2 Stocks To Buy To Capitalize On The Internet Of Things (IoT) Revolution

Entrepreneur, Idea, Competence, Vision, Target

Increased demand for sensors and cloud services as businesses adopted hybrid working models has boosted the Internet of Things (IoT) market over the past year. Furthermore, as the race for 5G gains pace, the IoT market should grow significantly in the near term. Consequently, we believe Skyworks Solutions (SWKS) and Garmin (GRMN) could be solid bets to capitalize on this revolution.

Internet of Things (IoT) featured devices have gained prominence during the COVID-19 pandemic because of their immense applications in the technology and software industry. In fact, the demand for IoT solutions and services for easily tracking orders and shipments across different regions was increasing even before the pandemic.

With growing demand for sensors and cloud services in the 5G era, IoT should gain more prominence this year and beyond. The global IoT market hit  $761.40 billion in aggregate value in 2020. Moreover, 35 billion IoT devices are expected to be installed around the world in 2021.

The global IoT market is expected to grow at a CAGR of 10.5% over the next five years to hit $1.39 trillion by 2026. Given this backdrop, we think it’s  wise to invest in Skyworks Solutions, Inc. (SWKS - Get Rating) and Garmin Ltd. (GRMN - Get Rating) for solid returns in the coming months.

Skyworks Solutions, Inc. (SWKS - Get Rating)

Founded in 1962, SWKS designs, develops, manufactures and markets semiconductor products, including intellectual property. The company operates worldwide with engineering, manufacturing, sales and service facilities available throughout Asia, Europe and North America. SWKS’ product portfolio consists of various solutions, including amplifiers, attenuators, detectors, diodes, filters, front-end modules, hybrid, mixers, switches, and modulators.

SWKS collaborated with Xilinx, Inc. (XLNX) to showcase the spectral and power efficiency achievable using its SKY66318-21 power amplifier in 5G infrastructure applications at the CES 2021 Show. In January,  the company announced  that it had shipped more than one million of these power amplifiers. Also in January, SWKS announced that its high-performance Wi-Fi 6E front-end modules were now featured on the world’s first ultra-fast Wi-Fi 6E gaming router from ASUS.

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