COVID-19 to push A/NZ IoT market past $14B during 2021
Flagged to grow at a CAGR of 9.5 per cent through to 2025. Credit: Dreamstime
The ongoing COVID-19 pandemic is set to create the perfect storm for the internet of things (IoT) market during 2021, which is estimated to surpass US$14.3 billion by the end of the year.
According to analyst firm IDC, is this a yearly growth of 10.4 per cent. It s also expected to keep growing, with a compound annual growth rate (CAGR) of 9.5 per cent through to 2025.
Backing this growth is rising demand for smart devices, digital infrastructure, automation and growing government initiatives, which have all stemmed in the fallout of the coronavirus pandemic, IDC VP of telecom and IoT in Asia Pacific excluding Japan Hugh Ujhazy claimed.