Facts & Factors has published a new report titled “IoT Devices Market By Devices (Processor, Connectivity IC, and Sensor), By Product Type (Fitness & Heart Rate Monitor, Connected Cars, Thermostats, Refrigerators, Radar, Glasses, Lighting System, Smart Bluetooth Trackers, and Door Locks), and By Application (Building & Home Automation, Connected Health, BFSI, Energy & Utilities, Connected Logistics, Transportation, and Manufacturing): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global IoT Devices market is predicted to be valued at approximately USD 45,594 million in 2018 and is expected to reach a value of around USD 291,902 million by 2027, at a CAGR of around 22.67% between 2019 and 2027.
Internet of Things (IoT) is an ecosystem of connected devices to the Internet, including smartphones and tablets or any other thing. The sensor is utilized in the devices for communicating, gathering, and exchanging data with one another. The information garnered from the instruments is examined for improving product functionality and service operations.
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Apparently, the internet of things also referred to as connected things encompass sensors and instruments that are linked to the web over immovable or wireless networking systems. This is due to the easy availability of the internet resulting in the mass acceptance of the technology.
Furthermore, the concept of IoT has brought a paradigm shift in the way firms across various business verticals interact with end-users. It helps the enterprises acquire operational efficacy and bring improvement in the operations of business procedures. In addition to this, businesses are accepting IoT-based services to offer cost-effective, easily available, and high-quality services to the end-users.
Moreover, the internet of things is expected to be the next industrial revolution as this will create new business models and totally overhauled & digitized connected businesses. Smart sensors, universal connectivity, and unlimited data storage are steering innovation and bringing together people, procedures, and data, in a connected biosphere.
Rising utilization of wireless networking systems to drive the market trends
Massive acceptance of wireless networking techniques or wireless equipment will steer the growth of the market during the forecast period. Moreover, the introduction of 5G wireless networking technology will further boost the scope of the business over the timespan from 2019 to 2027.
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Furthermore, a rise in the acceptance of cloud computing tools will create lucrative growth avenues for the business over the forecast timeline. In addition to this, the cloud computing platform helps in saving the annual costs of the firm to a large extent, thereby increasing the market earnings. Swift digitization witnessed in various industries and technological breakthroughs are likely to augment the expansion of the market over the forecast period. However, growing concerns pertaining to privacy & security will obstruct the market growth over the forecast timeline. Apparently, interoperability and lack of guidelines & standardization may result in the hindrances to the business growth during the period from 2019 to 2027.
Connectivity IC to lead the devices segment over the forecast timeline in terms of revenue
The segmental growth during the forecast period is owing to the massive use of MCUs as well as flexible SoC type designs. In addition to this, the growing allocation of funds by the key players in the business will further proliferate the segmental growth during the timespan from 2019 to 2027.
Manufacturing segment to dominate the application landscape in terms of value
The growth of the segment over the forecast period is subject to escalating the need for centralized monitoring and predictive maintenance of manufacturing activities.
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Asia Pacific market to record the highest CAGR over the forecast timeline
The market in the Asia Pacific region is set to register the highest growth rate of over 25% during the forecast timespan. The growth of the regional market is attributed to the massive demand for IoT equipment in a slew of applications across the region.
Some of the major players in the business 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.
This report segments the IoT Devices market as follows:
IoT Devices Market: By Devices Analysis
- Microcontroller (MCU)
- Application Processor (AP)
- Digital Signal Processor (DSP)
- Connectivity IC
- Heart Rate Sensor
- Pressure Sensor
- Temperature Sensor
- Humidity Sensor
- Camera Module
IoT Devices Market: By Product Type Analysis
- Fitness & Heart Rate Monitor
- Connected Cars
- Lighting System
- Smart Bluetooth Trackers
- Door Locks
IoT Devices Market: By Application Analysis
- Building & Home Automation
- Connected Health
- Energy & Utilities
- Connected Logistics
IoT Devices Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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