The Smart Connected Devices is a pet topic for the future of the world. Equipped with advanced sensors and technologies smart connected devices, represent a step change in form and function. Witnessing substantial R&D investments, connectivity solutions are proceeding rapidly finding their way to the prominence, more so than in the volume segment.
Market Research Future (MRFR), in its recently published study report asserts that the global market of Smart Connected Devices is forecasted to perceive enormous growth by 2023 in terms of value and volume, With a striking rate of CAGR; surpassing its previous growth records throughout the forecasted period (2017 – 2023).
There will be enough innovation and new levels of connectivity among devices, enabling new services inside and outside the home. These changes to motor vehicles will, of course, also transform the auto industry. As these devices mature technologically, it will influence market trends and automakers’ relationships. Features like safety sensors and smartphone integration are already becoming common.
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The augmenting demand for tablets, smartphones, and other smart devices and growing popularity of BYOD (bring your own device) in the offices along with the augmenting demand for mobile smart connected devices are fuelling the market growth.
The market proliferation of smart connected devices, such as smart thermostats, smart doors, smart locks, and other smart home appliances is providing impetus to the growth of smart connected devices market. Furthermore, technological advancements in the field of smart devices and the growing penetration of Internet of Things (IoT) are fostering the market growth.
On the other hand, cybersecurity concerns are expected to restrict the market growth during the forecast period.
Some of the prominent players in the global Smart Connected Devices Market are Sony Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Motorola Solutions Inc. (U.S.), Nokia Networks (Finland), LG Corporation (South Korea), Hewlett-Packard (U.S.), HTC Corporation (Taiwan), Apple Inc. (U.S.), Dell Inc. (U.S.), Gionee Communication Equipment Co. Ltd (China), Micromax Informatics (India), Videocon Industries Ltd. (India), Acer Inc. (Taiwan), Lenovo Group Ltd. (Hong Kong), Blackberry Ltd. (Canada), and ZTE Corporation (China), among others.
Global Smart Connected Devices Market – Segmentation
The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
- By Products: Smartphones, Smart Watch, Smart Glasses, Wireless Printers, Smart Meters, Media Players, Tablets, Smart Cameras, Connected Bulbs, and Smart Locks among others.
- By End User: Industrial, Commercial, and Residential
- By Regions: North America, Europe, APAC and Rest-of-the-World.
Smart Connected Devices Market – Geographical Analysis
North America dominates the market of Smart Connected Devices with the largest market share. Technological advancement and increased adoption of smart connected devices across various industry verticals are some of the key driving forces for this market growth. The market is poised to continue with its dominance over the global market throughout the assessment period. The growth is predominantly driven by the augmented demand & availability of quality Smart Connected Devices in the region.
Europe region is another promising market for Smart Connected Devices and is expected to witness a fabulous market growth during the review period. The increasing adoption of smart connected devices by small and medium scale businesses and increasing number of data centers is stimulating the market growth in the region. Also, adoption BYOD policy among the growing IT industry is substantiating the market growth.
Whereas, Asia-Pacific market for Smart Connected Devices is witnessing a rapid expansion stage due to the growing markets in India, China & Japan. The wide adoption of these devices across the manufacturing sector is the main driving force behind the market growth in India and China, which is placing these countries at the leading positions of growth contributors for the market growth in the region. The APAC market of Smart Connected Devices has been valued hugely which is expected to grow further over previous growth records by the end of the forecasted period.
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