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The global IoT market is expected to grow at a 10.5% CAGR over the next five years to reach $1.39 trillion by 2026. Investor optimism about this industry is evident in the Global X Internet of Things Thematic ETF’s (SNSR) 51.2% returns over the past year. This compares to the SPDR S&P 500 Trust ETF’s (SPY) 40.1% gains over this period.
Given this backdrop, we think it’s wise to invest in ABB Ltd (ABB), Skyworks Solutions, Inc. (NASDAQ:SWKS) and Qorvo, Inc. (QRVO) because these companies are positioned nicely to benefit from the growing demand for IoT technology.
