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Global internet of things market revenues to reach US$756.8 billion in 2014

The total value of the Internet of Things market revenues will reach US$756.8 billion by the end of 2014, fuelled by an ever increasing demand from enterprises and consumers.

The Internet of Things (IoT) market is set for accelerated growth in 2014 as more businesses realise its potential uses and the positive impact it can have on a various vertical industries.

The Internet of Things market has already gained momentum with increasing adoption, offering a wide variety of uses and portfolio of applications, which is expanding sizeably. The main attraction offered by Internet of Things is its potential to change strategy and a plethora of a new products and service possibilities.

With the ever increasing number of connected devices globally, and with the potential of smart objects, there is the potential to transform and revolutionise multiple vertical sectors to operate in a connected ecosystem; the Internet of Things (IoT).

Coupled with the proliferation of electronic devices that already exist in businesses, homes consumers, all of which can be transformed via the use of IoT technologies, and the stage is set for IoT to become ubiquitous.

Visiongain believes that 2014 will be a pivotal year and one of significant growth for the Internet of Things as companies address increasing demands from both consumers and enterprises for full-time connectivity and the government initiatives that support greater mobile connectivity. As a consequence, visiongain expects global Internet of Things revenue to reach US$756.8 billion in 2014.

The visiongain author of Internet of Things (IoT) Market 2014-2024: Wireless Machine to Machine (M2M) Connectivity, Enterprise & Consumer Connected Devices & Objects Ecosystem commented that ‘IoT will allow wireless networks that are interconnected through machine-to-machine and machine-to-object communications to generate great value for enterprises in the form of increases in production, efficiency and saving them substantial OpEx and CapEx.’

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