May 20, 2019
WELLESLEY, Mass., May 20, 2019–New start-ups and expanding applications are helping to drive growth of the global Internet of Things market, according to a report by BCC Research.
The market expects to see a compound annual growth rate (CAGR) of 22.0% through 2024, when it could be worth $141.2 billion, according to the report Internet of Things (IoT) Markets: A Global Outlook.
“The IoT market has evolved in a meandering fashion,” the report’s authors note. “The concept of a network of smart devices was discussed as early as 1982, with a modified Coke machine at Carnegie Mellon University becoming the first internet-connected appliance. Through the 1990s, a series of papers were published in various academic journals. The concept of the Internet of Things first became popular in 1999, through the Auto-ID Center at the Massachusetts Institute of Technology (MIT) and related market-analysis publications.”
IoT in Transportation: Exciting Potential Applications
Connected cars and highways promise to change the way the transportation industry works, the report’s authors add. IoT in vehicles can automatically notify authorities of accidents, update drivers about safety alerts, and integrate engine diagnostics with the infotainment system. Already, Google has launched the Open Automotive Alliance, and Android auto is available in most new vehicles. Android Auto gives drivers control over GPS mapping and navigation, music playback, texting, and web searches.
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Internet of Things (IoT) Markets: A Global Outlook( IFT110A )
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