ID: MRFR/SEM/3350-HCR | 100 Pages | Published By Shubham Munde on March 2023
The Global Connected IoT Devices Market Size will grow by 18.70% during 2022-2030.
The connected IoT devices market share is projected to register a CAGR of 18.70% from 2022 to 2030. Growing emphasis on operational efficiencies and managing connected devices is expected to drive market growth. Key players in the IoT industry are undertaking various initiatives, such as forming the Open Mobile Alliance (OMA), for regularizing protocols. This has also assisted in boosting the growth of the industry. The connected IoT devices market size is expected to reach approximately USD 36.05 billion by 2030. Moreover, IoT technology is the foundation for various enterprises to undergo a digital transformation. It aids these enterprises in enhancing current operations by developing and monitoring recent business models. IoT has been viewed as the primary factor in boosting digital transformation and uncovering operational efficiencies by businesses and service providers.
The COVID-19 outbreak has resulted in several challenges in industries. But the growth of the IoT-connected devices industry remains steady over the period. IoT technology is utilized widely in the healthcare sector during the crisis. The use of connected thermometers in hospitals is massive. A good number of healthcare centers in the Asia-Pacific region have adopted IoT-connected thermometers that allow them to check the temperature of the patients and the staff. Besides, telemedicine, medical drones, and other connected devices positively affect the IoT devices market.
The demand for wireless networking technology is a macroeconomic indicator projected to drive market expansion. With market players developing the Internet of Things (IoT) and the IoT becoming increasingly connected via wireless connections, a Wireless Personal Area Network (WPAN) is required to allow multi-vendor interoperations. Wireless networks serve such specific needs of smaller vertical markets and specialist applications to give the benefits of standardization and interoperability. Each wireless network's standardized protocols have unique characteristics designed and tuned to support specific IoT applications. The introduction of cloud data management in large-scale IoT applications is expected to boost the connected IoT devices industry growth. Individual firms can organize actual hardware, build management networks, or conduct workflow development in IoT with cloud computing. The benefits of cloud services include lifecycle management, with the cloud introducing IoT remote device lifecycle management, which is critical for offering a 360-degree data view of the device infrastructure. To back up their claims, businesses can migrate applications between the cloud and the node.
Sensors are the most important components in loT devices. They help in generating information about a physical event or state. Sensors can measure everything from their surroundings, including orientation, motion, light, sound, humidity, and temperature, to biometrics, such as blood pressure and heart rate. These sensors will drive the practicality of the loT across industry verticals for various application areas.
The market is fragmented. With a major market share, the key players focus on enhancing their customers. This industry is considered a lucrative investment opportunity owing to enormous consumer interest. The enterprises invest in future technologies to gain substantial expertise, achieving sustainable competitive advantage. For instance, in April 2022, Samsung announced a collaboration with ABB to expand SmartThings, Samsung's smart device hub, to assist more residential and commercial devices. By cooperating with other companies, Samsung's SmartThings is evolving into a one-stop shop for monitoring connected devices.
Privacy and security is the primary concern for a lot in smart city projects. To solve privacy and security challenges, stakeholders (security professionals and smart city planners) must address issues holistically to ensure the challenges do not continue plaguing the rest of the smart network. IoT would collect much data about personal movements, actions, and purchases.
The rapid explosion of lot and smart cities initiatives is enhancing the need for smart security solutions, such as Perimeter Intrusion Detection Systems (PIDS), to secure boundaries. In addition, there is a high focus on efficient energy management solutions to ensure proper metering and minimize wastage. The transportation infrastructure in smart cities is also inviting the contribution of loT technology vendors to ensure proper monitoring and control, minimize carbon emissions, and provide better route planning and optimization.
Internet connectivity and connected devices present organizations with tremendous opportunities to extract relevant data, such as consumer behavior in retail outlets, for real-time marketing analysis, sensor-driven decision analytics, and instantaneous control response in complex autonomous systems. IoT connects companies and governments with all smart prospects, such as smart cities, smart transportation, and smart utilities, and enables them to get location-based data in real time.
The connected IoT devices market segmentation, based on components, is services and solutions. The connected IoT devices market growth was prominently high under the solutions category in 2021 to the increasing demand for IoT device management solutions across the manufacturing, automobile, and healthcare industry. However, services are the fastest growing category in the coming years as they can be worn for longer due to the enhanced deployment of IoT solutions and growing demand for support and maintenance services.
The connected IoT devices market segmentation, based on end users, is government, agriculture, healthcare, retail, manufacturing, and transportation. In 2021, manufacturing accounted for the largest share of the connected IoT devices due to the growing need to enhance digital transformation across the manufacturing vertical. However, the healthcare category is to register the highest growth rate during the forecast period due to the increasing demand for personalized healthcare and the increasing requirement for digital transformation across the healthcare vertical.
By region, the connected IoT devices market trends have been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021 to infrastructural developments, heavy adoption of the latest networking technologies, and increasing penetration of cloud technologies. The US is the primary contributor to the North American market. In addition, prominent industry leaders and their vast customer base play a vital role in enabling the region's market to grow consistently.
Asia-Pacific accounted for the second-largest market share in the market in 2021. The region is characterized by a high population density, proliferation of smartphones, and continued rollout of high-speed data networks. Moreover, many smartphone users in the area access social media through their mobile devices. Hence, the region offers immense opportunities for IoT deployment. In addition, the growing focus of governments in upbringing small and medium-sized companies with extensive inclusion of intelligent devices is further anticipated to provide numerous opportunities to the IoT connected devices market over the forecasted period.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Advantech Co., Ltd. (Taiwan), Aeris Communication, Inc. (US), Amplia Soluciones (Spain), Cumulocity GmbH (Germany), International Business Machines Corporation (US), and Microsoft Corporation (US) dominate the market due to product differentiation, strategic developments, financial stability, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as product introduction, development, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in November 2022, Sateliot launched its first functional nanosatellite aboard a SpaceX Falcon 9 rocket to speed-up massive IoT adoption and shifted the IoT industry into cheap worldwide connectivity, bringing a technological breakthrough on par with the advent of GPS.
Prominent players in the connected IoT devices market research include Oracle Corporation (US), PTC Incorporation (US), Smith Micro Software, Inc. (US), Telit Communications PLC (Italy), Wind River Systems (US), Xively (US), Samsung Electronics Co. Ltd. (South Korea), Motorola Inc. (US), Nokia Solutions Network (Finland), LG Corporation (South Korea), Hewlett-Packard (US), HTC Corporation (Taiwan), Apple Inc. (US), and Dell Inc. (US), among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the connected IoT devices market report segmented by component and end-user by value (in US dollars). Also, to understand the consumption/demand created by consumers in the connected IoT devices market forecast between 2022 and 2030
To identify and infer the drivers, opportunities, restraints, and challenges in the connected IoT devices market growth
To find out the factors which are impacting the connected IoT devices market size among consumers
To identify and understand the several factors involved in the market affected by the pandemic
To provide a detailed insight into the key companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, recent developments, SWOT analysis, market statistics, product offering, and key strategies.
|Market Size 2030||USD 36.5 Billion|
|Compound Annual Growth Rate (CAGR)||18.70% (2022-2030)|
|Market Forecast Period||2022-2030|
|Historical Data||2018 & 2020|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component and End-User|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Advantech Co., Ltd. (Taiwan), Aeris Communication, Inc. (US), Amplia Soluciones (Spain), Cumulocity GmbH (Germany), International Business Machines Corporation (US), and Microsoft Corporation (US)|
|Key Market Opportunities||Increase in the demand for connected loT devices|
|Key Market Dynamics||Access to low-cost, low-power sensor technology|
The connected IoT devices market forecast period is 2022-2030
The market is expected to register a CAGR of ~18.20% over the next 10 years, according to the connected IoT devices market research.
Asia-Pacific is expected to register the highest CAGR during 2022-2030
North America held the largest share in 2021
The market size is expected to be USD 36.19 billion by 2030.
Advantech Co., Ltd. (Taiwan), Aeris Communication, Inc. (US), Amplia Soluciones (Spain), Cumulocity GmbH (Germany), International Business Machines Corporation (US), and Microsoft Corporation (US) are the major companies operating in the market.