China will lead the global adoption of internet of things as the demand for smart products in industrial and security applications is still increasing globally.
TradingPlatforms.com, an online education and trading comparison provider, has released research that shows the internet of things is one of the most important technologies for businesses. It provides seamless communication between people and processes and things. The IoT will generate global revenues of $ 19.5 billion in 2022 – a 13% increase year-over-year.
The study found that these revenues would increase by 45% in the next three months as a result the IoT is one of the technologies driving Industry 4.0.
According to TradingPlatforms.com, the market’s CAGR of above 12% is expected. The expert continued to state that IoT improves data collection, security, efficiency and time saving, and the potential for its use in personal and professional settings is “endless.”
The study states that despite the fact the global shortage of semiconductors has lowered market growth and supply from the pre-pandemic level, smart products will continue to be in high demand, for a variety of use cases, from industrial to security. Statista’s report for 2021 shows that global IoT revenue increased 27% from year to year, to $17.3 billion.
Despite a slower growth rate in 2022 revenues increased by $2.3 Billion, or 13.3%. Statista estimates that IoT sales will increase another 45% by 2025 to $28,3 billion.
TradingPlatforms.com stated that smart home technologies, which will generate $19 billion dollars in revenue by 2022 (up 13% on the previous year), will remain the top source of income for the IoT industry.
Financial technology revenue, the other important IoT sector, fell slightly from $580 to $570 millions in 2022, compared to the $580 million of the previous year. This amount is expected to increase to $630 millions by 2025.
