Some of the primary growth drivers for this market are Industry 4.0, growing demand for smart homes, and the large-scale benefits of using IoT devices. Industries worldwide are implementing Industry 4.0 to optimize material flows and detect errors during the early stages product lifecycle.
The IoT market in UK is expected to grow by USD 21.81 bn from 2021 to 2026. The growth momentum of the market is expected to accelerate at a CAGR of 11.80%. The market is expected to post a year-over-year growth rate of 10.86%.
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Market Segmentation Analysis
- The IoT market in UK has been segmented by technology (RFID, sensors, NFC, cloud services, and others) and end-user (industrial, retail, healthcare, ICT, and others).
- By technology, the RFID segment is expected to have significant market share growth during the forecast period.
- The growth of the retail and healthcare industries is driving the adoption of RFID systems.
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