The hackers are looking for more ways to strike critical infrastructure, such as power grids, hydroelectric dams, chemical plants and more. This has led to the rising concerns regarding privacy and safety of data. Further, the lack of skilled expertise and high cost of IoT solutions and services are some of the reasons that are hampering the growth of the market.
The global internet of things (IoT) market is thriving on the back of rising development of smart and enhanced connectivity infrastructure in developing and developed nations such as U.S., China, Japan, India and others. Further, the swelled disposable income of the population supported by the positive GDP figures in growing nations is resulting in the increased penetration of smart consumer electronics across the globe. Along with that, the rising trend of smart electronics, growing digitalization in various end-use industries, shifting of public and private sectors towards the adoption of IT-based facilities are boosting the worldwide demand for internet of things (IoT) services
In today’s era of booming technology, we carry so much of information in our hands via our cell phones which is not just limited to calls, texts, playing games, Google search, or booking a cab among others but has now expanded to control numerous devices from a distance over the internet connectivity. This technological advancement is often termed as ‘Internet of Things (IoT)’
The IoT market is estimated to expand with significant growth rate in upcoming years. Many nations around the world have taken initiatives to build smart cities that are equipped with high end connectivity for various services. Smart cities require sensors, routers and smart devices among others to provide better services to the population. These factors are expected to propel the growth of the internet of things (IoT) market with valuation of USD 2,108.2 Billion by 2023 from USD 679.4 Billion during 2016. Further, the global IoT market is predicted to witness CAGR of 17.56% between the years 2016 and 2023.
Internet of Things
(IoT)
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