IoT Devices Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[213+ Pages Report] According to Facts and Factors, the global IoT devices market size was worth USD 1,529.50 million in 2021 and is estimated to grow to USD 2,724.42 million by 2028, with a compound annual growth rate (CAGR) of approximately 10.10% over the forecast period. The report analyzes the IoT devices market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT devices market.

Market Overview

The internet of things (IoT) is an operating system that collects data from a device or item using sensors, software, and other technologies and then connects and sends that data to other devices or things via the internet. IoT systems have applications in various industries because of their inherent versatility and willingness to multitask. Smart gadgets and advanced supporting technologies improve data collection, automation, operations, and more. Artificial intelligence, connectivity, active engagement, and small devices define the Internet of Things. The primary benefits are enhanced security, flexibility, and compliance. IoT developments include amazon echo, eco bee, neuroid, google home, and ring. The benefits of IoT in the future should be limitless. Increased network agility, integrated artificial intelligence (AI), and the ability to organize, automate, program, and safeguard various use cases on a large scale will all contribute to the progress of the industrial internet.

The potential lies in allowing several devices to operate concurrently and exploiting vast amounts of useable data to automate various business operations. An important factor influencing market growth during the projection period is the rise in the number of smart homes. A smart home uses communication devices like smartphones and linked tablets to connect household appliances, including heating and air conditioning units, televisions, lighting systems, computers, entertainment systems, security equipment, and camera systems. Smart homes provide comprehensive operational control over equipment, increasing demand for them.

COVID-19 Impact:

The COVID-19 outbreak has significantly impacted several industries that depend on IoT devices, including trade, medicine, vehicle maintenance, logistics services, investments, heavy transportation facilities,  vehicles, and electronic advertising. The Internet of Things (IoT) is projected to be crucial for long-term recovery measures for the post-COVID-19 economy worldwide. Since several businesses have had unfavorable effects in recent years, they have started utilizing IoT devices. Most industries have adopted this technology, including transportation, healthcare, retail, fleet management, etc.

Key Insights

• As per the analysis shared by our research analyst, the global IoT devices market value is expected to grow at a CAGR of 10.10% over the forecast period.
• In terms of revenue, the global IoT devices market size was valued at around USD 1,529.50 million in 2021 and is projected to reach USD 2724.42 million by 2028.
• An important factor influencing market growth during the projection period is the rise in the number of smart homes.
• By product type, the lighting system category dominated the market in 2021.
• By application, the manufacturing category dominated the market in 2021.
• North America dominated the global IoT devices market in 2021.

Growth Drivers

• Wireless networking technology demand drives the market growth

Demand for wireless networking technology is a macroeconomic indicator that will likely drive market growth. To allow multi-vendor inter-operations as market players develop the Internet of Things (IoT) and the IoT becomes increasingly connected via wireless connections, a Wireless Personal Area Network (WPAN) is required. To benefit from standardization and interoperability, wireless networks serve such unique needs of smaller vertical markets and specialized applications. Each standardized wireless network protocol has special characteristics developed and adjusted to support particular IoT applications. The adoption of cloud data management in extensive IoT applications is also anticipated to fuel the market for IoT devices.

Restraints

• Lack of advancements in communication technology and poor operational efficiency in developing economies may hinder the market growth

IoT's device operation is primarily due to technological developments and operational effectiveness. Many nations in the Asia Pacific, Middle East & Africa, and Latin America struggle with the lack of basic technologies, such as telecom and networking infrastructure, and are unable to quickly implement smart projects because of various factors, including a limited budget and a low literacy rate. This limits market expansion.

Segmentation Analysis

The global IoT devices market has been segmented into devices, product types, and applications.

Based on the devices, the market is segregated into the processor, connectivity IC, and sensor. In 2021, the connectivity IC segment dominated the global IoT devices market due to the growing popularity of smart home hubs that use Wi-Fi, Z-Wave, and 802.15.4 (ZigBee/Thread) for a variety of connectivity options.

Based on the product type, the market is segregated into fitness & heart rate monitor, connected cars, thermostats, refrigerators, radar, glasses, lighting systems, smart Bluetooth trackers, and door locks. In 2021, the lighting system category dominated the global IoT devices market. The main driving forces behind this segment's growth throughout the projection period are the increasing emphasis on energy consumption and the establishment of strict government rules about energy consumption.

Based on application, the market is segregated into building & home automation, connected health, BFSI, energy & utilities, connected logistics, transportation, and manufacturing. In 2021, the manufacturing category dominated the global IoT devices market. The huge portion of this market is mostly due to the need to expedite digital transformation across the industrial vertical. Additionally, thanks to the rising reliance on connected devices to optimize industrial processes, enhance efficiency, and shorten time to market, businesses are better prepared to make strategic decisions that include cutting-edge technology to meet their expanding needs.

Report Scope

Regional Landscape

• North America dominated the IoT devices market in 2021

In 2021, the largest market share will be in North America, where the United States and Canada dominate the IoT device market. Early adoption of emerging technologies, significant R&D expenditure and rising use of smart connected devices in North America are all anticipated to support market expansion. Infrastructure improvements and widespread use of the newest technology are to blame for the supremacy. The presence of well-known industry leaders and their huge customer base is essential for enabling the North American market to grow steadily.

Competitive Landscape

• LG Electronics Inc. 
• Radio Thermostat Company of America 
• Qualcomm Technologies Inc. 
• Amazon 
• Ecobee 
• SAMSUNG 
• Google LLC 
• Honeywell International Inc. 
• Motorola Mobility LLC 
• Nest Labs 
• Pebble 
• Sony Corporation.

Global IoT Devices Market is segmented as follows:

By Devices

• Processor
• Connectivity IC
• Sensor

By Product Type

• Fitness & Heart Rate Monitor
• Connected Cars
• Thermostats
• Refrigerators
• Radar
• Glasses
• Lighting System
• Smart Bluetooth Trackers
• Door Locks

By Application

• Building & Home Automation
• Connected Health
• BFSI
• Energy & Utilities
• Connected Logistics
• Transportation
• Manufacturing

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America