According to the research report titled ‘Global Internet of Things (IoT) Market Size study with COVID-19 Impact, by Components (Software Solutions, Platforms, Services), Vertical (BFSI, Healthcare, Manufacturing, Retail, Transportation, Utilities, Government & Defense) and Regional Forecasts 2020-2026’, available with Market Study Report, global internet of things (IoT) market size accounted for USD 150 billion in the year 2019 and is expected to grow with a CAGR of 14% between 2020 and 2026.
 

Advancements in wireless technologies in tandem with focus towards reducing the cost of connected devices are primarily factors fueling the growth of global internet of things market. These devices operate using cloud-based platforms, thus extensive adoption of such platforms are further aiding the market size.
 

Connected devices have facilitated the development as well as the deployment of Industry 4.0 and smart manufacturing solutions. Rising adoption of IoT technologies across various industry verticals such as healthcare, automotive, and manufacturing is stimulating the industry outlook.
 

Strict lockdowns imposed by worldwide governments owing to rising prevalence of COVID-19 have enhanced the adoption of remote monitoring solutions for work from home practices. In addition, collective preference for digital payment solutions in order to reduce human contact is positively influencing the growth of global internet of things market.
 

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Widespread popularity of facial recognition technology and drones have impelled the adoption of IoT devices in a bid to ensure stringent surveillance, which in turn is favoring the overall market scenario. The World Economic Forum reported in April 2020 that drones are being used to deliver medications and other essential products to elderly population in beach enclave of Zapallar in Chile.
 

Favorable government initiatives and growing demand for m-Health solutions are also driving the market growth. For instance, the Indian government introduced the Aarogya Setu app to keep a track and notify users regarding COVID-19. However, the coronavirus pandemic has resulted in financial instability among organizations, which in turn could hamper the demand for IoT devices. Additionally, dearth of skilled labor may also inhibit the market expansion.
 

Regionally, North America internet of things industry is predicted to grow considerably during the estimated timeframe, due to rising adoption of IoT technologies and availability of supportive infrastructure. On the other hand, Asia-Pacific market is slated to witness substantial growth in the subsequent years. Growing demand for high speed internet connectivity, improving healthcare infrastructure, and rising per capita income are complementing the business outlook in APAC.
 

The prominent companies operating in global internet of things industry are PTC Inc., Cincinnati Belting & Transmission (CBT), XAG Co. Ltd., CloudMinds, Robert Bosch GmbH, Oracle Corp., Microsoft Corp., Stanley Healthcare, Royal Phillips NV, and IBM Corp. among others.