The Global IoT Communication Market is on the rise, hitting a value of USD 13.77 billion in 2022 and it is not slowing down. Experts predict a steady growth with a 5.18% annual increase until 2028.
Why is there a big increase? Well, it is because there are more IoT devices and cool tech like 5G, edge computing as well as artificial intelligence (AI). These things are making our world more connected. Think smart homes, healthcare gadgets, self-driving cars and smart buildings – they are all pushing this tech boom.
The game-changer is 5G. It gives really fast internet and quick responses, which is great for IoT gadgets. Whether it is smart cities or farms using IoT for better crops, 5G is the reason things are growing so much.
Cities getting smarter, healthcare gadgets getting better and governments supporting IoT are making the market go up. And, it is not just about tech, but it is also about being green. IoT helps take care of energy and resources, which is a big deal for our planet.
North America is leading the charge, thanks to early adoption, but watch out for Asia-Pacific. Countries like China, India, Japan and South Korea are going fast. They are putting money into IoT, making the worldwide market even busier.
But, it is not all smooth sailing. People are worried about tech talking to each other (interoperability), keeping data safe and privacy. The good news is that people are figuring out solutions, like making standard rules and improving security.
Right now, the star of the show is 5G. It is changing how we link things, especially with tech called Low Power Wide Area Network (LPWAN) like LoRaWAN. This combo is going to change industries by providing far-reaching connections with low power use.
What is happening inside the market? Wi-Fi is still the king, covering over 60% of the market. It is everywhere and it is easy to use.
Big players in this game are the big telecom and tech companies. They are the ones making IoT happen.
What is coming up? Get ready for more smart tech with AI and machine learning, better ways to handle data (edge computing) and stronger security for IoT.