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.

The Internet of Things (IoT) is a rapidly growing market that connects everyday devices to the internet, enabling them to communicate with each other and share data. The IoT technology market includes a wide range of devices, software, and services that enable the deployment and management of IoT networks.

The growing need for linked devices is one of the main factors driving the IoT technology industry. The demand for IoT technology to monitor and control these devices is expanding quickly as more gadgets connect to the internet. For connecting and managing these devices, IoT technologies like sensors, gateways, and cloud-based platforms are required.


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The growing adoption of Industry 4.0 and smart manufacturing is another factor driving the market for IoT technology. IoT technologies are essential to the digitization of manufacturing processes because they allow producers to continuously monitor and improve production. As a result, productivity has increased, downtime has decreased, and quality control has improved.

The IoT technology market is also benefiting from the increasing adoption of smart cities and the use of IoT technologies to manage urban infrastructure. Smart city applications include smart lighting, traffic management, waste management, and more. IoT technologies are essential for collecting and analyzing the data needed to manage these applications.

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.


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