The IoT technology market is expected to grow from USD 384.5 billion

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.

New York, Oct. 14, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “IoT Technology Market with COVID-19 Impact Analysis, by Node Component, Solution, Platform, Service, End-use Application, Geography – Global Forecast to 2027” – https://www.reportlinker.com/p05210112/?utm_source=GNW

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…