This year, the Internet of Things (IoT) market in Azerbaijan is expected to generate revenue of 463.10 million US dollars, APA-Economics reports citing Statista portal.
According to the information, this means an annual increase of 10.2%.
Among the various segments of the Internet of Things market, the Industrial Internet of Things (IIoT) segment will have a leading position with a value of 119.70 million US dollars.
It is predicted that in 2025-2029, the revenue in the Internet of Things market in the country will increase by 10.68% annually and the market volume will reach 694.90 million US dollars in 2029.
"Azerbaijan is experiencing rapid growth in the Internet of Things market, focusing on smart cities and energy management solutions," the portal noted.
