The technological innovation process will not stop whatever the situation of the economy is and this is in favor of IoT or Internet of Things stocks. Such as the imposition of lockdowns in different nations due to the outbreak and spread of the COVID-19 pandemic has resulted in increasing the significance of technology-based solutions in almost every industry. And this has been predicted that after the complete re-opening of the economies, businesses, as well as customers alike, will feel hesitation in terms of moving back to the pre-pandemic buying habits. Individuals will depend more on available technology in their routine lives. IoT based innovative solutions will experience and upsurge in terms of importance. While this pandemic serves as the direct catalyst for IoT stocks, investors should remember that the particular secular trends in devices connected with cloud computing were already moving in this direction. The timetable has been simply moved up by the COVID-19 pandemic. This has been estimated by IDC that the industrial and customer level spendings on IoT services and technology will cross the limit of $1 trillion by the end of 2022. This is a huge pie and this is increasing robustly, although due to pandemic, these estimates are becoming overly optimistic.
We are going to start the list with the best Internet of Things Stocks in 2021 as shared by Insider Monkey. The first stock on the list in Garmin which is delivering real-time and important information to users to make them able to increase their productivity on a daily basis. This includes tracking, fitness, mobile, marine, and GPS apps. The company has announced the certification recently for GCF 500 Autopilot. This Autopilot is being intended for the purpose of light piston aircraft along with delivering high-level inflight features. AQR Capital Management of Cliff Asness is the biggest hedge fund holder for this particular stock with an investment of $158 million. Another stock reviewed by Insider Monkey is Ambarella Inc., which is involved in the designing of fabless semiconductors and is concentrating on a broad range of computer and human vision applications. The chips are being developed by the company for the purpose of offering a mixture of low-power operation image processing, video compression, and computer vision performance. Renaissance Technologies of Jim Simons is the biggest hedge fund holder of this particular stock with an investment of around $62 million till September 2020.
If you are interested in knowing more details about these stocks along with others on the list, you can read them directly at 14 Best Internet of Things Stocks To Buy Now.