ID: MRFR/SEM/3350-HCR | February 2021 | Region: Global | 100 pages
Today, the internet of things performs a crucial part in the global infrastructure. It offers advanced connections in the communication technologies. The IoT things generally refer to the network of devices, home appliances, sensors, electronics, actuators and more. The consumer electronics sector has a massive demand for IoT. It is launched for electronics to transform data into devices. Some of the biggest software companies such as IBM, Microsoft and Oracle are the key players in the market.
The IoT for electronics is a widely known concept. The IoT for electronics enables more analyzing, designing, enhancing, and product development procedures. Further, the development in communication technologies is the crucial reasons for exceptional IoT devices market growth. The prevalence of these technologies will continue to fuel the market demand. The Connected IoT Devices Market Forecast is suggesting that the growth rate will be immense. The Connected IoT Devices Market Size will grow by 19% during 2026. The demand for the IoT device market will continue to increase due to end to end solutions by key players of the market.
Covid 19 analysis
The outbreak of covid 19 has caused several challenges in the global industries. However, the growth rate of the IoT connected devices Market remains steady over this period. The IoT technology is used widely in the healthcare sector during the pandemic. The use of connected thermometers is massive in hospitals. Most of the healthcare centres in the Asia Pacific have adopted IoT connected thermometers. It enables to check of the temperature of both the staff and the patients.
Moreover, the utilization of medical drones, telemedicine and other connected devices is creating a positive impact on the IoT devices market. Furthermore, the use of sanitizer dispenser all over the globe is another factor that drives more demand for the IoT devices market. In several regions robots are used in the building entrance for sanitation purpose. As per the Connected IoT Devices Market Report, these factors create more growth opportunities.
Connected IoT Devices Market dynamics
The growing popularity of connected technologies and devices are the crucial market drivers. The connected things uplift the lifestyle and enable to completion of the task with ease. The convenience of using connected devices is high. Moreover, the prevalence of mobile phones and the internet is benefiting the connected IoT devices market more. It is a crucial driver for the market that will increase the overall profitability in the forecast period.
Increasing adoption of the ' bring your device and carry your devices' concept is another crucial driver for this market. The wider penetration of smartphones is causing more demand in the connected IoT devices market. Moreover, with the IoT the data analysis and storage is effective. Also, the data transmission and decision-making process in many fields is exceptional with this technology. The use of IoT for better network management is another crucial market driving factor. All these divers will intensify and increase Connected IoT Devices Market Demand.
The implementation of smart cities will happen on a wider scale during the forecast period. Also, smart cities are all about modern technologies and appliances. Most of the devices used in smart homes are IoT connected devices. The growth of smart cities will offer plenty of growth to the connected IoT devices industry. The connected IoT devices are widely used in smart homes as they suit the infrastructure well. Moreover, these devices can be controlled with the internet and remote control. It offers the user convenience and a high range of comfort. Moreover, with the connected IoT devices the energy consumption is higher. The popularity of the smart cities concept will offer plenty of Connected IoT Devices Market Growth opportunities in the forecast period.
The applications of the connected IoT devices are wide. They can control, manage, collect data and evaluate data. Also, they can even control wearable devices through cloud computing technology. Machine learning and artificial intelligence are involved in the connected IoT devices. The devices can communicate and share data with other machines.
The data security and integrity concerns are growing due to these advanced features of the connected IoT devices. Also, data security concern and privacy concerns are the crucial drivers of this market. Connected devices, mobile devices and smart devices have high-security threats. It is a significant factor that can restrict the overall market growth in the forecast period.
The connected devices collect sensitive and personal information of the user. Biometric data of the user is also collected by the connected IoT devices. Also, the dependency on the connected IoT devices can cause data exploitation and breach. The breach of data can cause plenty of complexities for the user. The increasing data breach concerns are the crucial challenges of the market. Also, the ecosystem of IoT devices is not fully developed in some regions. It can cause difficulties in the deployment of the data security software in connected IoT devices platform. This significant market challenge can have a declining effect on the market.
The overall market growth of the Global Connected IoT Devices Market is stable. The crucial drivers of the market provide continuous demand. Also, the higher adoption rate of the technology benefits the market by fuelling demand and revenue. Due to these crucial drivers, the market will witness the highest demand in the forecast period. Few factors restrict the market growth. The data breach concerns are the major challenges. However, the growth of smart cities offers splendid growth opportunities for the connected IoT devices market.
The Asia Pacific holds the maximum Connected IoT Devices Market Share. The rate of cloud spending is massive in this region. As per Connected IoT Devices Market Forecast, there will be immense growth in the upcoming years. The Asia pacific key players are taking plenty of steps to enhance the market. Further, new products of connected IoT devices are launched in this region. The connected devices investment is high in the region. Furthermore, the implementation of the smart-building will provide more scope for the product in Asia pacific.
Global Connected IoT Devices Market
Connected IoT Devices Market Segment overview
There two-component in the connected IoT devices market. The services and solutions are two crucial components in the market. Remote monitoring, security, data, network band and data management are the crucial segments in this market. Also, the management segment of the market receives higher demand.
There are plenty of end-users for the connected IoT devices market. The government, agriculture, healthcare, retail, manufacturing and transportation are the crucial end-users in the market. Also, the manufacturing industry of the IoT market receives massive demand. Also, it is a segment that will enable high revenue for the market. The government segment receives IoT devices demand for security purpose, safety and better public services.
Connected IoT Devices Market Regional analysis
The connected IoT devices market is fragmented into the Asia Pacific, North America, Europe and the Middle East. Asia pacific will outgrow other connected IoT devices market. The governmental initiatives to build smart cities are high in the Asia Pacific region. It is a crucial demand driving factor in the region. In the upcoming years, the adoption rate of IoT devices will increase massively in this region. The Asia Pacific market is making plenty of developments. The Asia Pacific region is increasing its portfolio during the forecast period.
North America is another exception regional player in the connected IoT devices market. In recent times, the adoption of IoT is spectacular in this region. The industrial and automotive sectors are the two areas that require more IoT devices. Also, the high investment in a cloud platform is positively affecting the connected IoT devices market. Technological advancements are increasing the need for IoT in Europe. Europe will be the fastest-growing market during the forecast period.
Connected IoT Devices Market Competitive landscape
The competition in the connected IoT devices market is high. The new product launch, platform enhancement and research and development are crucial strategies that will be implemented in connected IoT devices.
The key players of the connected IOS device market are
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Deployment, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Advantech Co., Ltd. (Taiwan), Aeris Communication, Inc. (U.S.), Amplia Soluciones (Spain), Cumulocity GmbH (Germany), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), PTC Incorporation (U.S.), Smith Micro Software, Inc. (U.S.), Telit Communications PLC (Italy), Wind River Systems (U.S.), Xively (U.S.), Samsung Electronics Co. Ltd. (South Korea), Motorola Inc. (U.S.), Nokia Solutions Network (Finland), LG Corporation (South Korea), Hewlett-Packard (U.S.), HTC Corporation (Taiwan), Apple Inc. (U.S.), Dell Inc. (U.S.)|
|Key Market Opportunities||increasing adoption of bring your own device and carry your own device|
|Key Market Drivers||Increasing demand for mobile applications and growing popularity of connected things|
Frequently Asked Questions (FAQ) :
The connected IoT devices market is predicted to grow at a 19% CAGR between 2017- 2023.
The connected IoT devices market is predicted to reach USD 30 billion by 2023.
North America will lead the connected IoT devices market.
Multiple benefits of IoT and growing awareness about energy efficiency are driving the connected IoT devices market growth.
Notable players profiled in the connected IoT devices market include Advantech Co., Ltd. (Taiwan), Aeris Communication, Inc. (U.S.), Amplia Soluciones (Spain), Cumulocity GmbH (Germany), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), PTC Incorporation (U.S.), Smith Micro Software, Inc. (U.S.), Telit Communications PLC (Italy), Wind River Systems (U.S.), Xively (U.S.), Samsung Electronics Co. Ltd. (South Korea), Motorola Inc. (U.S.), Nokia Solutions Network (Finland) , LG Corporation (South Korea), Hewlett-Packard (U.S.), HTC Corporation (Taiwan), Apple Inc. (U.S.), Dell Inc. (U.S.) and others.