This report offers an early view of how COVID-19 is likely to affect the IoT market and, more specifically, IoT demand in various industry verticals. To be clear, the human and societal impact of this pandemic is abundantly more important than how it affects “things.” Still, the virus is changing how humans interact and how businesses operate. Supply chains and the labor supply have been negatively disrupted across most industry verticals. While connectivity has helped alleviate some of these issues, especially through remote work, it is becoming clearer that on top of the health ramifications a recession is impending. Among other impacts, this will almost certainly slow IoT investment and deployments. As well as extending timelines for IoT market growth in many sectors, there may be some opportunities for IoT to shine. With major disruptions in global healthcare and supply chains, governments, hospitals, insurers, and logistics providers are having to react quickly and rethink how a more connected world could help better address the current crisis and avert or mitigate future ones.