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$4990.00
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1 mg
Description
The global Digitalization and Internet of Things (IoT) market is expanding rapidly, reaching USD 621 billion in 2024 and projected to grow to USD 2225.7 billion by 2031 at a CAGR of 17.3%. The demand is driven by the proliferation of connected devices, with over 14.4 billion IoT devices in 2023 expected to reach 18 billion by 2024. Industrial IoT, smart homes, healthcare, and wearable technologies remain the core growth segments, while businesses increasingly deploy IoT to reduce costs and enhance efficiency. Regionally, North America and China dominate due to strong industrial adoption, early deployment of 5G, and extensive smart city projects. The United States accounts for 40% of global revenue, while China follows closely with 35%. Europe, led by Germany, also demonstrates significant momentum, particularly in manufacturing and automotive IoT.
