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Why the Internet Of Things (IOT) Platform Market is Expected to Reach $74 Billion by 2023

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Financialnewsmedia.com News Commentary

PALM BEACH, Florida, Oct. 29, 2019 /PRNewswire/ — The global Internet of Things (IOT) platform market is expected to reach approximately USD 74.74 billion by 2023, registering a CAGR of 28.5% during the forecast period. (2016-2022) according to recent reports this past September. For the report , the researchers defined IOT as a multi-layer technology that manages, processes, and transfers information through connected devices with the help of the Internet… providing connectivity to various IoT-compatible hardware devices such as mobiles, laptops, wearable fitness devices, industrial control systems, automotive telematics units, and drone units. The hardware components in the environment are connected to the cloud through flexible connectivity options, data processing components, and secure civil and military networks. The report added: “The Internet of Things is in its growing stage. This can be attributed to the fact that there has been a development of wireless networking technologies, increase in cloud platform adoption, advent of advanced data analytics and data processing, reduction in cost of connected device. The concept of IoT has revolutionized the way organizations across industry verticals interact with their customers. IoT helps organizations in increasing operational efficiency and optimizing business outcomes. Active companies in the markets this week include Hawkeye Systems, Inc. (OTCQB: HWKE), Microsoft Corp. (NASDAQ: MSFT), Sony Corporation (NYSE: SNE), NVIDIA Corporation (NASDAQ: NVDA), International Business Machines Corporation (NYSE: IBM)

The use and size of the market will continue to grow given that both the civil and military sectors both are projected to adopt […]

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