Connected IoT Devices Market Analysis
According to Market Research Future (MRFR), the global connected IoT devices market is projected to grow at a CAGR of approximately 19% from 2022 to 2030 (forecast period). The report provides an extensive and in-depth review of the impact of the COVID-19 pandemic on the global connected IoT devices market.
Connected IoT devices relate to a network of physical devices, home appliances, vehicles, and other electronics, sensors, and actuators that allow objects to connect and send and receive data. It covers a number of application areas, including consumer applications, infrastructure management, enterprise management, and others.
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Connected IoT Devices Market Regional Analysis
The global market for connected IoT devices market is studied in the Asia Pacific, North America, Europe, and Rest of the World.
The North American region has the largest market share globally, followed by Europe and the Asia Pacific. The U.S. and Canada dominate the North American market due to growing technological advances and the proliferation of intelligent connected devices in the region. In addition, the region has a well-established infrastructure that allows for faster implementation of advanced technologies. In addition, the increasing adoption of device and vendor agnostic platform is another significant factor boosting the development of the connected IoT devices market in the region.
Connected IoT Devices Market Dynamics
Increased demand for mobile applications and the rising popularity of connected devices are the main factors boosting the growth of the global market for connected IoT devices. In addition, the growing adoption of bring your own device and carrying your own device can fuel the development of the market.
Connected IoT Devices Market Segmentation
The global connected IoT devices market has been segmented based on the component, deployment, and application.
By component, the global connected IoT devices market has been segmented into solutions and services. The solution segment is further divided into data management, remote monitoring, real-time streaming analytics, security solutions, and network bandwidth management. However, the security solutions are projected to grow at the highest rate over the forecast period due to the increasing security concerns amongst the clients deploying IoT solutions for connected devices. Non-standardization and non-compatibility in devices are other factors responsible for propelling the growth of security solutions, thereby also fueling the development of the global connected IoT devices market. The service segment is further divided into professional services and managed services. The professional services segment is further segregated into consulting services, integration services, and support and maintenance.
By deployment, the global connected IoT devices market has been segmented into a private cloud, public cloud, and hybrid cloud.
By application, the global connected IoT devices market has been segmented into smart homes, connected logistics, smart manufacturing, smart utilities, connected health, smart retail, and others.
Connected IoT Devices Market Key Players
Notable players in the global connected IoT devices market are Advantech Co., Ltd. (Taiwan), Aeris Communication, Inc. (U.S.), Amplia Soluciones (Spain), Cumulocity GmbH (Germany), IBM 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.) and others.
Technology giants such as IBM Corporation, Microsoft Corporation, Oracle Corporation, and PTC Incorporation are some of the main players in the global connected IoT devices market. IBM Corporation has introduced IoT for electronics, which intakes device data and transforms that data into meaningful insights that can optimize processes and provide new guided designs. IoT for electronics focuses on controlling and evaluating connected electronics, enhancing product development, and incorporating enterprise asset management with IoT devices. At the same time, Oracle Corporation focuses on providing solutions for a connected world by delivering end-to-end solutions.