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 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 —are driving the IoT technology market.
Application of consumer electronics and aerospace & defense end-use industries and growth opportunities of IoT technology are creating opportunities for the IoT technology market.
Major IoT Technology Companies Include:
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Intel Corporation (US) ranked first in the IoT technology market in 2020. Intel has 6 major operating segments—Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IoTG), Non-Volatile Memory Solutions Group (NSG), Mobileye, and Programmable Solutions Group (PSG). Intel offers a range of solutions for various end-user industries. The company provides IoT products and solutions through its IOTG business segment. The company designs and manufactures advanced integrated digital technology platforms. It also develops and sells software and services primarily focused on security and technology integration. The security products offered by the company include data protection and encryption, database security, endpoint protection, network security, security management, server security, security information and event management (SIEM), and web security. The company’s IoTG segment offers products for retail, industrial, financial services and banking, education, government, building automation, transportation, and healthcare. It spends about 20% of its revenue on R&D every year. With such high investments in R&D, the company has vast product offerings for the IoT market with the latest technological advancements.
Qualcomm Technologies (US) ranked second in the IoT technology market in 2020. The company has 3 reportable business segments—Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The company conducts business primarily through its QCT semiconductor business and QTL licensing business. QCT develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in mobile devices, wireless networks, broadband gateway equipment, consumer electronic devices, other devices used in IoT and automotive systems for telematics and infotainment. QTL grants licenses or otherwise provides rights to use portions of their intellectual property portfolio, which includes certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products. The QSI reportable segment makes strategic investments. The company has non-reportable segments, which includes Qualcomm Government Technologies or QGOV, cloud AI inference processing initiative and other technology and service initiatives. The company provides IoT solutions and services for customers from industrial and commercial, smart cities, smart homes, audio, and connected healthcare fields.
Texas Instruments (US) ranked third in the IoT technology market in 2020. Texas Instruments has 3 major business segments—Analog, Embedded Processing, and Others. The company’s Analog segment provides semiconductor products that convert sound, temperature, pressure, and images into a stream of digital data that can be processed by other semiconductors. The product list includes high-volume analog and logic, high-performance analog, and power management devices. The Embedded Processing segment includes microcontrollers, digital signal processors (DSPs) and applications processors. DSPs perform mathematical computations, and microcontrollers control specific tasks for electronic equipment. The Others segment includes remaining business activities of the company, which include operating segments that do not meet the quantitative thresholds for individually reportable segments and cannot be aggregated with other operating segments.
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
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