Global IoT Devices Market Size & Share to Grow to USD 291,902 Million By 2027: FnF Research
New York, NY, March 10, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research 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 research report, the global IoT Devices Market was estimated at USD 45,594 Million in 2018 and is expected to reach USD 291,902 Million by 2027. The global IoT Devices Market is expected to grow at a compound annual growth rate (CAGR) of 22.67% from 2019 to 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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Key Questions Answered in this Report
1) What was the impact of COVID-19 on the IoT Devices Market?
2) What is the market size, share of the IoT Devices Market?
3) Who are the top market players in IoT Devices Market?
4) What will be the future market of the IoT Devices Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
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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.
Industry Major Market Players
- LG Electronics Inc.,
- Radio Thermostat Company of America,
- Qualcomm Technologies Inc.,
- Google LLC,
- Honeywell International Inc.,
- Motorola Mobility LLC,
- Nest Labs,
- Sony Corporation.
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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 time span from 2019 to 2027.
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 hindrances to the business growth during the period from 2019 to 2027.
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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.
The study provides a decisive view of the IoT Devices market by segmenting the market based on devices, product type, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027.
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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 hindrances to the business growth during the period from 2019 to 2027.
Based on the devices, the market is sectored into Processor, Connectivity IC, and Sensor. Again, the processor segment is sub-segmented into the microcontroller, digital signal processor, an application processor. The Connectivity IC segment is further divided into wired and wireless. The sensor segment is sub-classified into a heart rate sensor, humidity sensor, pressure sensor, camera module, and temperature sensor. On the basis of product type, the IoT devices industry is divided into Fitness & Heart Rate Monitor, Smart Bluetooth Trackers, Connected Cars, Refrigerators, Radar, Thermostats, Glasses, Lighting System, and Door Locks. Application-wise, the market is classified into Transportation, Energy & Utilities, Building & Home Automation, Connected Logistics, Connected Health, BFSI, and Manufacturing.
Browse the full “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” report at https://www.fnfresearch.com/iot-devices-market-by-devices-processor-connectivity-ic-133
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.
Key Features of IoT Devices Market Report :
- IoT Devices Market structure: Overview, industry life cycle analysis, supply chain analysis
- IoT Devices Market: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- IoT Devices Market size, trend, and forecast analysis
- IoT Devices Market segments’ trend and forecast
- IoT Devices Market’s competitive landscapes: Market share, Product portfolio, new product launches, etc.
- IoT Devices Market attractiveness and associated growth opportunities
- Emerging Trends in the IoT Devices Market.
- Strategic growth opportunities for the existing and new players
- Key success factors
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 in Defense Market: https://www.fnfresearch.com/iot-in-defense-market-by-component-hardware-services-134
IoT Billing & Invoicing Solutions Market: https://www.fnfresearch.com/iot-billing-invoicing-solutions-market-by-deployment-mode-174
IoT Fleet Management Market: https://www.fnfresearch.com/iot-fleet-management-market-by-platform-device-management-221
IoT Healthcare Market: https://www.fnfresearch.com/iot-healthcare-market-by-component-type-medical-devices-297
Agriculture IoT Market: https://www.fnfresearch.com/global-agriculture-iot-market-by-offering-software-services
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