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Connected IoT Devices Market Trends

ID: MRFR//3350-HCR | 100 Pages | Author: Shubham Munde| July 2024

Global Connected IoT Devices Market Overview:

Connected IoT Devices Market Size was valued at USD 10.8 Billion in 2023. The Connected IoT Devices market industry is projected to grow from USD 11.96 Billion in 2024 to USD 39.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.17% during the forecast period (2024 - 2032). 

Increased connectivity and network infrastructure, rising adoption of smart home devices, industrial IoT and industry 4.0, cost reduction in IoT devices, growing wearable technology, advancements in artificial intelligence (AI) and machine learning (ML), government initiatives and regulations, smart cities initiatives, healthcare and remote patient monitoring, data-driven decision making, are the key market drivers enhancing the market growth.

Connected IoT Devices Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Connected IoT Devices Market Trends

  • Rising Adoption of Smart Home Devices is driving the market growth

The market for linked IoT devices is expanding significantly due to the increasing usage of smart home technology. Numerous goods fall under the category of "smart home devices," including smart speakers, thermostats, lighting controls, doorbells, security cameras, and other items. These gadgets are made to make life more convenient, use less energy, and give homeowners more control over their homes. Smart home gadgets have proliferated quickly as a result of the fusion of cutting-edge technology with consumer demand for a more connected and automated lifestyle, creating a thriving industry for the Internet of Things (IoT).

The promise of improved ease and seamless integration comes with the adoption of smart home technology. Homeowners may use voice commands or smartphone apps to remotely control a number of components of their houses thanks to IoT connectivity. For instance, a smart speaker can be used to control the thermostat, dim the lights, lock the doors, or even start the coffee maker while the user is at home or away. This degree of control and automation simplifies processes and streamlines daily routines, saving users time and effort. The need for such technologies keeps growing as more people discover the convenience of smart home appliances, fueling market expansion.

Another compelling aspect driving the adoption of smart home appliances is energy savings. Many IoT-enabled gadgets are built to optimize energy use, which lowers utility costs and leaves a smaller environmental footprint. For instance, smart thermostats may learn household routines and modify heating or cooling based on occupancy, environmental factors, and user preferences. When a room is empty, smart lighting systems can be configured to automatically switch off, or they can be dimmed to conserve energy at specific times. Energy-efficient smart home technology is becoming more popular as environmental concerns gain traction, supporting the market. The adoption of IoT devices in the house is significantly influenced by home security and surveillance. 

Due to real-time monitoring and notifications, smart cameras, doorbells, and security systems give homeowners more peace of mind. If these sensors notice suspicious behavior or unlawful access, they can transmit notifications to users' smartphones, enabling homeowners to take prompt action or, if required, call the police. The need for better home security has increased demand for smart home security solutions, which has helped the industry expand. This demand has been fueled by developments in camera technology and cloud-based storage.

A positive cycle of innovation and new product creation has also been aided by the proliferation of smart home ecosystems. Customers grow increasingly invested in the ecosystem as they add more smart gadgets to their homes, driving manufacturers to update their products and roll out cutting-edge solutions to keep up with changing consumer needs. Consumer interest and market expansion are further fueled by this never-ending innovation cycle. Thus, driving the Connected IoT Devices market revenue.

Connected IoT Devices Market Segment Insights:

Connected IoT Devices Component Insights

The Connected IoT Devices Market segmentation, based on Component, includes Solution and Service. The solution segment dominated the market in 2022 because the manufacturing, automotive, and healthcare industries are experiencing an increase in demand for IoT device management solutions. However, due to the expanded adoption of IoT solutions and rising demand for support and maintenance services, services will experience the highest growth in the next years as they may be worn for longer periods of time.

Connected IoT Devices Deployment Insights

The Connected IoT Devices Market segmentation, based on Deployment, includes Private and Public. The public category generated the most income in 2022 because more developed economies, including China, the UK, the US, Australia, and Canada, are investing more money in public cloud infrastructure, which is likely to increase the demand for public cloud deployment models in the IoT cloud platform market.

Figure 1: Connected IoT Devices Market, by Deployment, 2022 & 2032 (USD Billion)

Connected IoT Devices Market, by Deployment, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Connected IoT Devices Application Insights

The Connected IoT Devices Market segmentation, based on Application, includes Smart Homes, Smart Manufacturing, Smart Utilities, Smart Retail, Connected Health, and Connected Logistics. The smart manufacturing category generated the most income in 2022 because there is an increasing demand to improve digital transformation throughout the manufacturing sector.

Connected IoT Devices Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Connected IoT Devices Market dominated this market in 2022 (45.80%). Because of advancements in infrastructure, widespread use of cutting-edge networking technology, and expanding use of cloud computing. The North American market receives the majority of its input from the US. In addition, the region's market benefits greatly from the powerful market players and their enormous client bases. Further, the U.S. Connected IoT Devices market held the largest market share, and the Canada Connected IoT Devices market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Connected IoT Devices Market SHARE BY REGION 2022 (USD Billion)

Connected IoT Devices Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Asia-Pacific Connected IoT Devices Market accounts for the second-largest market share. The area is distinguished by a high density of people, the widespread use of smartphones, and the ongoing development of high-speed data networks. Additionally, a lot of local smartphone users use their portable devices to access social media. As a result, the area has enormous prospects for IoT adoption. Moreover, China’s Connected IoT Devices market held the largest market share, and the Indian Connected IoT Devices market was the fastest growing market in the Asia-Pacific region.

Europe Connected IoT Devices market is expected to grow at the fastest CAGR from 2023 to 2032. To improve urban living, sustainability, and resource management, many European cities have been actively exploring smart city projects. These programs rely heavily on IoT technologies, which have accelerated the adoption of connected devices across a variety of urban infrastructure systems. Further, the German Connected IoT Devices market held the largest market share, and the UK Connected IoT Devices market was the fastest growing market in the European region.

Connected IoT Devices Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Connected IoT Devices market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Connected IoT Devices industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Connected IoT Devices industry to benefit clients and increase the market sector. In recent years, the Connected IoT Devices industry has offered some of the most significant advantages to medicine. Major players in the Connected IoT Devices market, including 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, are attempting to increase market demand by investing in research and development operations.

Consumer electronics, information technology, mobile communications, and device solutions are all produced by Samsung Electronics Co. Ltd. (Samsung), a division of the Samsung Group. Televisions (TV), refrigerators, washing machines, air conditioners, medical equipment, printers, monitors, computers, network systems, and digital cameras are among the company's product offerings. Additionally, it produces tablets, smartphones, LCD and LED panels, mobile phones, and other accessories. The retail, hospitality, healthcare, financial, educational, transportation, and government sectors can all benefit from Samsung's solutions. In addition to Asia-Pacific, the corporation also operates in the Americas, Europe, Africa, and the Middle East. Seoul, South Korea serves as the home base for Samsung.

Among the smart handheld gadgets that HTC Corp (HTC) creates and makes are smartphones and tablets. The company's product line includes PDA phones, virtual reality gear and related accessories, as well as other IoT products. Additionally, the company offers a variety of accessories for sale, including true wireless earbuds, adaptive audio earphones, USB type-c connections, power banks, and dual port car chargers. It provides products through important carriers, local retailers, online stores, and its own eStores. For smart mobile devices, it provides marketing, maintenance, and after-sales services, media streaming and download, as well as examination and consultation services. The company conducts business throughout the Americas, Europe, and Asia-Pacific. HTC's headquarters are in Taipei's Taoyuan City.

Key Companies in the Connected IoT Devices market 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)

  • Dell Inc. (US)

Connected IoT Devices Industry Developments

April 2024: An industry expert in identity management, fraud prevention, and connected asset services, Somos, Inc., is happy to disclose its collaboration with NetRise, a premier supplier of IoT Software Bill of Materials security analysis. The partnership implies a substantial achievement for SomosID, the company's flagship IoT device registry, as it spearheads efforts to advance transparency and improved security in the IoT device realm. NetRise offers granular visibility into the world's Extended Internet of Things (XIoT) security problem — comprising the modern firmware and software component security challenges of IT, IoT, OT, and other connected cyber-physical systems. The SomosID solution offers enterprises a thorough view of their deployed IoT assets, comprising all the device, application identity, and network attributes, as well as verification of certification of those devices. Somos also maintains comprehensive hardware and software bill of materials information to offer customers a current state of all of their assets. The capability effortlessly incorporates NetRise's IoT device software analysis, including software bills of materials and vulnerability monitoring. It provides a thorough, constant view of an enterprise's IoT security posture and risks across all of its assets. SVP & Chief Technology Officer at Somos, Sri Ramachandran, said that Somos is happy to be able to use NetRise's best-in-class firmware analysis capabilities to fulfill the striking rise in cyber-attacks on IoT devices and the latest compliance requirements posed by the global IoT cybersecurity regulations, including the regulations by the Federal Drug Administration (FDA), the Cyber Resilience Act in Europe and Federal Communications Commission (FCC) in the U.S.

June 2023: The Vietnamese IoT market is projected to acquire worth nearly USD 8.5 billion. To attain that target, the nation should apply IoT to measurement devices and means of transport, as per the experts. One report discovered that there are nearly 13 billion IoT devices across the globe, and the compound annual growth rate (CAGR) is 19 percent per annum. Among all these, 2.7 billion IoT connection devices use SIM with a CAGR of around 12 percent. The majority of the world's IoT device market belongs to China. The nation owns more than 10 billion IoT connections, among which 1.84 billion devices use SIM. According to the research, in Vietnam, the IoT market was worth nearly USD 2.5 billion in 2021 and grew by 22.6 percent per year.

June 2022: OEMs and skid makers may now remotely evaluate the health and condition of their installed base thanks to Connected OEM, a Honeywell Internet of Things (IoT) service. This technology allows for remote monitoring of compressors, furnaces, pumping stations, analyzer houses, and skids at end-user locations.

April 2022: Samsung established a partnership with IoT service provider ABB in order to increase support for home and commercial devices on SmartThings, the company's smart device hub. By collaborating with other companies, Samsung's SmartThings is evolving into a one-stop shop for controlling connected devices.

Connected IoT Devices Market Segmentation:

Connected IoT Devices Component Outlook

  • Solution

  • Service

Connected IoT Devices Deployment Outlook

  • Private

  • Public

Connected IoT Devices Application Outlook

  • Smart Homes

  • Smart Manufacturing

  • Smart Utilities

  • Smart Retail

  • Connected Health

  • Connected Logistics

Connected IoT Devices Regional Outlook

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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