ICT & Electronics Global Internet Of Things Of Market Outlook | Page 2

Technological Advancement In Communication Sector Is Envisioned
To Bolster The Growth Of Internet Of Things (Iot) Market, According
To Research Nester
Global internet of things (IoT) market is segmented into product type such as
components and software. Among these segments, components segment is
expected to occupy the top position in the market. Riding on the back of factors
such as advancements in electronics components, decreasing prices of electronic
devices, raising personal disposable income of the population and setup of smart
cities, IoT market is anticipated to witness greater number of connected devices
in near future. Further, the demand for IoT devices is increasing due to their high
end connectivity and multiple options of connection via wireless services. The
advancement in IoT devices such as wireless switch plugs, smart watches and
bands, smart glasses and others are gaining momentum among the tech savvy
population.
The global internet of things (IoT) market is expected to register a 17.56% CAGR
over the forecast period. Moreover, the market of global internet of things (IoT)
market was valued at USD 598 billion in 2015. The market is expected to expand
on the back of rising adoption of internet of things in the industrial sector.
The software segment by product type is estimated to register a CAGR of 20.24%
during the forecast period. Moreover, there are various types of software
available in the market which secures and manages the data being generated or
transferred by internet of things (IoT) devices. The major demand for security
software is due to rising concern towards safety of data.
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Growth in IT Industry