The global IoT market is anticipated to grow at a considerable CAGR during the forecast period (2021-2027). The key factor to drive the market growth is the mergers and acquisition of the top players of IoT sector and increase in the adoption of IoT devices. According to IoT analytics, in 2020 there were around 11.7 billion IoT device connections, which is much more than 9.5 billion in 2019. By 2025, it is estimated to around 30 billion IoT connections, which is almost 4 IoT devices per person on average globally.
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Further, in October 2020, Cognizant has acquired Bright Wolf, a privately held technology services provider operating in the industrial Internet of Things (IIoT) solution. This acquisition is done the accelerating the growth of the IIoT services. In addition, the bright wolf’s experience in production IIoT deployments and cognizant experience in foundational IIoT technologies has increased the company’s client resiliency, competitive advantage, and operational efficiency.
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Further, in June 2020, Microsoft announced the acquisition of CyberX, a security start-up that focuses especially on stopping, detecting, and predicting security breaches on IoT networks and additionally the networks of large industrial organizations. The deal was completed for $ 165 million. This acquisition is done to increase the security in the Azure IoT business of Microsoft Corp. Thus, the rise in the adoption of IoT device connections and the companies initiative regarding collaboration for the IoT sector is to propel the growth of the market during the forecast period.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Infrastructure and By End-User
- Regions Covered- North America, Europe, Asia-Pacific, and Rest of the World
- Competitive Landscape- Amazon Web Service, ARM Holding PLC, Cisco Systems Inc., Robert Bosch GmbH, Honeywell International Inc., Microsoft Inc, Google Inc, and others.
Global Internet of Things (IoT) Market Report Segment
By Infrastructure
- Platform
- Mobile Networks and Access Technologies
- Cloud Solutions/Storage and Processing
- Analytics
- Security
By Vertical
- BFSI
- Manufacturing
- Transportation
- Retail
- Healthcare
- Energy & Utilities
- Government & Defense
- Residential
- Others
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
