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The demand for IoT-powered devices is on the rise across several industries. The continuing developments regarding keeping the data secure and enabling the devices to be monitored and controlled remotely and efficiently should fuel the IoT industry’s growth. Investor optimism about this industry’s growth prospects is evident in the Global X Internet of Things Thematic ETF’s (SNSR) 35.4% returns over the past year versus the SPDR S&P 500 Trust ETF’s (SPY) 32.1% gains. The global IoT market is expected to grow at a 10.5% CAGR to $1.39 trillion by 2026. By contributing significantly to the IoT devices market, both SWKS and PI should benefit from the industry tailwinds.
While PI’s price declined 19.6% over the past month, SWKS surged 11.2%. In terms of their past six months’ performance, SWKS is again a clear winner with 16% gains versus PI’s negative returns. But, which of these stocks is a better pick now? Let’s find out.
