The global Internet of Things (IoT) market is expected to reach $724.2 billion by 2023 and is expected to register a CAGR of 13.2 per cent over the forecast period i.e. 2016-2023. Rising adoption of smart devices and growing awareness towards internet of things among the population in urban regions are fostering the growth of IoT. The Asia-Pacific region accounted the maximum revenue share in 2015 and it is expected to dominate the overall market across the globe during the forecast period. Rapid pace in urbanisations and availability of low cost data services are propelling the demand for IoT enabled devices.
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