Internet of Things (IoT) market size is expected to grow from $326.90 billion in 2021 for $402.72 billion in 2022 at a compound annual growth rate (CAGR) of 23.2%. The size of the Internet of Things (IoT) industry is expected to reach $926.61 billion in 2026 at a CAGR of 23.3%.
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Leading Companies are Analyzing Data Collected by IoT Devices to Improve Their Business – (https://www.thebusinessresearchcompany.com/report/iot-global-market-report)
Managing and analyzing the data collected by IoT devices will help maximize their value to the business. Data analytics helps in analyzing IoT data in several areas, such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial, and real-time location. Major cloud providers such as Amazon, Microsoft, and Google are increasingly using data analytics for business improvement, and various companies hope to expand their market share with AI algorithms capable of exploiting data. machine learning and deep learning, enabling businesses to derive more value and be informed. decisions from growing volumes of data.
Europe IoT Market is Driven by Adoption of Advanced Technologies – (https://www.thebusinessresearchcompany.com/report/iot-global-market-report)
According to TBRC’s IoT Market Analysis, the IoT market in the European region is driven by the growing adoption of cloud, artificial intelligence, machine learning, and big data technologies; high Internet penetration; high demand for smart infrastructure due to rapid urbanization; and strong demand from growing end-use industries. The market is also aided by investments and government initiatives. For example, in 2020 the UK Department for Digital, Culture, Media and Sport (DCMS) announced funding of £400,000 ($0.5 million) to encourage the creation of design patterns that test the security of Internet of Things (IoT) products.
The Russian-Ukrainian conflict is a major restriction of the market
The ongoing war between Russia and Ukraine expected to impact the global information and communications technology (ICT) market, with sanctions and other measures imposed Russia by United States, the European Union (EU) and other countries. The war could lead to a possible shortage of semiconductors, with chip-dependent industries such as the Internet of Things also being affected. Both Russia and Ukraine are among the leading suppliers of essential raw materials for semiconductors, with Russia providing almost 44% of the world’s palladium and Ukraine producing 70% of the world’s neon supplies. The shortage of chips could result in lower production and higher operating costs, leading to higher product costs.
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