The connected IoT devices are gaining momentum in recent times with the increasing demand for mobile applications. Upon this, Market Research Future reveals that the global connected IoT devices market to observe a CAGR of approximately 19% during the forecast period 2017-2023, in its detailed study.
Market Drivers & Trends
The global Connected Iot Devices Market is gaining fast traction due to the prime factor of growing popularity of connected things. It is the rising usage of mobile devices and the ongoing trend of ‘bring your own device’ is also boosting the growth of the market during the forecast period.
Increasing demand for mobile applications and the growing popularity of connected things are other significant factors motivating the growth of the global connected IoT devices market. Additionally, swelling adoption of bring your own device and carry your own device is enhancing the growth of the market. The proliferation of intelligent connected devices is one of the major factors driving the growth of the connected IoT devices market.
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The technology titans such as IBM Corporation, Microsoft Corporation, Oracle Corporation, and PTC Incorporation are some of the major players in the global connected IoT devices market that launched IoT for electronics and ingests device data and transforms that data into meaningful insights. These eventually help in optimizing the processes and along with new guided designs. The IoT for electronics also focuses on controlling and analyzing connected electronics, enhancing product development, and integrating enterprise asset management with IoT devices. These are some other essential factors that are driving the market to earn more valuation during the forecast period.
Some of the prominent 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.
The segmental analysis of the global connected IoT devices market has been conducted among the elements of component, deployment, and application
- In terms of component: Solution and service are the segments. Wherein, the solution segment is further classified into remote monitoring, data management, real-time streaming analytics, security solutions, data management, and network bandwidth management. At the same time, the service segment is further categorized into professional services and managed services. Next, the professional services segment is additionally classified into consulting services, integration services, and support and maintenance.
- In terms of the deployment: Private cloud, public cloud, and hybrid cloud are the segments.
- In terms of application: Smart homes, connected logistics, smart utilities, connected health, smart retail, smart manufacturing, and more are the segments.
Regionally, the global connected IoT devices market is studied among the key regions of Asia Pacific, North America, Europe, and the Rest of the World.
Among these, it has been studied that North America can own the largest share of the market where the growth is attributed to the factors of technological advancements and surged adoption of mobile devices that are enabled with NFC services across various industry verticals. Other factors responsible for growth in this region, therefore, include rapid digitalization across different industry verticals, rising adoption of smart connected devices. Apart from this, IoT has observed vast applications among various industries in the US. In case of point, Lineage Logistics, a warehouse, and storage company in the US collaborated with Monnit Corporation for enabling IoT sensors. Monnit Corporation also provided Lineage Logistics with IoT temperature and vibration sensors.
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