Global IoT market projected to surpass the $1.5trillion mark by 2029

According to Stocklytics.com, the global IoT market is expected to earn an outstanding $1.5T revenue by 2029.

RELATED: IoT market set to soar with revenue expected to surge by 18% to $1.38T in 2024

The site’s financial analyst, Edith Reads, notes:

The demand for more technological advancements, widespread industry adoption, and a growing emphasis on security, standards, and sustainability are bolstering the IoT market. Healthcare, manufacturing, transportation, and smart homes’ increasing integrations of IoT solutions to optimize operations have also played a critical role in its market growth.

In 2018, the IoT market generated $424.8 billion in revenue. By 2019, it had crossed the $500 billion mark, marking a 19% increase. The market continued its upward trajectory in 2020, reaching over $552.9 billion, and then surged past $632 billion in 2021.

The full story and statistics can be found here: Global IoT Market Projected to Surpass the $1.5T Mark by 2029