Global IoT Devices Market Share is Likely to Grow at a CAGR Value of 10.10% By 2028

30-Aug-2022 | Facts and Factors

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.

Global IoT Devices Market Size

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The Internet of Things (IoT) is an operating system that collects data from a device or object using sensors, software, and other technologies before connecting to and sending that data to other devices or things via the internet. Because of their inherent versatility and propensity to multitask in any setting, IoT systems have applications in various industries. Smart devices and advanced supporting technologies are utilized to improve data collection, automation, operations, and other functions. Artificial intelligence, connection, active interaction, and small gadgets characterize the Internet of Things. The main advantages are increased flexibility, security, and compliance. Amazon Echo, eco bee, neuroid, google home, and the ring are examples of IoT innovations. The potential benefits of IoT should be endless. Increased network agility, integrated artificial intelligence (AI), and the ability to organize, automate, program, and protect numerous use cases on a big scale will help the industrial internet progress. The opportunity is to allow several devices to run concurrently and utilize large volumes of usable data to automate various commercial procedures.

Browse the full “IoT Devices Market By Size, Share, Growth Analysis Report 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, and Manufacturing), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/iot-devices-market

Wireless networking technology demand is a macroeconomic indicator expected to fuel market expansion. A wireless personal area network (WPAN) is necessary to support multi-vendor inter-operations as market players build the internet of things (IoT), and the IoT becomes increasingly connected via wireless connections. Wireless networks fulfill such specialized needs of smaller vertical markets and specialized applications to provide standardization and interoperability benefits. Each standardized wireless network protocol has unique properties devised and tweaked to enable certain IoT applications. The use of cloud data management in large-scale IoT applications will likely drive the growth of the IoT devices market. The sector has increased investments in R&D projects to create cutting-edge IoT systems. The market for IoT devices has grown in popularity as a result. Individual businesses do not need to gather large amounts of gear, set up administration networks, or establish workflows for IoT using cloud computing. Other factors, such as decreased costs and the importance of data analytics, will contribute to the growth of the IoT devices market. The IoT devices market is constrained by a lack of interoperability challenges, a scarcity of competent employees, and cybersecurity concerns that result in personal data being hacked.

The global IoT devices market is segregated based on the devices, product type, application, and region. 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. Based on the product type, the market is segregated into the 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. Based on application, the market is segregated into building & home automation, connected health, BFSI, energy & utilities, logistics, transportation, and manufacturing. In 2021, the manufacturing category dominated the global IoT devices market.

The global IoT devices market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America, where the United States and Canada dominate the IoT device market, will hold the greatest market share in 2021. In North America, there is expected to be a rise in smart connected devices, early adoption of innovative technologies, and significant R&D spending. The dominance is due to infrastructure upgrades and widespread adoption of the most recent technology. The presence of well-known industry leaders and their huge customer base is essential for enabling the North American market to grow steadily.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 1,529.50 Million

Projected Market Size in 2028

USD 2724.42 Million

CAGR Growth Rate

10.10% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

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., and Others

Key Segment

By Devices, Product Type, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Key players in the global IoT devices market include 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, and 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

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