The market expenditure for the Internet of Things in 2020 recorded as 749 billion US dollars. In 2022 and 2023, the value of the Internet of Things market is expected 1,000 billion US dollars. And 1,100 billion US dollars respectively. The IDC report shows a steep rise in the expenditure for the Internet of Things market.
The markets are a competitor to each other. Not just in buying or purchasing but also in terms of production or manufacturing of such devices needed for assistance to gain a perspective.
About the current as well as future trends. The market growth as per each country shows a battle between the USA and China in a neck-to-neck. Germany is the hub of the Industry 4.0 market.
It is not spending much amount being invested by the US or China. It shows a concern how much they are up-to-date or ready with the current scenario to tackle the future? The after-pandemic world.
It is something clear, the market will become aggressively dominant. With the rising competition to handle the aftermath financial crisis. As the automotive industry is going through a huge transformation phase.
So do the customer’s choices. The preference to have an autonomous vehicle as soon as possible is something a major target. For the key players of the autonomous vehicle companies. The race to capture the market first is also an unavoidable question.
The endpoint of electronic devices for the internet of things. It plays an important aspect with the forecasted spending amount in billion US dollars. IoT is widely used in the endpoint electronic device markets. It is also opening the door for a wide variety of the market.