IoT Technology Market Worth $566.4 Billion by 2027
- Written by Newsfile
Chicago, Illinois--(Newsfile Corp. - October 18, 2021) - According to a research report "IoT Technology Market with COVID-19 Impact Analysis, by Node Component (Sensor, Memory Device, Connectivity IC), Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography - Global Forecast to 2027" published by MarketsandMarkets™, 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.
Browse in-depth TOC on "IoT Technology Market"386 - Tables70 - Figures406 - Pages[1]
Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=258239167[2]
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. That's 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.
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.
Request for Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=258239167[3]
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 technology 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.
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, "Knowledge Store" 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 MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100000[4]
References
- ^ IoT Technology Market (www.newsfilecorp.com)
- ^ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=258239167 (www.newsfilecorp.com)
- ^ https://www.marketsandmarkets.com/requestsampleNew.asp?id=258239167 (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/100000 (www.newsfilecorp.com)