Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology

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Internet of Things (IoT) Market Overview:

Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT

Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.

Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice

Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.

Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market

Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.

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Internet of Things (IoT) Market Insights:

Drivers

Restraints

Prominent Players in Internet of Things (IoT) Market

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Key Questions Answered in Internet of Things (IoT) Market Report

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