ICT and Media Business News IoT Market 2018 Outlook by Revenue Till 2024 | Page 2

Internet of Things Market
The Internet of Things (IoT) represents connected smart devices and systems to access data collected by
embedded circulatory in devices and other similar physical objects. With the expanding application of IoT, the
global internet of things market is expected to witness a double digit growth over the coming years. Internet of
things is used widely in energy efficiency, healthcare, security, education and other similar applications. IoT is
also used in the industries such as manufacturing, agriculture, retail, and other similar sectors. The various
components of the IoT include sensing and identification, data processing, network communication, security and
support technology.
Advances in information technology, and electronics and semiconductor manufacturing facilitated the
connection of large number of things and devices. Miniaturization of electronic devices, owing to the evolution
of very large scale integration (VLSI) and evolution of the sensor technology, is one of the predominant drivers of
internet of things market.
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