Smart Connected Devices Market Research Report - Forecast to 2027

Smart Connected Devices Market Research Report: By Product (Smartphones, Smart Watch, Smart Glasses, Wireless Printers, Smart Meters, Smart Cameras, Connected Bulbs, Smart Locks), End User (Industrial, Commercial, Residential) – Forecast Till 2027

ID: MRFR/SEM/4213-HCR | January 2023 | Region: Global | 100 Pages         

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Smart Connected Devices Market Overview

The smart connected devices market is not just growing; it is accelerating. Smart connected devices are embedded with sensors and possess connectivity features, which allow exchange of data.

The target audience is demanding smart connected devices market solutions and sensor networks for energy efficiency backed with technological advancements owing to the ease and comfort offered on a large scale and thus, provide promising returns to the global market operations.

COVID 19 Analysis

The sudden and unwelcomed arrival of the novel coronavirus pandemic has initiated different trends and alternate approaches for the global market alongside the target audience that is spread in various regions located across the globe. From opting for alternate and healthier lifestyle options to staying inside the home, the global target audience has been prioritizing their health and taking alternate means to adopt the easier, comfortable, and convenient means to live a healthier and soothing lifestyle. Technological advancements have had a huge role in helping people cope up with the loss of time and resources due to workload and deadlines by the pandemic. The arrival of the global coronavirus pandemic has introduced various healthcare concerns and hence, the target people are taking necessary steps to enhance the quality of life that is led by them. Automation systems are known to have played an important role in helping people invest in the right products and features that will enhance their homes and living standard. The global government had imposed both temporary and permanent lockdowns to reduce the positive cases and hence, the result is a reduction in the degree of fatality that has been attached to the spread of the disease on a global market scale.

The key market players of the global smart connected devices market are investing in excellent opportunities that will help in the development of the smart connected system that will increase the production and manufacturing capability of the business units during the forecast period that will be ending in 2028. Also, the government is rolling various rules and regulations that will positively impact the goal of massive demand generation for the market services and hence, has let the vendors operate at an established scale to cater to the news, thus promising profitable results.

Market Dynamics

  • Drivers

The global smart connected devices market is likely to be witnessing an increase in the degree to which the IoT and cloud-based platforms. These are being adopted by the target audience spread in various global locations during the forecast period that will be ending in 2028. This is generating excellent growth opportunities for global expansion of the market size and growth of the smart connected devices market share. Also, the rising technological advancements for the market, have an important role to help the companies in pursuing organic and innovative strategies to render major kinds of benefits to the target audience and thus, expand the services and operations to emerge as a dominant market player in the global market competition.

  • Restraints

However, the smart connected devices market analysis predicts for the forecast period that the market is exposed to some risks that are presenting as restraints to the objectives of the global growth of the market during the forecast period that ends in 2023. Once these management and smart systems are installed, there is an increase in the difficulty degree related to the up-gradation followed by the constant requirement of automation of these systems. The replacement process is lengthy and can also, hamper the designated budget for the smart connected devices market, if required frequently. Hence, the global market players need to dissolve these issues and take better steps towards growing as per the predictions laid down during the ongoing forecast period of 2017-2023.

  • Technology Analysis

There is a widespread need for the development and availability of integrated security and safety systems that are largely prevalent amongst various businesses and enterprises that are expected to lead the market operations and growth during the forecast period that ends in 2023. The global markets in collaboration with the government are recognizing its role and hence, are rolling various schemes and initiatives that are related to the concept of green building and strict policies. However, to resolve, these prominent restraints and issues, the global players of the market have already deployed and are on the way to adding features to the devices as a prominent part of the smart connected. The investment and elaborated funding in these features and devices is growing because these features have been designed to track, as well as, regulate the total quantum of energy that is being deployed and put to use for the limelight and meeting the business goals and objectives. These technological advancements and contributions are projected to have pushed the target audience for deploying an array of management systems inclusive of the products and services rendered by the smart connected devices market and emerge as global leaders during the forecast period that ends in 2023.

Smart Connected Devices Market Segment Overview

To help the potential market investors make better and profitable investment decisions, the global smart connected devices market report helps in studying and analyzing the revenue potential that is held by the market segments that are functional in various global regions. The smart connected devices market has been segmented based on the following:

Smart Connected Devices Market, By Module

  • Hardware

  • APM software & platform

  • Service

Smart Connected Devices Market, By Industry

  • Automotive & Transportation

  • Energy & Power

  • Healthcare

  • Smart Agriculture

  • Factory Automation

  • Others (Metal & Mining, Food & beverage, and Textile)

Smart Connected Devices Market, By Geography

  • Americas

  • Europe

  • APAC

  • RoW

Smart Connected Devices Market Regional Analysis

Based on the findings of the smart connected devices market report, the market has been segmented into the South and North Americas, the European regions, the APAC market, and the rest of the World. The smart connected assets and operations market is more prevalent in the APAC region and is expected to grow at the highest rate during the forecast period. The market growth is expanding and this trend can be attributed to the several initiatives taken up by the Government of India and many major players of smart connected assets and operations ecosystem, which help to improve the market share during the forecast period that will be ending in 2023.

Competitive Landscape

The global smart connected devices market report helps in drawing a competitive graph amongst the market players and the recent developments undertaken by them during the forecast period that will be ending in 2023. The prominent players of the global market that will help the market operations expand and help the market grow as per the predictions that have been laid for the forecast period of 2017-2023 are as follows:

  • Intel Corporation (U.S.)

  • iSolution international Pvt. Ltd ( Philippines)

  • Broadcom Corporation (U.S.)

  • OMCS International (U.S.)

  • Freescale Semiconductor, Inc. (U.S.)

  • Maintenance Assistant Inc. (U.S.)

  • ARM holding plc (U.K.)

  • Bentley systems incorporated (U.S.)

  • Texas Instruments (U.S.)

  • Cypress Semiconductor (U.S.)

  • ABB Ltd (Switzerland)

  • Rockwell Automation (U.S.)

  • NXP Semiconductor (Netherlands)

Recent Developments

  • The smart connected devices market service that has been rendered by the market operations on a global scale is likely to be opting for expansion by dividing the market services in the form of both advisory and consulting services. Also, this particular market segment is propelling good growth in the APAC region and s gaining momentum for opting and offering installation and support services backed with managed services, as well.

  • The key players in the smart connected devices market focus on strategic partnerships, acquisitions, agreements, and new product launch to increase their revenue. In August 2016, one of the prominent market players - Intel Corporation launched new 7th Gen Intel Core processors which are faster and further, are more responsive, and provide access to premium 4K ultra-high-definition content.

  • The same company that is Intel took to the international scale and announced the Intel Joule compute module, which is a high-performance developer platform, with support for Intel RealSense depth-sensing cameras, targeted at Internet of Things (IoT) developers, entrepreneurs, and established enterprises.

Intended Audience

  • Potential Market Investors

  • Smart Connected Device Manufacturers And Vendors

  • Enterprises, Business and Corporate Entities

  • Research And Development Institutions

  • Company Headquarters

  • Management and Marketing Systems

  • Government and Public Entities

  • Members of Public Associations Functioning for the Benefit of Established Companies

  • Startups

Smart Connected Devices Market Report Overview

The global smart connected devices market report helps in discussing the market trends and predicting the growth rate and expected market valuation for the market services and operations during the forecast period that will be ending in 2028. The global market report helps in identifying the sources of revenue for both the company, the rising competitiveness amongst the competitors, and the market segments that help in depicting whether the market will grow or decline its operations during the period.

Report Scope:

Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   Substantial CAGR
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Product
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Sony Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Motorola Solutions Inc. (U.S.), Nokia Networks (Finland), LG Corporation (South Korea), Hewlett-Packard (U.S.), HTC Corporation (Taiwan), Apple Inc. (U.S.), Dell Inc. (U.S.), Gionee Communication Equipment Co. Ltd (China), Micromax Informatics (India), Videocon Industries Ltd. (India), Acer Inc. (Taiwan), Lenovo Group Ltd. (Hong Kong), Blackberry Ltd. (Canada), and ZTE Corporation (China)
  Key Market Opportunities   The growth of the market in North America is attributed to technological advancements and increased adoption of smart connected devices across various industry verticals.
  Key Market Drivers

  • Major factors driving the growth of smart connected devices market include the growing demand for smartphones, tablets, and other smart devices and growing popularity of bringing your own device. \r\n
  • Increasing demand for mobile smart connected devices is expected to drive the growth of the global smart connected devices market.

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    Frequently Asked Questions (FAQ) :

    Growing demand for smart devices, such as smartphones, tablets and BYOD trend are the major tailwinds pushing the growth of the global smart connected devices market.

    Smart locks by product is the largest segment in the global smart connected devices market.

    Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), Motorola Solutions Inc. (U.S.), LG Corporation (South Korea), Nokia Networks (Finland), Hewlett- Packard (U.S.), Apple Inc. (U.S.), HTC Corporation (Taiwan), Dell Inc. (U.S.), Micromax Informatics (India), Gionee Communication Equipment Co. Ltd (China), Videocon Industries Ltd. (India), Lenovo Group Ltd. (Hong Kong), Acer Inc. (Taiwan), ZTE Corporation (China), and Blackberry Ltd. (Canada), are some of the top players operating in the global smart connected devices market.