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.
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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.
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