by The IoT Devices Market is estimated to be valued at US$ 120.25 Mn or Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IoT devices encompass a wide range of physical objects embedded with sensors, electronics, software, and connectivity that enable them to exchange data with other devices and systems over the internet. Common examples of IoT devices are consumer electronics like smart TVs, smartphones, wearables, smart household appliances, smart home security devices, and industrial equipment. These devices collect useful data that can be analyzed to monitor assets, optimize processes, and enhance efficiency across various industries like manufacturing, healthcare, transportation, retail, and more.
Market Dynamics:
The growing adoption of IoT solutions across industries is fueling the demand for connected devices, which is a key driver for the IoT devices market growth. In manufacturing, IoT devices help optimize plant operations, monitor asset performance, enable predictive maintenance, and reduce downtime. Further, rising industrial automation and adoption of Industry 4.0 technologies is also driving the need for deploying IoT devices in factories. The increasing penetration of cloud computing is another major factor empowering IoT devices to connect, communicate and share data seamlessly while reducing costs. Availability of low-cost sensors integrated with advanced capabilities is making IoT adoption more feasible, driving the market.
Segment Analysis
The IoT devices market is dominated by the smart home sub-segment which accounts for over 30% of the overall market share. The growing popularity of home automation devices which can be controlled remotely using smartphones or tablets is driving the growth of this sub-segment. Devices such as smart locks, security cameras, thermostats, lighting systems and home appliances are increasingly being adopted by consumers for added safety, convenience and energy savings.
PEST Analysis
Political: IoT device manufacturers receive support from governments worldwide in the form of funding and initiatives to develop smart city solutions using IoT technologies. This is promoting investments in the market.
Economic: The growing digitalization of industries is fostering the demand for IoT devices from sectors such as manufacturing, healthcare, transportation etc. This expanding application landscape will propel the IoT devices market growth.
Social: Rising consumer demand for connectivity and smart home features is a major factor shaping the market. People are readily adopting IoT devices to simplify daily tasks, enable remote monitoring and gain energy efficient options.
Technological: Advances in areas such as AI, 5G, edge computing and blockchain are expanding the capabilities of IoT devices. This improving functionality and new use cases are attracting more users and businesses to IoT based solutions.
Key Takeaways
The Global Iot Devices Market Size is expected to witness high growth, exhibiting a CAGR of 22.% over the forecast period of 2023 to 2030. Rising digitalization of industries and growing consumer demand for smart and interconnected devices are fueling the market expansion.
Regional analysis: North America dominates the global market with over 35% share owing to widespread adoption of advanced IoT technologies across various sectors in the region. Asia Pacific is projected to be the fastest growing regional market, expanding at a CAGR of 26% during the forecast period. Rapid industrialization and infrastructure development in countries such as China and India is driving IoT deployment across Asia Pacific.
Key players: Key players operating in the IoT Devices market include Robert Bosch GmbH, Apple Inc., Amazon Inc., ABB Limited, Sony Corporation, Cisco Systems Inc., Vuzix Corporation, Google Inc. (Alphabet), Siemens AG, Samsung Electronics Co. Limited, and LG Electronics. These companies are focused on strengthening their product portfolios through innovations and strategic collaborations to meet the diverse needs of end-users.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
