ICT & Electronics Global Internet Of Things Of Market Outlook | Page 3

Positive growth in IT industry across the globe further increase their research &
development activities to develop advanced and latest technology products. The
internet of things (IoT) technology for the transformation of public and private
sector organizations is the major reason behind the positive growth of IoT
market. Further, wide availability of IT expertise and professionals across the
globe along with increasing research and development in IT companies to
develop effective and user friendly software is expected to bolster the growth of
IoT market.
Technological Advancement in Communication Sector
Advancement in telecommunication services is providing ease to the consumers
to adopt more technology based devices. The rising need of connectivity along
with rising adoption of smart devices such as smartphones, tablets and others
further boost the growth of internet of things (IoT) market. Moreover, population
across the globe is adopting smart phones and smart gadgets such as tablets
which are handier and have high connectivity. The rising penetration of smart
gadget users and high connectivity services collectively accelerate the market of
internet of things (IoT) devices.
However, privacy and safety factors are some of the major factors which are
restraining the market of internet of things (IoT) globally. Moreover, various
cloud based platforms is creating cynicism among the users related to privacy of
data. These factors are hampering the growth of IoT market.
The report titled “Internet of Things (IoT) Market: Global Demand,
Growth Analysis & Opportunity Outlook 2023” delivers detailed overview
of the global internet of things (IoT) market in terms of market segmentation by