Open-Source IoT Platforms Providing a Competitive Advantage Over Traditional Connectivity Platform Providers

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According to a report,  IoT Connectivity market to grow from USD 3.8 billion in 2019 to USD 8.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.7% from 2019 to 2024. Organizations are adopting advanced technologies, such as the IoT and cloud services, achieving successful digital transformation. IoT generates a substantial amount of data that needs to be deposited, managed, and analyzed efficiently. The increasing computational power of IoT devices aids in carrying out multiple functions in real time at a faster rate. The insights obtained after data analysis are used to drive actionable steps that can improve business. Hence, the adoption rate of IoT devices is increasing across the globe. (Source: Research & Market)