Current growth of IoT Technology Market segments.

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.

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In this research report, the IoT technology market has been segmented on the basis of offering, type, end-use industry, and geography.

IoT Technology Market, by Node Component


Connectivity IC

Memory Device


Logic Device

IoT Technology Market, by Software Solution

Data Management

Real-Time Streaming Analytics

Network Bandwidth Management

Remote Monitoring

Security Solution

IoT Technology Market, by Platform

Device Management

Application Management

Network Management

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.

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