Growing adoption of Internet of Things (IoT) is estimated to stoke the growth of the market as IoT enables inter-networking of physical devices through actuators, sensors, network connectivity, and software. Employers are able to improve employee productivity while increasing the flexibility of the work environment with better connectivity. However, concerns associated with privacy and malicious attacks are poised to inhibit the growth of the market.

According to the latest report published by Variant Market Research, the global internet of things (IoT) market is estimated to reach $1599.3 Billion by 2024, from $346.1 Billion in 2016, at a CAGR of 21.1% from 2016 to 2024.

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