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  • IoT Devices Market Growth Analysis | 2023-2029

    IoT Devices Market Growth Analysis | 2023-2029

    IoT Devices Market Growth Analysis | 2023-2029
    Report code - SR2355 Delivery - 2 Weeks
    IoT Devices Market Size, Share, Trend, Forecast, Competitive Analysis & Growth Op See more...

    Market Insights

    The Global IoT Devices Market is expected to grow from USD 79.64 billion in 2022 to USD 174.42 billion by 2029 at a CAGR of 11.9% during the forecast period.

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    What is an IoT Device?

    The Internet of Things (IoT) refers to a network of physical devices, vehicles, home appliances, and other items that are embedded with electronics, software, sensors, and connectivity that enables these objects to connect and exchange data. An IoT device refers to any physical device that is connected to the internet and can collect and transfer data over a network without the need for human intervention.

    IoT devices can be as small as a wearable fitness tracker or as large as an industrial machine. Some common examples of IoT devices include smart thermostats, smart locks, smart lights, smart security systems, smart home appliances, connected cars, and industrial sensors. These devices can communicate with each other, with a central server, or with other networks, such as cloud computing or other web services.

    IoT devices are equipped with sensors that gather data and communicate with other devices and servers. This data can be analyzed and used to improve various aspects of life and work. For example, IoT devices can be used to optimize energy usage in homes, track inventory in warehouses, improve healthcare by remotely monitoring patients, and enhance safety by detecting and preventing accidents in real time.

    Market Dynamics

    The growth of IoT devices has been driven by advancements in technology, including the widespread availability of broadband internet, the development of low-cost sensors and wireless communication, and the increasing miniaturization of electronic components. As a result, IoT devices are becoming more affordable and accessible, leading to widespread adoption across various industries.

    The market for IoT devices is predicted to experience significant expansion in the coming years, due to the growing prevalence of smart devices and an increase in investment in IoT technology by the end-user. The widespread adoption of 5G technology, especially in developed nations, is fueling growth in the IoT device market. Additionally, the existence of advanced telecommunications infrastructure is expected to boost the market for IoT devices in the forecast period.

    The IoT is revolutionizing Industry 4.0 and small manufacturing enterprises. Its adoption has been a blessing for small businesses, offering numerous benefits. For instance, in the retail sector, the use of IoT has improved service quality and impacted diverse Indian small and medium enterprises positively. In the healthcare field, IoT allows SMEs to track patient data and improve healthcare outcomes, while also generating income and building trust with patients. However, there are still challenges to overcome in the IoT devices market, such as interoperability issues, shortage of skilled personnel, and security concerns with the potential for confidential data breaches.

    Moreover, the rise in the number of connected devices and the increasing demand for smart homes and smart cities is also driving the growth of the Internet of Things devices market. This is because these devices provide a lot of convenience and ease of use for the end-users. As the demand for these devices increases, so does the need for standardization, which would make these devices more reliable and secure.

    However, this also raises concerns about the privacy of the data being collected and the potential for hacking. Despite these challenges, the Internet of Things devices market is expected to grow significantly over the next few years, providing ample opportunities for businesses and consumers alike.

    Segments Analysis

    Component Insights

    The market for Internet of Things (IoT) devices is segmented based on their components such as processors, connectivity ICs, sensors, and others. The sensors segment dominated the market in 2022, contributing to a large share of the revenue. This is due to the rapid decrease in sensor prices and the widespread adoption of Microelectromechanical Systems (MEMS) technology.

    Sensors are widely used in industries such as healthcare, automotive, and consumer products, which has driven their growth in the IoT devices market. The connectivity IC segment is expected to grow rapidly with a CAGR of over 7% during the forecast period. This growth is due to the increasing reliance on wireless technologies such as Wireless Local Area Networks (WLAN), Wi-Fi, Bluetooth, cellular and low-power wireless that heavily rely on connectivity Ics.

    Connectivity Technology Insights

    The IoT device market is divided into various connectivity technologies, including Wi-Fi, Bluetooth, Zigbee, Cellular, RFID, NEC, and others. In 2022, the cellular segment was the leading revenue generator in the IoT device market. Cellular IoT technology allows physical objects to be connected to the Internet using the same cellular network as smartphones.

    The growing popularity of smartphones in emerging economies is significantly driving the growth of the IoT device market. Additionally, the NFC segment is expected to see a remarkable CAGR of over 15% during the forecast period, thanks to its application in consumer and commercial applications due to features such as high-speed connectivity in a short range, smooth connectivity, and operational efficiency.

    End-use Insights

    The consumer electronics segment of the IoT devices market is forecasted to experience substantial growth with a CAGR of 15% due to factors like increased adoption of digital devices and growth in the number of Internet users. Additionally, the growing awareness of health and wellness and the rise of disposable income in developing economies also contribute to the overall market growth.

    Regional Insights

    In terms of geography, the global market for IoT devices can be divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is expected to dominate the market due to its early adoption of new technologies, high R&D investments, and widespread use of smart connected devices. Meanwhile, the Asia Pacific region is projected to experience the fastest growth, driven by the widespread implementation of IoT in a variety of industries.

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    Key Players

    The major players operating in the global IoT devices market are:

    • QUALCOMM Incorporated
    • Intel Corporation
    • Texas Instruments Inc.
    • Renesas Electronics Corporation
    • Cisco Systems Inc.
    • NXP Semiconductors N.V.
    • MediaTek
    • Microchip Technology Inc.
    • Cypress Semiconductor Corporation
    • Microsoft Corporation
    • TE Connectivity
    • Infineon Technologies

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the IoT Devices Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players).
    • SWOT analysis of key players (up to three players).

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.

    Recent Developments

    • In November 2022, Texas Instruments launched new Matter-enabled software development kits for Wi-Fi and Thread SimpleLink wireless MCUs that streamline the adoption of the Matter protocol in various IoT applications.

    • In October 2022, Infineon Technologies launched a new IoT sensors platform, called XENSIV connected sensor kit.

    • In September 2022, Fabless semiconductor manufacturer Silicon Laboratories opened a new R&D unit in Hyderabad, India, with plans to triple its headcount in the country over the next few years.

    • In July 2022, TE Connectivity acquired Linx Technologies, a renowned RF components supplier in IoT markets.

    • In June 2022, Microsoft collaborated with STMicroelectronics to develop a comprehensive microcontroller-based devices security platform.

    • In June 2022, Microchip Technology Inc. launched the AVR-IoT Cellular Mini Development Board based on the AVR128DB48 8-bit MCU. This solution provides a robust platform to build sensor and actuator nodes on 5G narrowband IoT networks.

    • In September 2021, MicroEJ and NXP Semiconductors collaborated to deliver ultra-low power optimization on the i.MX RT500 Crossover MCUs for wearables.

    Frequently Asked Questions (FAQs)

    The market is expected to grow at a CAGR of 11.9% during 2023-2029.

    The market size is estimated to grow from USD 79.64 billion in 2022 to USD 174.42 billion by 2029.

    The major players operating in the global IoT Devices market are QUALCOMM Incorporated, Intel Corporation, Texas Instruments Inc., Renesas Electronics Corporation, Cisco Systems Inc., NXP Semiconductors N.V., MediaTek, Microchip Technology Inc., Cypress Semiconductor Corporation, Microsoft Corporation, TE Connectivity, Infineon Technologies.

    North America is expected to dominate the market due to its early adoption of new technologies, high R&D investments, and widespread use of smart connected devices.

    The growth of IoT devices has been driven by advancements in technology, including the widespread availability of broadband internet, the development of low-cost sensors and wireless communication, and the increasing miniaturization of electronic components. As a result, IoT devices are becoming more affordable and accessible, leading to widespread adoption across various industries.

    The study period of the market is 2017-2029.