The global IoT Devices Market is estimated to be valued at US$ 98 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.
IoT devices allow monitoring and controlling devices over the internet from remote locations. These devices help collect data from sensors installed in various appliances and send it to a server for analysis. They help optimize operations, reduce costs and increase efficiency of systems.
Market key trends:
One of the key trends in the IoT devices market is the increasing adoption of artificial intelligence. AI helps IoT devices analyze collected data, detect patterns and anticipate problems. It allows devices to become smarter over time and assist humans in decision making. AI integrated with IoT helps industries like manufacturing, healthcare and automotive gain valuable insights from data to improve operations. This has fueled investments in development of IoT devices with embedded AI capabilities.
The global IoT devices market is segmented by component, end users and geography. By component, the market is divided into hardware, software, and services. The hardware segment dominated the market in 2022 and is expected to witness significant growth during the forecast period. The growth of this segment can be attributed to growing adoption of consumer electronics devices and increasing number of connected devices globally.
The global IoT devices market is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing connectivity needs and growing adoption of IoT components and modules.
North America dominated the global market in 2022 and is expected to retain its dominance during the forecast period. This can be attributed to the growing adoption of latest technologies like AI, robotics, and big data analytics across various industries in the region. Asia Pacific is expected to be the fastest growing region, with a CAGR of over 25% during the forecast period.
Key players operating in the IoT Devices market are 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
- Source: Coherent Market Insights, Public sources, Desk research
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