Connected IoT Devices Market Size to Expand at 19% CAGR during 2020-2027 - Report by Market Research Future (MRFR)
New York, US, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Connected IoT Devices Market information by Components, Deployment, Application and Region – forecast to 2027” the market is predicted to grow at CAGR of 19% in the forecast period 2020- 2027.
Dominant Key Players on Connected IoT Devices Market Covered Are:
- Advantech Co., Ltd. (Taiwan)
- Aeris Communication, Inc. (U.S.)
- Amplia Soluciones (Spain)
- Cumulocity GmbH (Germany)
- International Business Machines Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
- PTC Incorporation (U.S.)
- Smith Micro Software, Inc. (U.S.)
- Telit Communications PLC (Italy)
- Wind River Systems (U.S.)
- Xively (U.S.)
- Samsung Electronics Co. Ltd. (South Korea)
- Motorola Inc. (U.S.)
- Nokia Solutions Network (Finland)
- LG Corporation (South Korea)
- Hewlett-Packard (U.S.)
- HTC Corporation (Taiwan)
- Apple Inc. (U.S.)
- Dell Inc. (U.S.)
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Market Drivers
Growing Popularity of Connected Technologies and Devices to Boost Market Growth
The rising popularity of connected technologies and devices will boost market growth. The connected things uplift the lifestyle and allow the completion of the task with ease. The convenience to use connected devices is high. Besides, the prevalence of the internet and mobile phones is benefitting the connected IoT devices market more. This is a crucial driver for the market that will increase the overall profitability in the forecast period.
Market Opportunities
Implementation of Smart Cities to offer Robust Opportunities
The implementation of smart cities will offer robust opportunities for the market in the forecast period. Smart cities are everything about modern technologies and appliances. The majority of these devices used in smart homes are IoT connected devices. The growth of smart cities will provide plenty of growth and development to the connected IoT devices industry. Connected IoT devices are commonly used in smart homes because they suit the infrastructure well. Moreover, these devices can also be controlled with remote control and the internet. This offers the user high range of comfort and user convenience. Besides, with the connected IoT devices the consumption of energy is higher. The recognition of the smart cities concept will offer plenty of connected IoT devices market growth opportunities in the forecast period.
Market Restraints and Challenges
Data Security Concern to act as Market Restraint
Data security concern and privacy concerns may act as market restraints. Connected devices, smart devices, and mobile devices have high-security threats.
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Segmentation of Market Covered in the Research:
The global connected IoT devices market is segmented based on component, deployment, and application.
By component, the global connected IoT devices market is segmented into service and solution.
By deployment, the global connected IoT devices market is segmented into hybrid cloud, public cloud, and private cloud.
By application, the global connected IoT devices market is segmented into connected logistics, connected health, smart retail, smart utilities, smart manufacturing, and smart homes.
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Regional Analysis
North America to Lead Connected IoT Devices Market
North America will lead the market over the forecast period. The presence of several key players in Canada and the US, the presence of well-established and sustainable economies, well-established infrastructure that allows a higher penetration devices and better connectivity, increasing need for advancements and innovations in technology, the wide-scale adoption of IoT technologies in several industries such as consumer electronics, healthcare, retail, and automotive, the adoption of smart home technology, increasing research to develop IoT applications in new end user industries, Canada and the US being the countries with the highest average per capita devices and connections, growing number of chronic cases, rise in diabetes cases that have increased the adoption of IoT enabled devices in the healthcare sector, rising digitalization, and adoption of smart connected devices are adding to the global connected IoT devices market growth in the region.
Industry Updates
Kajeet has launched DirectAccess that will allow organizations to securely manage mission-critical applications and IoT devices at scale.
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COVID-19 Analysis
The COVID-19 outbreak has resulted in several challenges in the global industries. But the growth of the IoT connected devices market remains steady over the period. The IoT technology is used widely in the healthcare sector during the crisis. The use of connected thermometers in hospitals is massive. A good number of healthcare centres in the APAC region have adopted IoT connected thermometers that allows them in checking the temperature of both the patients and the staff. Besides, the use of telemedicine, medical drones, and other connected devices is creating a positive effect on the IoT devices market. Also the use of sanitizer dispenser all across the world is another factor that is driving more demand for the IoT devices market. Robots are also used in several regions in the entrance of the building for sanitation purpose. All these will add market growth.
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