The Global Internet of Things (IoT) Devices Market size was estimated at USD 300.3 billion in 2021 and is expected to hit around USD 650.5 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2031.
Global Internet of Things (IoT) Devices Market: Breakup by Region, (USD Billion) 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The vast network of physical devices, cars, buildings, and other items integrated with sensors, software, and network connectivity, allowing them to gather and share data, is referred to as the Global Internet of Things (IoT) Devices Market. As IoT devices continue to proliferate across a variety of industries, from manufacturing and healthcare to smart homes and agriculture, this industry has experienced substantial development.
The market for IoT devices is expanding due, in large part, to the growing need for real-time data analytics and insights. Businesses use Internet of Things (IoT) devices to collect useful data from the real world, which helps them make data-driven decisions. Businesses may increase overall productivity, optimise resource utilisation, and improve operational efficiency by integrating IoT devices.
The connected technology landscape is changing due to dynamic trends in the global market for Internet of Things (IoT) devices. The increase in demand for edge computing capabilities is one notable development. With the exponential growth of data created by IoT devices, enterprises are using edge computing more frequently to process and analyse data closer to the source. This trend lessens the strain on centralised cloud infrastructure, improves real-time decision-making, and lowers latency.
Another important development influencing the market for IoT devices is interoperability. The increasing number of different IoT devices from different manufacturers has made it necessary to achieve seamless integration and connectivity. The creation of common protocols and standardisation initiatives is gaining traction, enabling seamless device interoperability. In order to promote an IoT ecosystem that is more integrated and interoperable, this trend is essential.
Strong cybersecurity measures are becoming more and more important as security is still a major worry in the market for IoT devices. The potential attack surface increases with the number of linked devices. To protect against cyber threats and preserve sensitive data, businesses are investing in advanced security solutions like encryption, authentication, and secure device management.
Recent Developments:
Edge AI deployment has significantly increased in recent years within the global Internet of Things (IoT) device market. Artificial intelligence algorithms are being installed directly on IoT devices more often as businesses look to improve the devices’ processing power at the network’s edge. This change opens the door for cutting-edge applications in fields like industrial automation and driverless cars by enabling more effective data analysis, lower latency, and better real-time decision-making.
The ongoing development of 5G technology in tandem with IoT is another noteworthy trend. The global deployment of 5G networks is encouraging an IoT ecosystem that is more responsive and networked. 5G’s faster data transmission rates and reduced latency allow more devices to function at once, facilitating the growth of Internet of Things applications that span from augmented reality to smart cities.
Market Segmentation:
Market Breakup: By Device
Wearables
Smart Appliances
Connected Cars
Industrial Machines
Smart Home Devices
Market Breakup: By Application
Smart Healthcare
Industrial IOT
Smart Cities
Agriculture
Connected Cars
Consumer Electronics
Market Breakup: By Connectivity
Cellular IOT (3G, 4G, 5G)
Wi-Fi
Bluetooth
Zigbee
LoRa
Market Breakup: By End-User
Healthcare
Manufacturing
Transportation
Agriculture
Retail
Energy
Regional Analysis
The size and scope of the global Internet of Things (IoT) Devices Market vary by region and are important and expanding. Below is a quick summary of the market’s regional analysis:
North America: With a strong ecosystem fuelled by technological breakthroughs and a high degree of awareness, North America is leading the way in the adoption of IoT. IoT devices are in high demand in the region, particularly in industries like industrial automation, smart homes, and healthcare. Prominent technology centres in the US and Canada encourage creativity, which results in a steady stream of new IoT solutions. The region’s prominence in the global IoT landscape is a result of strategic relationships between industrial players and a supportive regulatory framework.
Europe: With broad acceptance in a range of industries, Europe is a major participant in the global IoT device market. IoT growth has been fuelled by EU initiatives for smart city projects and digital transformation. Leading industrial IoT nations, such as Germany, the UK, and France, are utilising connected technology to boost manufacturing productivity. IoT deployments are impacted by stricter data protection laws, including GDPR, which prioritise user privacy. A wide range of applications, from sophisticated urban infrastructure in large cities to smart agriculture in rural areas, define the European market.
Asia-Pacific: Rapid urbanisation, industrialization, and the growth of the middle class have made the Asia-Pacific area a hotbed for the Internet of Things. Nations such as China, Japan, and South Korea are setting the standard for IoT adoption across a wide range of industries. China, in particular, has made significant contributions to the Internet of Things sector with its extensive use in smart cities, manufacturing, and healthcare. The area’s emphasis on 5G deployment speeds up Internet of Things capabilities, making it possible for a wide range of devices to connect more quickly and reliably.
South America: While it is doing so a little more slowly than other regions, South America is seeing an increase in interest in IoT applications. Among the nations actively investigating IoT technologies are Brazil, Argentina, and Colombia, with a focus on smart city, healthcare, and agriculture programmes. The growth of infrastructure and economic variables are major determinants of the IoT environment in South America. IoT device use could rise across a range of industries as the area makes more investments in digital transformation.
Middle East and Africa: The use of IoT is steadily increasing in this region, albeit slowly. While African nations are investigating IoT applications in agriculture and healthcare, the oil-rich economies of the Middle East are investing in smart city initiatives. Developments in connectivity infrastructure, such as the spread of 4G and 5G networks, support the growth of IoT in the region. Widespread IoT adoption, however, must take into account obstacles, including uneven technological infrastructure and socioeconomic issues. The varied topography of the area offers chances for customised IoT solutions that address certain regional requirements and circumstances.
Market Breakup By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The Internet of Things (IoT) Devices Market competitive landscape provides details by competitor. Details included are company outline, company financials, revenue generated, market potential, investment in research and development, new market initiatives, worldwide occurrence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The overhead data points providing are only related to the businesses’ focus related to Internet of Things (IoT) Devices marketplace.
Major players operating in the Global Internet of Things (IoT) Devices Market are:
- Cisco Systems
- IBM
- Microsoft Corporation
- Intel Corporation
- Huawei Technologies Co., Ltd.
- Bosch
- General Electric (GE)
- Siemens AG
- Qualcomm Technologies, Inc.
- Amazon Web Services (AWS)
- AT&T Inc.
- Samsung Electronics Co., Ltd.
- Oracle Corporation
- Honeywell International Inc.
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