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Internet of Things (IoT) Market: Accelerating at 19.4% CAGR with Cloud Technology| SkyQuest Technology

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WESTFORD, Mass., July 2, 2024 /PRNewswire/ — According to SkyQuest, the global Internet of Things (IoT) Market was valued at USD 318.8 billion in 2022 and is poised to grow from USD 380.6 billion in 2023 to USD 1572.37 billion by 2031, growing at a CAGR of 19.4% during the forecast period (2024-2031).

Internet of Things (IoT) refers to physical objects embedded with sensors and software to enable communication and share or transmit data. Growing demand for connected devices around the world and advancements in IoT technology are projected to drive the internet of things (IoT) market growth. The availability of low-cost sensors and rapid adoption of cloud technologies are also setting the tone for internet of things (IoT) market growth across the forecast period and beyond. The global Internet of Things (IoT) market is segmented into component and application, and region.

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Internet of Things (IoT) Market Overview: 

Report Coverage 

Details 

Market Revenue in 2023 

$ 380.6 billion 

Estimated Value by 2031 

$ 1572.37 billion 

Growth Rate 

Poised to grow at a CAGR of 19.4% 

Forecast Period 

2024–2031 

Forecast Units 

Value (USD Billion) 

Report Coverage 

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 

Segments Covered 

Component, Focus Area and End Use Verticals

Geographies Covered 

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights 

Updated financial information / product portfolio of players 

Key Market Opportunities 

Government initiatives open door for investing in IoT market

Key Market Drivers 

Innovations in Sensor Technology to Boost Market Growth

Segments covered in Internet of Things (IoT) Market are as follows:

ComponentHardware, Software (Smart Surveillance, Data Management, Device Management, Application Management, Network Management), Services (Professional Services [Consulting, Implementation, Support & Maintenance], Managed Services)Focus Area Smart Manufacturing (Asset Tracking & Remote Management, Production Optimization, Workforce Management), Smart Transportation/Mobility (Traffic Management, Cargo Monitoring, Fleet Management, Ticketing & Toll Collection), Smart Energy & Utilities (Energy Efficiency, Energy Consumption, Energy Transmission & Distribution), Smart Retail (Geo marketing & Advertising, Smart Payment & Customer Experience), Connected Healthcare (Telemedicine, Clinical Operations Management, Imaging & Diagnostics), Smart Agriculture (Field & Crop Monitoring, Weather Monitoring), Smart Buildings (Identity & Access Management, Smart Water Management, Automation & Control), Other ApplicationsEnd Use Verticals Industrial, Commercial, Residential

Request Free Customization of this report:

https://www.skyquestt.com/speak-with-analyst/internet-of-things-market

Any Functional IoT Device is Incomplete Without its Components

Hardware is a prominent sub-segment of the component segment as it brings in most revenue for internet of things (IoT) companies. Sensors, actuators, connectivity devices, and RFID tags are some key hardware components that are extensively used in IoT devices. Growing demand for advanced IoT devices is pushing companies to invest in the development of new hardware technology. Rising demand for remote monitoring in multiple industry verticals is also estimated to promote the use of advanced hardware components going forward.

The need for advanced software for IoT devices for data collection and analysis is projected to help the software sub-segment boost market development at a good pace. Increasing emphasis on process optimization and demand for custom applications are also slated to help this segment bolster internet of things (IoT) market growth. The launch of new digital transformation initiatives around the world is also projected to aid IoT software demand. The rising use of IoT devices in different automation applications is estimated to help the expansion of the service sub-segment. Integration of IoT devices with other advanced and smart technologies will also help internet of things (IoT) companies expand their revenue generation through services.

View report summary and Table of Contents (TOC):

https://www.skyquestt.com/report/internet-of-things-market

Smart Manufacturing Leading the Application Scope of IoT Technology

Rising emphasis on improving manufacturing facilities’ productivity and operational efficiency is promoting the adoption of smart manufacturing practices. Most smart manufacturing approaches rely on the utilization of the Internet of things and other connected technologies. The adoption of the Industry 4.0 trend is another key factor helping internet of things (IoT) adoption in smart manufacturing applications. The Internet of things (IoT) is important in almost all kinds of smart applications and the growing popularity of smart solutions around the world is slated to create new opportunities going forward.

Growing demand for better agriculture yield around the world has promoted the popularity of smart and precision agriculture. This trend is also estimated to bolster sales of IoT devices across the forecast period and beyond. Smart transportation and logistics are another application where IoT devices will be high in demand owing to rising demand for automation. High investments in smart infrastructure development will also create new opportunities for internet of things (IoT) providers in the long run

In conclusion, the internet of things (IoT) market has a lot of untapped potential in its sub-segments, where internet of things (IoT) companies can focus and generate impressive revenue going forward. Smart agriculture, smart transportation, and hardware are the top segments that are estimated to provide the best return on investment for internet of things (IoT) companies in the future. New companies as well as established market players can target the sub-segments to amplify their business scope.

 Related Reports:

Automotive IoT Market

Internet Of Things (IoT) Professional Services Market

IoT Security Market

5G IoT Market

IoT Sensors Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

Contact:

Mr. Jagraj Singh

Skyquest Technology

1 Apache Way,

Westford,

Massachusetts 01886

USA (+1) 351-333-4748

Email: sales@skyquestt.com

Visit Our Website: https://www.skyquestt.com/

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MedTrainer Unveils AI Compliance Coach — Instant, Trusted Answers for Healthcare Teams

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MedTrainer introduces AI Compliance Coach — a powerful, built-in chatbot that blends regulatory expertise with AI intelligence to deliver instant, accurate answers to compliance questions within the workflows teams already trust.

LAS VEGAS, May 21, 2025 /PRNewswire-PRWeb/ — MedTrainer, a leading provider of healthcare workforce compliance solutions, introduces AI Compliance Coach — a powerful, built-in chatbot that blends regulatory expertise with AI intelligence to deliver instant, accurate answers to compliance questions within the workflows teams already trust. It’s the latest step in MedTrainer’s mission to incorporate AI that adds real value — helping compliance teams work faster, with more clarity, and less administrative strain.

“The AI-powered Compliance Coach blends regulatory expertise with forward-thinking technology to give users immediate access to the specific information they need — not just in theory, but in practice,” said Brian Williams, MHA, MBA, Vice President of Compliance at MedTrainer.

“We built the AI Compliance Coach to solve a very real problem for healthcare organizations — getting the right answer, at the right time, without adding to the administrative burden,” said Steve Gallion, CEO of MedTrainer. “It’s not just about speed; it’s about confidence. Our goal is to give compliance teams a reliable, in-platform resource that makes their work easier and faster, and help them stay on top of evolving regulations.”

This launch reflects MedTrainer’s broader commitment to using intelligent automation to strengthen accuracy, streamline workflows, and expand the value of its compliance platform. By embedding automation where it matters most, MedTrainer is building a smarter system that helps healthcare organizations stay audit-ready.

AI Compliance Coach Gives Healthcare Teams Instant Answers

The AI Compliance Coach delivers fast, trusted compliance information sourced from official regulations. Built on a secure large language model (LLM), it uses Chain of Thought reasoning developed by MedTrainer’s internal compliance team to analyze each question and return accurate, detailed guidance that’s easy to act on.

Healthcare teams can ask a wide range of questions, such as:

What are the latest CMS regulations for use of restraints in skilled nursing facilities?What are the sharps disposal requirements?How do I comply with E-Tags to avoid deficiencies?What are the best practices for preventing healthcare-associated infections?

The LLM has been trained and tested by MedTrainer’s compliance experts to ensure that responses are specific, relevant, and aligned with what healthcare organizations actually need when seeking regulatory clarity. Answers are tailored to the user’s facility type and operational context, helping ensure the guidance they receive is immediately applicable. Whether identifying required training or clarifying a policy, the AI Compliance Coach helps teams move forward with greater clarity and fewer delays.

“The AI-powered Compliance Coach is designed to give users immediate access to the specific information they need — not just in theory, but in practice,” said Brian Williams, MHA, MBA, Vice President of Compliance at MedTrainer. “We’ve engineered the responses to pull from real standards and get to the point quickly with embedded connections to platform resources.”

Faster, Trusted Answers for Everyday Compliance Needs

The AI Compliance Coach brings immediate clarity to the day-to-day work of compliance. Embedded within MedTrainer’s healthcare compliance management system, it delivers fast, trustworthy answers based on current federal regulations — right when users need them. Instead of interpreting policies or consulting multiple sources, teams get clear, actionable guidance in one place.

This efficiency translates to more time for critical tasks and fewer interruptions in daily workflows. By removing complexity from compliance questions and enabling faster decisions, the AI Compliance Coach empowers healthcare professionals to work with greater speed, confidence, and focus.

Customers continue to have the same level of access to MedTrainer’s award-winning customer support agents, available through phone and email. The combination of the AI Compliance Coach and live customer support offers customers with the best of both words to meet their compliance needs.

MedTrainer Continues To Expand AI Footprint

Earlier this month, MedTrainer released AI Upload Assistant, bringing the accuracy and power of AI to provider document management. Looking ahead, MedTrainer is rapidly releasing additional AI enhancements that are designed to eliminate manual work and boost accuracy across credentialing and compliance operations.

Additional AI advancements are already deep in development and nearing release and you will soon hear about these innovations. Together, these enhancements reflect MedTrainer’s commitment to combining expert-built technology with AI capabilities and intelligent automation that solves real problems for healthcare organizations.

Learn more about how MedTrainer’s is reducing friction in healthcare credentialing and compliance through next-generation technology.

About MedTrainer

Established in 2013, MedTrainer’s proven compliance platform accelerates and simplifies healthcare workforce compliance, now equipped with AI-enhanced efficiency. The natively-built software platform helps small and medium-sized healthcare organizations save time, reduce risk, and increase revenue through effective management of workforce compliance. MedTrainer’s all-in-one integrated technology solution delivers credentialing, training, and compliance workflows to manage business critical activities that meet regulatory and industry standards. Backed by Telescope Partners and Vista Equity Partners, MedTrainer is used by over 300,000 healthcare professionals at more than 15,000 healthcare sites across the United States.

Media Contact

Vince Koehler, MedTrainer, 1 888-337-0288, vince.koehler@medtrainer.comhttps://medtrainer.com/

Todd Scott, MedTrainer, 1 888-337-0288, todd.scott@medtrainer.comhttps://medtrainer.com/

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SOURCE MedTrainer

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Talkiatry Surpasses 2 Million Patient Visits and Expands Psychiatrist Workforce to Over 600

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Milestones highlight Talkiatry’s dedication to positive clinical outcomes, as more and more patients seek high-quality care from its full-time licensed psychiatrists

NEW YORK, May 21, 2025 /PRNewswire/ — Talkiatry, the leading national provider of in-network psychiatric care, today announced it has reached two million patient visits since its launch in 2020, doubling its one million visits milestone from last year. After taking three and a half years to reach its first million visits, Talkiatry surpassed its second million visits in just 14 months, underscoring the growing demand for its high-quality, technology-enabled care.

In addition to this patient milestone, Talkiatry now employs more than 600 psychiatrists nationwide, making it the largest dedicated psychiatry practice in the U.S. The company’s software platform and practice model, which removes administrative burdens so psychiatrists can focus solely on patient care, has been instrumental in attracting and retaining top talent while ensuring patients receive consistent, high-quality, expert treatment.

“This milestone isn’t just about the number. It’s about the real people behind each visit who are receiving the care they need, often after struggling to find timely and affordable access to a psychiatrist. With over two million patient visits and a growing team of more than 600 psychiatrists, we are proving that technology and expert care delivery can work together to make high-quality psychiatric care more accessible without sacrificing patient outcomes or the patient experience,” said Robert Krayn, Co-Founder and CEO of Talkiatry.

Talkiatry previously published clinical findings demonstrating substantial improvements in patient outcomes: after an average of five appointments over 15 weeks, 67% of patients no longer had clinically significant anxiety symptoms, and 62% no longer had clinically significant depression symptoms. Additionally, 26% of patients with anxiety and 29% with depression achieved clinical remission of symptoms, demonstrating the company’s continued commitment to delivering measurable and sustained outcomes.

Addressing the Growing Crisis in Psychiatric Care Accessibility

Talkiatry’s clinicians reported 80% less burnout than average industry measures, underscoring the effectiveness of its unique model in supporting psychiatrists while significantly addressing the clinician shortage in psychiatric care.

With 60% of U.S. counties without a single practicing psychiatrist and a projected national deficit of up to 30,000 psychiatrists by 2030, millions of Americans continue to encounter significant obstacles to psychiatric care. Talkiatry is directly addressing this crisis through a scalable platform that provides patients access to board-certified psychiatrists, covered by insurance and without extended wait times.

The company’s rapid growth highlights the increasing reliance on virtual psychiatric care centered around positive clinical outcomes to bridge this gap. Talkiatry is leading this shift by delivering:

A dedicated psychiatrist workforce – Unlike other telehealth providers that rely on contract-based models, Talkiatry directly employs psychiatrists, ensuring better continuity of care and stronger patient-doctor relationships.Elimination of administrative burdens – Talkiatry’s provider-enablement platform streamlines complex workflows like scheduling, billing, credentialing, and patient coordination, allowing psychiatrists to focus fully on patient care.Greater flexibility without sacrificing stability – Talkiatry’s virtual practice model provides psychiatrists the flexibility of telehealth without the unpredictability of contractor-based platforms or private practice.

“We’ve built an ecosystem that allows psychiatrists to do what they love—focus on patient care—without the administrative headaches that drive so many doctors away from clinical practice,” said Dr. Georgia Gaveras, Co-Founder and Chief Medical Officer of Talkiatry. “Our patients see our singular focus on clinical excellence, and we’re proud to deliver on that promise.”

Shaping the Future of Psychiatry

Talkiatry’s success is not just measured in visits; it’s reflected in its ability to deliver high-quality psychiatric care at scale while enhancing both the patient and provider experience. As the company continues to grow, it remains committed to setting a new standard for psychiatry, deploying new technologies that expand access to care without compromising quality.

About Talkiatry
Talkiatry is a national mental health practice that provides in-network psychiatry and therapy. They were co-founded by a patient and a triple-board-certified psychiatrist to solve the problems both groups face in accessing and providing the highest quality mental healthcare. 60% of adults in the U.S. with a diagnosable mental illness go untreated every year because care is inaccessible, while 45% of clinicians are out of network with insurers because reimbursement rates are low and paperwork is unduly burdensome. With innovative technology and a human-centered philosophy, Talkiatry provides patients with the care they need—and allows psychiatrists to focus on why they got into medicine. Learn more at www.talkiatry.com and follow us on Instagram, Facebook, and LinkedIn.

Media Contact
press@talkiatry.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/talkiatry-surpasses-2-million-patient-visits-and-expands-psychiatrist-workforce-to-over-600-302462069.html

SOURCE Talkiatry

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UPPAbaby Finalizes 4moms Brand Integration, Uniting Two Industry Leaders Under One Umbrella

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ROCKLAND, Mass., May 21, 2025 /PRNewswire/ — UPPAbaby, a global leader in premium baby gear, is proud to announce the official integration of 4moms into the UPPAbaby brand. Following the 2024 acquisition, all 4moms products — including the beloved MamaRoo® Smart Swing — will now live under the UPPAbaby name, marking a new era of unified innovation for growing families.

This strategic alignment strengthens UPPAbaby’s presence in the in-home category while expanding its mission to deliver intuitive, design-forward products that meet the evolving needs of modern parenthood. Parents can now turn to one trusted name for smarter gear across every stage, from strollers to sleep solutions.

“Parents today expect more from their gear — they want solutions that are smart, beautiful, and built to last,” said Bob Monahan, CEO and Co-Founder of UPPAbaby. “By integrating 4moms into UPPAbaby, we’re meeting that need head-on with a full portfolio that simplifies daily life, while simultaneously elevating it.”

The announcement was made at the recent ABC Kids Expo in Las Vegas, NV, where UPPAbaby unveiled upcoming product developments and offered a first look at its expanded brand direction — one that blends 4moms’ innovative technology with UPPAbaby’s elevated designs and services. Highlights of the unveiling included the Cruz® V3 stroller, the Mesa® V3 and Aria™ V2 infant car seats, and the continued expansion into the in-home category with the new Mamaroo® and Soma™ — all part of UPPAbaby’s vision to deliver a full line of premium products that support parents from day one.

Over the next few months, 4moms operations—including customer support, product education, and warranty services—will begin transitioning into the UPPAbaby ecosystem. For now, you can continue shopping on 4moms.com while we gradually integrate both brands. 4moms favorites like the MamaRoo® will soon be available at UPPAbaby Hub Service Center and Showrooms, and supported by our same trusted team. Together, we’re creating one seamless experience to make parenthood easier, more intuitive, and fun. That’s Parenthood, Understood.

“I already used UPPAbaby for walks and 4moms at home — now it’s just easier knowing the same company has my back no matter what stage we’re in.”
 — Alyssa C., parent of two

For more information, visit www.uppababy.com and follow UPPAbaby on LinkedIn (UPPAbaby), Instagram (@uppababy), Facebook (@UPPAbaby), and TikTok (@uppababy).

About UPPAbaby

UPPAbaby® is a global company with small-town roots committed to improving the lives of parents by building the smartest juvenile gear available. Founded in 2006, UPPAbaby combines decades of product experience with modern design to create stylish, functional, and intuitive gear that parents rely on — from the first ride home to years beyond.

View original content to download multimedia:https://www.prnewswire.com/news-releases/uppababy-finalizes-4moms-brand-integration-uniting-two-industry-leaders-under-one-umbrella-302459252.html

SOURCE UPPAbaby

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