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The Internet of Things (IoT) is enabling increased connectivity of physical assets by deploying low-cost sensors that allow for data collection and transfer over networks without human involvement. IoT devices connect all types of physical assets including industrial machinery, vehicles, home appliances, and more to the internet, allowing data exchange and remote control capabilities. They have found widespread application across various industries including manufacturing, healthcare, retail, agriculture, utilities and more. IoT devices provide real-time monitoring of physical assets, enabling predictive maintenance and optimization of operations. The ability to gather and analyze data from connected physical objects drives efficiency, cuts costs and helps businesses adapt to changing market needs quickly.
The Global IoT Devices Market is estimated to be valued at US$ 98 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period of 2023 to 2030.
IoT Devices connect equipment, machinery and other physical assets to the internet and gather data that can be used to optimize operations, enhance productivity and reduce downtime. They allow remote monitoring and control of physical systems and machines which helps reduce operational expenditures through predictive maintenance.
Key Takeaways
Key players operating in the IoT Devices 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 IoT devices and solutions and expanding their presence globally.
Growing demand for IoT devices across industries is driving significant market growth. Increasing connectivity of physical assets is helping optimize industrial operations, enhance productivity and reduce costs. The rising adoption of IoT technology in manufacturing, healthcare, agriculture and utilities is propelling the demand for IoT devices.
IoT device manufacturers are increasing their focus on emerging as well as developing markets for further business expansion. Rising digitization across industries in countries like China, India, Brazil, South Africa and others is anticipated to boost the adoption of IoT devices in the coming years. This will support the global expansion of the IoT devices market during the forecast period.
Market key trends
Connectivity standardization is emerging as a key trend in the IoT devices market. Device manufacturers are focusing on developing interoperable solutions to address connectivity issues. Standardization helps in ensuring seamless communication between diverse IoT solutions and platforms. This allows for maximum utilization of IoT infrastructure. Growing emphasis on industrial IoT standards such as Industrial Internet Consortium protocols is supporting market growth.
Porter’s Analysis
Threat of new entrants: Entry into this market require huge capital investments for R&D and manufacturing facilities which limit new entrants.
Bargaining power of buyers: Due to availability of various options from established brands, buyers have high bargaining power in this market.
Bargaining power of suppliers: The suppliers of components such as sensors and memory chips have some bargaining power due to their technical expertise and large size of operations.
Threat of new substitutes: New interactive technologies like VR and AR provides some substitute options but core offerings of IoT remain unique.
Competitive rivalry: Being a technology driven market, companies fiercely compete on innovation, features and pricing.
Geographical Regions
North America accounts for the largest share of the global IoT devices market currently holding over 30% market share in terms of value, led by strong presence of technology companies and rapid adoption of IoT solutions across industries in US and Canada.
Asia Pacific region is emerging as the fastest growing market for IoT devices growing at over 25% CAGR during the forecast period led by manufacturing hub status and governments proactive initiatives in digital transformation in countries like China, India, Japan and South Korea.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
