IoT devices allow connection of physical devices like home appliances, wearables and industrial tools to the internet which enables remote monitoring and management. IoT technology incorporates connectivity, sensors and software to gather and share data across interconnected physical devices. The integration of IoT into various products and applications provides advantages like optimized resource utilization, real-time monitoring and cost-effective operations.
The global IoT Devices Market is estimated to be valued at US$ 98 Mn in 2024 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.
Market key trends:
The growing adoption of connected devices across various sectors is driving the IoT devices market. The increasing penetration of internet and connectivity along with rising awareness about benefits of IoT is promoting connected technology integration. Various industries like manufacturing, healthcare, agriculture are actively implementing IoT solutions to gain operational insights, improve productivity and enhance customer experience. Government initiatives also support technology advancements to build smart infrastructure and cities. Growing need for remote operations due to COVID further accelerated IoT adoption globally. Advancements in 5G network and other connectivity technologies will continue to expand IoT applications in the coming years.
Segment Analysis
IoT Devices market is dominated by consumer electronics segment which holds around 35% of the total market share. Consumer electronics include smart home devices like smart TVs, smart speakers, smart appliances etc. This segment is dominating as adoption of smart home devices is increasing rapidly among consumers due to various benefits like convenience, ease of use and energy savings.
Key Takeaways
The global IoT Devices market is expected to witness high growth. The global IoT Devices Market is estimated to be valued at US$ 98 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.
North America region currently dominates the market due to higher adoption of new technologies across industries. However, Asia Pacific region is expected to witness fastest growth over forecast period owing to rising internet penetration, increasing disposable income and growing focus of regional manufacturers on innovation.
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. Regional players are also focusing on development of innovative and cost effective solutions to gain competitive edge.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it