What is the Market Demand for Internet of Things (IoT)?

The Internet of Things (IoT) market is set to grow significantly, with its size expected to rise from US$ 217.5 billion in 2024 to approximately US$ 779.3 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 20%. IoT encompasses a network of interconnected devices and systems that communicate and share data without human intervention. The IoT platform accounts for 21.6% of the market share, with other key components including IoT data transport, security, sensors, and analytics. The integration of AI and ML enhances the flexibility and efficiency of IoT systems, streamlining data processes and making them more dynamic.