According to the report, global IoT devices market was valued at around USD 31,500 million in 2016 and it is expected to reach around USD 158,140 million in 2024. The global Internet of things (IoT) devices market is expected to grow at a CAGR of 23% between 2017 and 2024.
New York, NY, July 27, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “IoT Devices Market by Device Type (Processor, Sensor, Connectivity IC, and Others) for Building and Home Automation, Energy and Utilities, Manufacturing, Connected Logistics, BFSI, Transportation, Connected Health and Others): Global Industry Analysis, Size, Share, Growth, Trends, and forecast 2016 – 2024”.
According to the report, the global IoT devices market was valued at around USD 31,500 million in 2016 and it is expected to reach around USD 158,140 million in 2024. The global Internet of things (IoT) devices market is expected to grow at a CAGR of 23% between 2017 and 2024.
Browse through 74 Tables & 38 Figures spread over 110 Pages and in-depth TOC on “Global IoT Devices Market Size 2016: Industry Share, Growth, Segments, Trends and Forecast, 2024”.
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Increasing wireless networking technologies and rising adoption of cloud platform across the globe are the key factors that will trigger the growth of the IoT devices market. IoT can analyze the real-time situation and also helps in better decision making. This digital transformation will open new opportunities for many industries and increase the market value of IoT devices.
Internet of Things (IoT) is an ecosystem of connected devices in which electronic devices are connected to the internet. The sensor is used to communicate, collect and exchange data from one device to others. The data accumulated from these devices can be analyzed to optimize products, services, and operations. The concept of IoT can achieve operational efficiency and optimize business processes.
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- The report covers the forecast and analysis for the IoT Devices Market on a global and regional level.
- The report includes the positive and negative factors that are influencing the growth of the market.
- The revenue generated by the prominent industry players has been analyzed in the report.
- The market numbers have been calculated using top-down and bottom-up approaches.
- The IoT Devices Market has been analyzed using Porter’s Five Forces Analysis.
- The market is segmented on the basis of agriculture type, software type, service type, solution type, and application type, which in turn is bifurcated on a regional level as well.
- All the segments have been evaluated based on present and future trends.
- The report deals with in-depth quantitative and qualitative analyses of the IoT Devices Market.
- The report includes detailed company profiles of the prominent market players.
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Drivers and Restraints
The major factor driving the growth of the internet of things (IoT) devices market is increasing adoption of cloud platform across the developing regions. Cloud computing has generated around USD 67 billion revenue in 2015 and It is estimated to increase up to USD 162 billion by 2020. IoT Cloud is a platform designed to store and process the Internet of Things (IoT) data. The cloud platform provides access to the device manufacturer and service providers for advanced analytics and monitoring. Another driver for the growth of cloud adoption in IoT is its cost-effective services. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud computing technology. These factors will increase the revenue of the IoT device market in the near future. Owing to this, the IoT device market will grow with a CAGR of 22.67% between2017 and 2024.
Reduction in the cost of connected devices is the opportunity for the market. The lack of consistency in interconnectivity, interoperability, and security issue is the challenging factors for the growth of the IoT devices market.
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The sensor segment is expected to register CAGR 23.63% from 2017 to 2024. High demand for IoT sensors in the transportation segment and the rising industrial IoT market are strongly driving the growth of the IoT sensors market. Additionally, increasing demand for the sensor in wearable technology and electronic device will boost the growth of sensor segment. There are many types of sensors available such as temperature sensor, humidity sensor, pressure sensor, flow sensor, accelerometer, magnetometer, touch sensor, and others. Heart rate segment dominated the market in 2016. Owing to the increased heart disease issue across the globe is one of the key factors for this segment growth. Heart rate sensors enable individuals to obtain real-time data and allow tracking their heart rate from anywhere anytime. North America accounted for the largest market share in the heart rate monitor sensor segment.
The smart door locks industry is anticipated to grow at a significant CAGR of 23.42% and currently valued at USD 4,497.58 Million. This is due to the increase in security & privacy concerns across the world and advancements in wireless communication technologies will fuel the growth of door lock segment. In addition, the rise in disposable income of consumers, and increasing need to establish connectivity across all the electronic equipment of the house will raise the revenue of door locks segment.
BSFI segment is expected to grow with CAGR of 25.77% during the forecasted period. Internet of things (IoT) in banking, financial services, and insurance (BFSI) sector has created a platform where the physical, virtual, and the real world is integrated and all the connected dots interact with each other. Technological advancements and continued innovation has impacted the BFSI industry’s operating models and reshape banking system. Considering such factors it is anticipated segment will be valued at around USD 13,589.31 million.
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The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report areAmazon, Ecobee, Google LLC, Honeywell International Inc., LG Electronics, Inc., Motorola Mobility LLC, Nest Labs, Pebble, Qualcomm Technologies, Inc., Radio Thermostat Company of America, SAMSUNG, Sony Corporation, and others.
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. On April 24, 2014, Zebra Technologies had acquired Motorola’s enterprise unit for USD 3.5 billion. The companies’ shared commitment to innovation will help customers harness powerful technology trends like the Internet of Things (IoT), location and motion sensing and mobile enterprise cloud computing.
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Global IoT Devices Market Segmentation:
Global IoT Devices Market: Device Segment Analysis
- Microcontroller (MCU)
- Application Processor (AP)
- Digital Signal Processor (DSP)
- Heart Rate Sensor
- Pressure Sensor
- Temperature Sensor
- Humidity Sensor
- Camera Module
- Connectivity IC
- Others (Memory Device and Logic Device)
Global IoT Devices Market: Product Type Segment Analysis
- Lighting System
- Door Locks
- Smart Bluetooth Trackers
- Connected Cars
- Fitness & Heart Rate Monitor
Global IoT Devices Market: Application Segment Analysis
- Building and Home Automation
- Energy and Utilities
- Connected Logistics
- Connected Health
Global IoT Devices Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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