This article was 1st published on our sister Site, The Internet Of All Things.
The global Internet of Things (IoT) market by revenue will be worth US $1.1 trillion by 2024, with much of the growth coming from wearables, according to GlobalData, a well-known data, and analytics company.
GlobalData’s latest report, ‘Thematic Research: Internet of Things,’ explains how a COVID-19 driven new digital transformation wave will fuel higher growth across all IoT markets. The global IoT market was worth $622bn in 2020, up from $586bn in 2019, and will grow to reach $1,077bn by 2024, with a compound annual growth rate (CAGR) of 13% over the period, according to GlobalData forecasts. The enterprise IoT dominates the overall IoT market, generating 76% of total revenue in 2020. This dominance of the enterprise IoT will continue for the foreseeable future. GlobalData expects this segment to still occupy 73% of the overall IoT market in 2024.
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