The market for Internet of Things (IoT) is growing with rising demand for predictive maintenance, remote monitoring and device-agnostic connectivity. VC investments in IoT hardware and software business is growing. Pitchbook in its report titled 'Emerging Tech Research: H2-2020', estimates the market for IoT software to hit US$120 billion in 2021 and grow at 11.5 percentage annually. While the market for IoT software is teeming with players, opportunities of disruption exists in creating platforms that can offer greater control over devices and rich with analytics functions. Industrial IoT attracted over US$2 billion in VC funding. Amongst hardware manufacturers, those offering connectivity devices and industrial sensors are receiving significant interest from VC. The major markets for M&A and private equity investments in IOT businesses remain North America and Asia Pacific, followed by Europe. With growing interest in VC investment and fast adoption of AI based technologies, we expect Middle East to increase its allocation towards IoT investment opportunities through 2021.
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