The worldwide IoT (Internet of Things) market is expected reach $1.88 trillion by 2022 from $605.69 billion in 2014, growing at CAGR of 15.2%, according to the new study by Grand View Research.
The growth of the global Internet of Things market will be driven by such factors as the spread of technology and increasing internet connectivity. It will be further boosted by telecommunication advances and increasing investments.
The report forecast Asia and Pacific to increase at a CAGR close to 16% over the next seven years. Countries such as China, Japan and India are expected to drive the growth thanks to the presence of major technology, high-speed broadband internet and component manufacturers.