COVID-19 Impact on the Global IoT technology market

MarketsandMarkets Presents 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

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.

MarketsandMarkets Presents 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.

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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.

MarketsandMarkets Presents 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.

MarketsandMarkets Presents 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 Know more @ https://www.marketsandmarkets.com/Market-Reports/iot-application-technology-market-258 239167.html

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