Factors driving growth of the Internet of Things

What are the factors that are driving the growth of the Internet of Things? Some are consumer-driven pull factors. Others are industry driven push-factors as businesses develop new solutions that leverage IoT capabilities. Legislation and other technological advancements also play a part.

Statista reports that the Internet of Things (IoT) market is expected to see a significant surge in revenue, reaching a staggering $1,387 billion worldwide this year. It predicts that the market will continue grow, anticipating an annual growth rate of 12.57% (CAGR 2024-2028).

If this growth rate holds firm, the resulting market volume would be $2,227 billion by 2028. So what is driving this extraordinary growth?

Tern plc (LON:TERN) backs exciting, high growth IoT innovators in Europe. They provide support and create a genuinely collaborative environment for talented, well-motivated teams.

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