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Global internet of things software market set to grow according to forecasts

IT Market Research

The "Internet of Things" (IoT) has a large number of definitions depending on who you are talking to. That being said industry analysts and companies are doing a better job at breaking down the IoT market segments and tracking their growth over time.

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Several years ago the market for connected products and services was promising eye popping growth numbers of up to 100 billion units. Today, a majority of forecasts show a more tampered 20 billion or 30 billion units (while a few others say we are saying we are still severely underestimating size of impact).

The sections below point to the resources for the market as a whole, geography and specific device components (connectivity, hardware, etc)

The Internet of Things market is expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9%, owing to the advent of advanced analytics and data processing techniques, which have been useful to derive results from high volumes of data collected from the machine-to-machine communication devices.

The integration of data analytics is done in 3 different stages; analysis of high volumes of data, identification and integration of the relevant data, and reporting of the data. The analysis of IoT data is performed using dashboards, streaming data analysis, and edge analytics.

Data analytics and processing is useful in the IoT environment to increase the uptime of the smart sensors and devices, accelerate the business outputs, and detect and control the errors.

IoT is an ecosystem of connected physical objects that are accessible through the internet. IoT ecosystem represents a wide range of technologies, ranging from sensor-powered microcontrollers to devices powered by processors, which are interconnected in such a way that it makes it possible to collect and analyze data in real time.

Though IoT is not considered as a new term, the business application of IoT is in its nascent stage.

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