In a recent finding from IoT Analytics it is learned the vibrant landscape of the Internet of Things (IoT) market is expanding. The report, titled the State of IoT Spring 2024, reveals crucial insights stating the compound annual growth rate (CAGR) of it would be 17% until 2030.
The surge in the integration of Artificial Intelligence (AI) with IoT technologies is in the forefront. AI has lately emerged as one of the top priorities in the tech world and its synergy with IoT is increasingly becoming a driving force. It is injecting vitality into the already booming $236-billion IoT market. The symbiotic relationship between the two is said to be further fueling innovation as well as growth in the coming years, according to Knud Lasse Lueth, CEO at IoT Analytics.
The report further reveals that the IoT market has exhibited robustness despite challenges. The growth rate is projected to be steady. The resilience is attributed to the escalating connectivity of assets besides parallel investments in AI and cybersecurity within the IoT segment.
The rising prominence of Business-to-Business (B2B) marketplaces is gradually becoming a preferred procurement channel for software. The transition aligns with the evolving subscription-based economy, streamlining procurement processes for both buyers and sellers. Presently, cloud hyperscalers is leading the cloud-based software spending and is reflecting the widespread adoption of cloud technologies across industries.
The emergence of generative AI (GenAI) is attracting more investments as the segment is having a vast economic potential. It is estimated that GenAI could contribute $2.6-$4.4 trillion annually to the global economy.
The prospects for growth and transformation in the IoT sector are promising. Businesses are navigating this dynamic environment and embracing the convergence of IoT and AI.
