Internet of Things Market to Reach more than US$1000 billion by 2024 according to latest report.

The Internet of Things (IoT) market is known to be one of the big revenue streams in current and future markets. Now the internet of things (IoT) market is set to grow by 20.55 % CAGR over a period between 2016 and 2024. The overall market is set to generate revenue opportunity of US $1,490.31 bn by 2024 according to the latest report on the Internet of Things (IoT) market by Transparency Market Research (TMR).

There are many technologies that identify themselves as a part of the IoT revolution. Out of these key IoT technologies, ZigBee segment accounted big share in 2015 and will continue the same trajectory throughout the projected period.

ZigBee communication is IEEE 802.15.4 standard specification from ZigBee alliance. Zigbee is a low-cost and low-powered mesh network and operates at 868 MHz, 902-928MHz and 2.4 GHz frequencies in 20-80m range with a speed at 20 to 250Kbps. ZigBee communication system is less expensive and simpler as compared to other proprietary short-range wireless sensor networks as Bluetooth Low Energy, Near Field Communication, RFID and Wi-Fi etc. With the help of routers, ZigBee networks can span across many nodes in wide area network.

Segments such as manufacturing, automotive, healthcare, consumer electronics, media, and entertainment are set to drive the IoT market. Smart workplaces and residential areas, a renewed focus on the development of smart cities and interconnected processes and operations from a number of sectors are also driving the IoT market. Due to these number of big players such as Google Inc., Apple Inc., Cisco Systems Inc., and Microsoft Corp. are venturing into IoT space.

From a geographical standpoint, North America, Europe, Asia Pacific, Middle East, and Africa and Latin America are the main markets for IoT (Internet of Things) market. The most lucrative of these in North America due to major players in the area and a consumer base.