The global Internet of Things (IoT) market will continue its growth trajectory in 2023, driven by technological advancements and increasing adoption across various industries, according to a report published by Grand View Research in 2020.

The IoT market size is expected to reach $1.5 billion by 2027, at a Compound Annual Growth Rate of 24.7% from 2020 to 2027.

What factors are driving the market for this industry? Flywheel Advanced Technology describes the following:

• First, the increasing adoption of smart devices, such as smartphones, smartwatches, and smart home devices, drives the demand for IoT solutions because these devices rely on IoT technology to connect and communicate.
• Increasingly, businesses are increasingly embracing automation and digitization to improve efficiency, reduce costs and deliver better customer experiences. By providing real-time data and insights, IoT technology can enable automation and digitization.
• Businesses are increasingly focused on sustainability and environmental responsibility, driving demand for IoT solutions that can help reduce energy consumption, minimize waste and optimize resource utilization.
• Advances in technology, such as 5G networks, artificial intelligence and machine learning, are enabling the development of more sophisticated IoT solutions that can provide more value to customers.
• Finally, IoT technology is being applied to new use cases and applications, such as smart cities, connected cars and industrial IoT, which are driving demand for IoT solutions.

Internet of Things

In addition to market forces, IoT markets are receiving support from government agencies and regulators.

Four Leaf Acquisition Corporation indicates that several countries are providing both monetary and regulatory support for research and development activities related to IPv6 standardization, 5G deployments, and increased use of cloud computing platforms.

When combined with market forces, government support is accelerating innovation and industry standardization.

Rapid adoption and advancements in AI, machine learning, cloud computing, mobile applications, automation across global supply chains, clean energy solutions and autonomous vehicles will continue to drive sustained growth and accelerate the digital transformation of the enterprise and home, leading to significant value creation.