IoT Market to Explode Within 5 Years

The IoT market size is estimated to grow from $157.05 billion in 2016 to $661.74 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.3% from 2016 to 2021 driven by factors such as development of cheaper and smarter sensors, rising adoption of cloud computing, evolution of high speed networking technologies, and increasing penetration of connected devices.

According to whatech.com report, the Internet of Things (IoT) market size is estimated to grow from $157.05 billion in 2016 to $661.74 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 33.3% from 2016 to 2021. This growth is driven by factors such as development of cheaper and smarter sensors, rising adoption of cloud computing, evolution of high speed networking technologies, and increasing penetration of connected devices.

Rising need for operational efficiency and increasing penetration of connected devices are driving the Internet of Things market.

Services segment is estimated to grow at the highest CAGR during the forecast period due to the increasing penetration of connected devices and higher adoption of IoT solutions across industry verticals. Managed services segment is expected to grow at the highest rate between 2016 and 2021.

Due to the increasing technological adoption, Asia-Pacific (APAC) is projected to witness the fastest growth rate among regions.

The latest trends in IoT include growing IoT integration across different industry verticals, diversification of IT giants toward providing analytics and security software, and cost benefits of predictive maintenance.

The availability of cloud deployment options for IoT solutions has further provided a huge opportunity.