Big Tech leads development of the internet of things

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The IoT market size was valued at more than US$ 700 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of more than 10% during 2021-2026. The increasing demand for mobile data connectivity at higher speeds, mainly driven by mobile video consumption, ultra-low l

The term "the internet of things" (IoT) refers to the way technology can connect various automated functions in an environment. This can be seen in the way that homes, businesses, and even entire cities—known as "smart cities"—are becoming increasingly automated with the help of sensors and controls to ensure that everyday processes, such as the use of energy, run as efficiently as possible.

The use of wearable technology to monitor people's movements within those environments is a growing part of the Internet of Things. This emerging technologically interconnected environment is also influenced by the connected vehicle.

Is it possible to have a seamless internet of things?
The end goal of the IoT Market which refers to a level of seamless and total connectedness within an environment. However, the majority of industry professionals agree that this is a long way off. In addition to the provision of AI-driven real-time intelligence, industry standards for communication protocols and security must be agreed upon in order to achieve widespread IoT.
John Marcus, principal analyst at GlobalData, concurs that mobile network-enabled pervasive IoT is still a ways off because it will require standalone pervasive 5G and the kinds of use cases it might support still need to be demonstrated. Although multiple 5G public networks are available in some nations, including the United Kingdom, standalone 5G coverage that does not rely on the 4G core network is still limited, he states.

GlobalData's thematic research indicates, however, that the global IoT market will reach $1.1 trillion by 2024. By 2024, enterprise IoT will make up 73% of market revenue, down from 76% in 2020. Meanwhile, the growing consumer segment will make up 27% of market revenue in 2024, up from 24% in 2020, with wearables seeing significant growth. The analyst emphasizes how the Covid-19 pandemic, which has accelerated digital transformation, is anticipated to drive higher growth across the Internet of Things (IoT). smart cities, the industrial internet, a connected car, an automated home, and wearable technology GlobalData thematic research identifies five function layers within each of these markets: the app layer, the services layer, the connectivity layer, the data layer, and the device layer. As with all emerging technologies, the United States and China are locked in a space race for global leadership. Businesses are investing heavily in these five IoT functions. The supply chains of many of the major leaders in IoT technology have been impacted by the economic decoupling between the US and China, which has resulted in tariffs and bans on the import and export of goods and services, including semiconductors. According to GlobalData's research, ZTE, Amazon, Apple, Cisco, Dell, Google, HPE, Huawei, Hikvision, IBM, Inspur, Intel, and Microsoft are the most prominent IoT players.

To know about the assumptions considered for the study, Download for Free Sample Report

An examination of GlobalData's patent figures reveals that the United States and China hold a significant lead in the IoT market. Globally, the number of IoT-related patents filed between 2010 and 2020 increased more than tenfold.
China led this massive expansion, filing 286,246 IoT patents between 2002 and 2021, nearly twice as many as the United States, which came in second with 155,374 patents. With 46,312 and 36,034, respectively, South Korea and Japan come in second and third. With 9,686 and 9,548 patents filed during the review period, Germany and the United Kingdom are ranked fifth and sixth, respectively.

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