The global connected IoT devices market is projected to witness a rapid growth during the forecast period owing to increasing emergence of cloud-based technologies and increasing benefits of the internet of things. Moreover, increasing demand for connected IoT devices across various industry verticals such as BFSI, healthcare, manufacturing, retail and IT & telecommunications is fueling the growth of the global market. Growing awareness regarding energy efficiency is another major factor driving the growth of the connected IoT devices market.
The global connected IoT devices market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North American market is expected to witness a significant growth and hold the largest share of the global market during the forecast period. The U.S and Canada are anticipated to drive the growth of the North American connected IoT devices market owing to the presence of a large number of established key players such as Apple, Cisco, IBM Corporation, and Oracle Corporation in this region. Due to the sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. Increasing need for innovations and advancements in the technology are other major factors driving the growth of the global connected IoT devices market.
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In the global connected IoT devices market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of smart cities and increasing government initiatives towards connected internet of things devices across different countries in the region.
The global Connected Iot Devices Market is projected to reach USD 30 billion at a CAGR of over 19% by the end of the forecast period 2017-2023.
Market Research Analysis:
North America is estimated to account for the largest share of the market, whereas Europe market is projected to grow at the fastest rate during the forecast period. The North American market is witnessing a rapid growth due to technological advancements and increasing demand for mobile application development platforms across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as the adoption of smart homes and another connected internet of things applications and devices.
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.
Connected IoT Devices Market Segmentation:
The global connected IoT devices market is segmented on the basis of the component, deployment, and application. The deployment segment is classified as a private cloud, public cloud, and hybrid cloud. However, the hybrid cloud segment is expected to grow at the highest rate across the globe over the forecast period. The hybrid cloud deployment offers various benefits to the businesses such as providing low-cost solutions, and flexible and scalable access to clients.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- IoT devise management solution vendors
- System integrators
- Regulatory agencies
- Investors and venture capitalists
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