IoT Technology Market : Trends, Current and Future Analysis of the IoT Technology

 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%. Increasing necessity of data centers due to rising adoption of cloud platforms, emergence of 5G communications technology, and growing use of wireless smart sensors and networks —are the key factors driving the IoT technology market.

Based on the node component, the IoT technology market has been divided into processor, connectivity IC, memory device, sensor, and logic device. Connectivity IC segment held the highest share in 2020. The increasing demand for better edge devices connectivity and significant developments in low-power connectivity technologies, such as Wi-Fi, Bluetooth, and Bluetooth Low Energy (BLE), are the key factors supporting the growth of the connectivity IC segment. In addition, increasing demand for consumer electronics and the soaring popularity of smart homes, which use multiple connectivity technologies, such as Bluetooth, BLE, Wi-Fi, and NFC (Near Field Communication), are expected to further drive the demand for connectivity ICs. Wi-Fi and Bluetooth devices are likely to record the maximum shipment during the forecast period because of their low power consumption and low cost.  

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=258239167

 

On the basis of end-use application, the market is categorized into aerospace, consumer and industrial. Among industrial applications, the retail segment led the IoT technology market. This segment is projected to grow more and retain the highest share during the forecast period. The IoT is revolutionizing the retail sector to a significant extent. With the help of connected devices, the retailers are moving toward optimizing the customer experience and streamlining both supply chain management and inventory management. The implications of IoT usage can be widely witnessed in functional areas such as advertising and marketing, digital signage, vending machines, payment processing, and inventory management.

 

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.

know more @ https://www.marketsandmarkets.com/Market-Reports/iot-application-technology-market-258239167.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA : 1-888-600-6441