NEWS31 January 2017

Internet of Things market worth $724bn by 2023

Asia Pacific Europe Innovations Latin America Middle East and Africa News North America Technology UK

US – The global Internet of Things (IoT) market is predicted to reach $724.2 billion by 2023 with Asia Pacific the biggest market. 

Internet of things IoT_crop

Advances in technology and electronic devices accounts for much of the progress in this market according to Global Internet of Things Market Outlook 2023 from Research Nester.  

The IoT market is expected to see a compound annual growth rate (CAGR) of 13.2% between 2016 and 2023. Rising adoption of smart devices and growing awareness among urban populations is behind this growth.

Asia-Pacific accounted for the biggest revenue share in 2015 and is expected to dominate the overall market throughout this forecast period. Rapid urbanisation and the availability of low cost data services are propelling the demand for IoT-enabled devices.

Other factors in the growth are technological advancements in the IT sector which have led to better internet connectivity and services over the internet. High-speed internet has helped access remote monitoring through devices.