The global IoT market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period. The Internet of Things (IoT) represents a vast network of interconnected physical devices that communicate and exchange data autonomously, without the need for direct human intervention. This interconnectedness is reshaping industries, driving what many call the industrial revolution of intelligent connectivity. Businesses and service providers alike view IoT as a pivotal catalyst for digital transformation and enhanced operational efficiencies, fundamentally altering how complex systems and machinery are managed to boost productivity and reduce downtime.
IoT solutions facilitate the automation and control of diverse tasks and processes, offering significant benefits to organizations, particularly when coupled with AI and machine learning technologies. Furthermore, the steady advancement in manufacturing, electronics, and IT sectors globally is generating substantial consumer interest, fueling the demand for IoT solutions. Factors such as increased internet penetration, the widespread adoption of smartphones, and advancements in healthcare that give rise to telehealthcare services are also driving the expansion of the IoT market.
In April 2022, CBT, a woman-owned Domain Expert Integrator, announced plans to reinforce its leadership in IoT and its convergence with information technology (IT) and operational technology (OT) by partnering with ABB. ABB, a renowned global technology company specializing in electrification, robotics, automation, and motion, welcomed CBT into its Value Provider Program as a System Integrator channel partner. This partnership positions CBT among an esteemed group of channel partners operating at the highest level within the ABB ecosystem.
The COVID-19 pandemic has spurred increased collaboration among vendors to deliver technology-enabled solutions in the healthcare sector, efficiently addressing the crisis at hand. The heightened demand for cloud-based IoT solutions during the pandemic underscores the need for enhanced connectivity between interconnected devices. This trend is expected to drive substantial growth in the IoT industry as organizations seek resilient and scalable solutions to navigate evolving challenges.
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