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The global IoT Devices Market is estimated to be valued at US$ 98 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IoT devices are devices that enable information to be transmitted through the internet about the condition and situation of a physical object. IoT devices enable connectivity between devices and systems to easily collect and share data. They allow enhanced monitoring and control of assets and optimize business processes. Some common IoT devices include home automation systems, healthcare devices, industrial control systems, automotive telematics devices, and smart office equipment among others. The widespread connectivity provided by IoT devices enables improved operational efficiency, data-driven decision making, enhanced customer experiences and new revenue opportunities across various industries.
Market key trends:
The integration of AI and machine learning capabilities is a key trend in the IoT devices market. AI brings new capabilities like predictive maintenance, automated decision making and optimization to IoT solutions. Network connectivity advancements like 5G networking are also allowing more powerful and low latency IoT applications. Edge computing is gaining traction for applications requiring real-time response times. This involves processing data locally on edge devices rather than sending all data to centralized cloud systems. These technology enhancements are expanding the potential of IoT solutions across various industries.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in IoT devices market is low as it requires high capital investment and technological expertise in developing innovative IoT devices. Established players enjoy economies of scale which make it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of variety of options in IoT devices. Buyers can negotiate on price and switch to substitutes easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have differentiation in technologies and components used in IoT devices. However, established suppliers enjoy steady supply relationships with OEMs.
Threat of new substitutes: The threat of substitutes is moderate as IoT devices have substitutes like traditional electronic devices, but IoT enables connectivity and data intelligence making it difficult to find close substitutes.
Competitive rivalry: The competitive rivalry is high due intense competition among key global players to offer innovative and cost-effective IoT devices.
Key Takeaways
The global IoT devices market is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing automation and connectivity across industrial sectors. Geographically, the North America region dominates the IoT devices market holding the largest market share owing to advanced industrial infrastructure and early adoption of technologies.
Regional analysis: Asia Pacific region is projected to grow at the fastest rate during the forecast period. Presence of manufacturing hubs and rapid digitalization in industries across China and India is positively impacting the adoption of IoT devices in the region.
Key players: Key players operating in the IoT devices market are Robert Bosch GmbH, Apple Inc., Amazon Inc., ABB Limited, Sony Corporation, Cisco Systems Inc., Vuzix Corporation, Google Inc. (Alphabet), Siemens AG, Samsung Electronics Co. Limited, and LG Electronics. These players are focusing on developing innovative products integrated with latest technologies and acquiring smaller players to gain more market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
