Internet of Things (IoT) Market Report: Trends, Insights, and Forecast for 2030

According to the study by Next Move Strategy Consulting, the Internet of Things (IoT) Market size is predicted to reach USD 2412.93 billion with a CAGR of 23.8% till 2030.

Also, integration of IoT-based solutions for predictive maintenance in the logistics industry to collect and store analytical data is further driving the growth of the market. Such data is used to run machine learning algorithms on multiple computers parallelly to forecast potential hazards and pinpoint industrial equipment’s that are probable to fail.

However, factors such as cyber security and privacy issues associated with IoT devices are restraining the growth of IoT market. On the contrary, introduction of industry 4.0 that integrates IoT with industrial robots and high-speed internet for better connectivity and automation is expected to create ample opportunities for the market in the coming years.

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