IoT Technology Market Set to Skyrocket: Explosive Growth Projected in Coming Years

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 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.

Remote monitoring segment to grow with the highest CAGR during the forecast period

The remote monitoring segment is expected to register the highest growth rate during the forecast period. Remote monitoring involves collecting data from assets and using these data to trigger automatic alerts and actions, such as remote diagnostics, maintenance requests, and other operational processes. By using IoT, assets located anywhere can be monitored. There are some benefits that manual monitoring or traditional monitoring systems using older connections (such as serial or POTS) cannot offer. Thats where IoT monitoring systems come in. The key advantages of these systems are less costs, data collection, enhanced efficiency of monitoring processes, and proactive maintenance.

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

Network management platform segment to hold the largest share of the market during the forecast period

IoT network management enables functionalities such as authenticating, provisioning, configuring, monitoring, routing, and device software management (e.g., firmware update, bug fix, and so forth). These functionalities help to maintain good network performance and are generally provided in an IoT environment as a network service. A solid network management solution is device-agnostic and offers a simple way to incorporate cross-vendor hardware models and data structures into the IoT workflow.

North America is leading the IoT technology market in 2020

North America held the largest share in the IoT technology market in 2020. Increasing penetration of the internet in technologically advancing economies and growing adoption of wireless sensors and networks across major end-use applications such as healthcare, retail, consumer electronics, industrial, and automotive and transportation have resulted in the growth of the global IoT Sensors market. North America held the largest volume share in 2020. An established IT ecosystem and early adoption of various IoT-enabled products across multiple end-use applications are the most prominent factors behind the growth of the market this region.

Some of the key companies operating in the market are 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.

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

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441