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The Worldwide Internet of Things (IoT) Market Size is Expected to Reach USD 3,267.4 Billion by 2033.
The Internet of Things (IoT) is a network of physical objects things embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems over the internet. Everyday objects kitchen appliances, vehicles, thermostats, baby monitors can now be connected to the internet via embedded devices, allowing for seamless communication between people, processes, and things.
The worldwide IoT market is being driven by an increase in the number of smart city projects, online and offline IoT product distributors, and rising demand for IoT technology in the automotive industry. Smart cities are necessary to adapt to the demands of urban growth. IoT technology lies at the heart of a smart city, improving the lives of the citizens within it. The IoT-enabled smart city can reroute traffic around congestion in real time, automatically schedule repairs for failed infrastructure like street lighting or bridges, and intelligently manage energy use and pollution right across the built environment. It can protect citizens and businesses from crime more effectively, and safeguard vulnerable citizens in their homes.
IoT technology is enabling new approaches to the daily challenges of urban life. From public transport to public safety, it is changing the way we interact with our environment. They enable a range of people-friendly solutions, such as intelligent transport, improved safety and security and remote monitoring and maintenance of public facilities.
The global internet of things (IoT) market is growing due to the growing need for dynamic messaging, parking sensors, real-time occupancy data of parking places, and vehicle parking slots, smart city programs and adopting smart parking to maintain smooth traffic flow in the city. Automotive is one of the greatest areas for IoT adoption, supporting a wide range of applications like self-driving vehicles, security features, data analytics, in-vehicle infotainment, predictive maintenance, real-time monitoring, and dashboards. Furthermore, the high degree of competition in the global automotive industry is driving enterprises to implement IoT, AI, and other new technologies, accelerating the growth of the IoT market.
The hardware segment is expected to hold the largest share. sensors, devices, and gateways are required to enable connectivity and gather data in IoT systems. The agriculture segment is expected to grow at greatest pace driven by smart farming, smart greenhouses, precision farming, smart drones, and smart agriculture.
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