The IoT technology market is expected to grow from USD 384.5 billion in 2021 to USD 566.4 billion by 2027, at a CAGR of 6.7%. The market growth can be attributed to several factors, such as the emergence of 5G communications technology, increasing necessity of data centers due to rising adoption of cloud platforms, growing use of wireless smart sensors and networks, and increased IP address space and better security solutions made available through IPv6. The IoT technology market witnessed a significant decline in its size in 2020 owing to the spread of the virus.The pandemic has adversely impacted the supply chain of the industry.
While there are several verticals that utilize IoT technologies, such as manufacturing, transportation, and travel and hospitality, where all the operations are put on hold, customers have changed their organization’s priorities.Moreover, in the wake of the current situation, the key players are focusing on maintaining and generating operating revenues.
This led to a reduction in the number of developments in the IoT technology market in 2020.A number of scheduled product launches and related developments have been delayed due to the pandemic.
However, the impact of COVID-19 is expected to reduce during the forecast period.
The managed services segment is expected to exhibit a higher CAGR of the IoT technology market during the forecast period Based on the service, the IoT technology market has been divided into professional services and managed services.IoT managed service is a portfolio of services and capabilities that help in managing the entire IoT environment.
It defines an appropriate strategy for businesses for digital transformation and empowers organizations to bring together the right mix of IoT products and solutions.
Aerospace & defense end-use application segment to exhibit a higher CAGR of IoT technology market during the forecast period IoT in the aerospace and defense segment in industrial application provides connectivity and integration and equips the manufacturer with wide-ranging views of their operations.The aerospace and defense end-user application makes use of sensors to capture comprehensive machine data.
These sensors can be used on key equipment, machines, and vehicles. IoT offers numerous opportunities to airlines for the improvement of baggage handling and equipment monitoring.
The market for logic devices to grow at the highest CAGR during the forecast period On the basis of node component, the market is categorized into memory device, logic device, processor, sensor, and connectivity IC. The significant increase in shipment of logic devices can be attributed to the rising demand for wearables, such as smartwatches, especially in developing economies, such as China, India, and Brazil, as well as the increasing participation of domestic players in the wearables market.
APAC is expected to register the highest CAGR in the market during the forecast period Among all regions, APAC is expected to register the highest growth in the IoT technology market during the forecast period.The growing penetration of the internet across commercial as well as residential spaces, broad consumer base, increasing disposable income, and improving IT infrastructure are some of the key determinants supplementing the growth of the IoT technology market in APAC.
Moreover, the adoption of cloud-based services and rising trend of industrial automation are the key growth drivers for the IoT technology market for commercial applications in countries such as China, South Korea, and Japan.
Breakdown of primary participants: • By Company Type: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25% • By Designation: C-Level Executives = 40%, Directors = 35%, and Others = 25% • By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Some of the major players in the IoT technology market include Intel Corporation (US), Qualcomm Technologies (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), IBM (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft Corporation (US), PTC (US), and Amazon Web Services (AWS) (US), and so on.
Research Coverage: In this report, the IoT technology market has been segmented on the basis of node component, platform, service, software solution, end-use application, and geography.The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market.
It gives a detailed view of the market across four main regions—North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the IoT technology ecosystem.
Key Benefits to Buy the Report: • This report includes statistics for the IoT technology market based on node component, platform, service, software solution, end-use application, and geography, along with their respective market sizes. • Value chain analysis and key industry trends have been provided for the market. • Major drivers, restraints, opportunities, and challenges for the IoT technology market have been provided in detail in this report. • This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches/developments, partnerships/acquisitions/agreements/contracts/collaborations/expansions.
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By The Business Research Company
• Aug 2021
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Internet Of Things
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