IoT Devices Market Size Projected to Reach USD 158,140 Million by 2024
March 13, 2018 --
The new report by Zion Market Research on “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 2016 – 2024" has a vast information about the market and its potential.
The global IoT devices market was valued at around USD 31,500 million in 2016 and it is expected to reach around USD 158,140 million in 2024. The global Internet of things (IoT) devices market is expected to grow at a CAGR of 23% between 2017 and 2024.
Increasing wireless networking technologies and rising adoption of cloud platform across the globe are the key factors that will trigger the growth of the IoT devices market. IoT can analyze the real-time situation and also helps in better decision making. This digital transformation will open new opportunities for many industries and increase the market value of IoT devices.
Browse through 74 Market Tables and 38 Figures spread over 170 Pages and in-depth TOC on “Global IoT Devices Market Size 2016: Industry Share, Growth, Segments, Trends and Forecast, 2022”.
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As per our study, transportation segment will grow at highest CAGR in near future. The key factors responsible for the growth include rising congestions and road accident. According to facts, In U.S. 40,000 people died in motor vehicles crash in 2016 which is up by 6% from 2015.
Sensors are the troops of the IoT devices as they bring more connectivity and analytics to the supply chain. Additionally, High demand for IoT sensors in all electronic devices and the rising industrial IoT market will strongly drive the growth of the IoT sensors segment.
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The smart lighting system is ushering on the Internet of Things, this segment has acquired the second largest market share in 2016 owing to the development of smart cities and home automation in developing regions. It is expected that smart home automation market will reach around USD 80.04 billion till 2022; this will propel the growth of smart lighting segment. Additionally, increasing demand for intelligent solutions for street lighting systems will contribute the growth of the segment.
Browse the full "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 2016 – 2024." report at https://www.zionmarketresearch.com/report/iot-devices-market
Manufacturing application held largest market share in 2016 and manufacturing is poised to dominate the IoT devices market till 2022.IoT in manufacturing segment is gaining traction with the advent of smart devices that helps to streamline the business process. This will increase the need for manufacturers to deploy IoT system and lead to increase in overall volume of production.
The market is growing at a rapid rate in the developed regions. APAC countries lead the growth in IoT spending, with adoption in multiple verticals: government investments in the development of infrastructure and local business modernization in China & India will boost the revenue of IoT device in APAC region.
The major market players in the global IoT Devices market are Amazon, Ecobee, Google LLC, Honeywell International Inc., among others.
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Global IoT Devices Market Segmentation:
Global IoT Devices Market: Device Segment Analysis
- Microcontroller (MCU)
- Application Processor (AP)
- Digital Signal Processor (DSP)
- Heart Rate Sensor
- Pressure Sensor
- Temperature Sensor
- Humidity Sensor
- Camera Module
- Connectivity IC
- Others (Memory Device and Logic Device)
Global IoT Devices Market: Product Type Segment Analysis
- Lighting System
- Door Locks
- Smart Bluetooth Trackers
- Connected Cars
- Fitness & Heart Rate Monitor
Global IoT Devices Market: Application Segment Analysis
- Building and Home Automation
- Energy and Utilities
- Connected Logistics
- Connected Health
Global IoT Devices Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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