February 22, 2024

The IoT Devices Market is driven by Increasing Adoption of Connected Devices

 

IoT devices such as smartwatches, fitness trackers, and smart home appliances have gained immense popularity in recent years. IoT devices provide various functionalities such as health monitoring, home automation, and remote device management. Smartwatches allow users to receive notifications, check messages and calls on the wrist. Fitness trackers help monitor activity levels, sleep patterns, calories burned, and heart rate. Smart home devices enable remote control and monitoring of home appliances like lights, locks, thermostats, security cameras and more using a mobile app. The rising health awareness among consumers and increasing need for remote monitoring and management of consumer appliances are driving the adoption of IoT devices.

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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand for smart wearables across healthcare and fitness industries is one of the major trends in the IoT devices market. Smart wearable devices are able to collect extensive health data and continuously monitor vital signs such as heart rate, blood pressure, sleep patterns and physical activity levels. This data is then analyzed to detect any irregularities and provide insights to users. Due to such benefits, healthcare providers are also increasingly adopting smart wearables to monitor patients remotely. Wearable technology is evolving at a rapid pace with continued innovations and growing investor interest. Further, the rising popularity of smart homes has fueled the demand for smart home appliances integrated with advanced connectivity and automation capabilities. Voice assistants and smart speakers have emerged as a gateway to enabling smart home experience. Major tech companies are focused on expanding their smart home ecosystem with innovative IoT devices and solutions.

Porter’s Analysis

Threat of new entrants: Low capital requirement and technology development has reduced barriers for new companies to enter the IoT devices market. However, presence of established brands has created customer loyalty which is a challenge for new entrants.

Bargaining power of buyers: Buyers have high bargaining power owing to availability of various IoT devices options from different manufacturers. Buyers can negotiate on price and demand additional features.

Bargaining power of suppliers: Major component manufacturers like chip providers have considerable influence on IoT devices manufacturers. Disruptions in supply can significantly impact manufacturing.

Threat of new substitutes: Emerging technologies like 5G, AI and IoT in other applications can potentially replace certain IoT devices. Continuous innovation is needed to address the threat.

Competitive rivalry: The global IoT devices market is highly fragmented with the presence of numerous global and local players. Intense competition on pricing and features has compelled companies to invest heavily in R&D.

Key Takeaways

The global IoT Devices market is expected to witness high growth. 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 2023 to 2030.

North America dominates the market currently due to high technology adoption rate. However, Asia Pacific is expected to be the fastest growing market led by countries like China and India experiencing surging IoT deployments. Europe and Japan also offer lucrative opportunities for vendors. In Europe, Germany and U.K. contribute significantly owing to developed economies. While in Japan, government initiatives for smart infrastructure and cities is driving the demand.

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. Most of the companies have strong focus on developing innovative products and acquiring smaller players to expand their portfolio and market share.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it