IoT Devices Market by Device Type (Processor, Sensor, Connectivity IC and Others) for Building and Home Automation, Energy and Utilities, Manufacturing, Connected Logistics, BFSI, Transportation, Connected Health and Others): Global Industry Analysis, Size, Share, Growth, Trends, and forecast 2019-2024
Wiseguyreports.Com Adds “IoT Devices – Market Demand, Growth, Opportunities, Manufacturers and Analysis of Top Key Players to 2024” To Its Research Database.
21st Century has brought many technological advancements and from which the major change has been brought through Internet. Development of advanced technological devices and easy transmission of data has made world a small place. Data transfer has become easy with Internet. An IOT devices known as Internet of things refers to devices that can transmit data with the help of Internet from one device to another and also has a sensor attached to it. Sensors available vary based on its application such as Flow, Temperature, touch, Humidity and Pressure Sensor, Accelerometer, Magnetometer and others.
IoT devices accelerates the work and thereby helps organizations to meet their work in time bound manner within optimized cost. IoT Devices market is on positive growth and it will continue to boost because of the added advantages that it extends. IoT Devices makes interaction between machine to machine possible. It has powerful automation, control and strong monitoring attribute. It helps to save time and money, as it saves manual task. Its shortcoming is that it is prone to security and privacy breach. With Artificial Intelligence, use of IoT devices will increase and at the same time job opportunities will reduce.
Internet of Things helps to transmit data with the help of Internet and it does not require any kind of human intervention. Smart devices provide remote access to the user to operate as per their requirements. Many have arrived in the IoT devices Market and few Instances Are Voice Controller, Doorbell Camera, Air Quality Monitor, Smoke Alarm, Temperature Control Monitor, Smart Mobiles, Smart Refrigerators, Smart Door Lock, Smart Fire alarm, Smart bicycles, Smart fitness wearable, etc. These devices are majorly wireless and use Bluetooth, LTE. NFC, Zigbee, etc. These are wireless devices that can connect via medium of Internet to exchange information.
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The IoT devices market is based on wireless sensor and other devices that can connect with each other through Internet. Based on Connectivity, the market can be divided into Cellular and Non Cellular Connectivity device market. Based on Application, the market targets various Industries such as Smart Logistics, Smart Automotive, Smart Consumer Electronic Goods, Retail Industry, Energy, Gas, Smart Utilities, Health care, Manufacturing, Transport, Smart Banking, Smart Financial Services, Insurance and other industries. Based on deployment model, devices can be connected to public, private or hybrid cloud. Enterprise wherein the devices are used vary as Small, Medium and Large Enterprises.
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With use of technology and Internet, almost all developed and developing countries have adopted the IoT model and have started applying them in the devices they use. The IoT devices market is spread in key regions such as North America, Europe, Asia Pacific, South America, Middle East and Africa. The major growth driver of the market is reduction in the cost of connected device.
The IoT Devices Market was valued at 31,530 million USD in 2016 and it is expected to grow up to 1,58,140 million USD in 2024. The IoT devices market is expected to grow at a CAGR of 23% between the forecast period i.e. 2017 to 2024.
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