New York, Sept. 15, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Smart Connected Devices Market” published by Consegic Business Intelligence, the market was worth USD 14,681.77 Million in 2022 and is anticipated to reach over USD 68,632.44 Million by the year 2030, growing at a CAGR of 21.61%.
Smart connected devices are electronic devices that are optimized to connect with other devices or networks through several wireless protocols and possess the ability to operate autonomously and remotely. The benefits of smart connected devices including higher convenience, enhanced energy efficiency, ease of personalization, improved safety and security, higher flexibility, and others make it ideal for utilization in residential, commercial, and industrial sectors among others.
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The increasing utilization of smart connected devices in residential buildings is among the key factors driving the market growth. Additionally, the rising investments in residential construction and increasing government initiatives for development of smart homes are key factors fostering the adoption of smart connected devices. For instance, according to the Building and Construction Authority of Singapore, the total construction demand including residential construction in Singapore is estimated to reach between USD 27 billion to USD 32 billion by the end of 2023, demonstrating a significant growth in comparison to 2020. Thus, the rise in residential construction is increasing the adoption of smart connected devices including smart TVs, smart speakers, and other smart appliances in residential buildings, in turn driving the growth of the market.
Additionally, the rising adoption of industrial automation fueled by Industry 4.0 is expected to promote potential opportunities for the growth of the smart connected devices market. Smart connected devices enabled by the industrial Internet of Things (IIoT) including smart sensors, smart radiators, and others are deployed in smart factories and industrial facilities to facilitate automation in industrial processes. However, security risks associated with smart connected devices is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 68,632.44 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 21.61% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Rockwell Automation, Sony Electronics Inc., LG Electronics, NXP Semiconductor, Broadcom, PTC, SAMSUNG, HTC Corporation, Apple Inc., Lenovo |
| By Type | Consumer-Connected Devices, Enterprise IoT Devices, and Industrial IoT (IIoT) Devices |
| By End-User | Residential, Commercial, Industrial, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Smart Connected Devices Market Growth Drivers:
- Rising utilization of smart connected devices in residential sector is driving the market growth.
- Growing commercial sector is spurring the market growth.
Restraints
- Security risks associated with smart connected devices are restraining the market growth.
Opportunities
- Rising adoption of industrial automation fueled by Industry 4.0 is expected to promote potential opportunities for market growth.
Global Smart Connected Devices Market Segmentation Details:
Based on type, the enterprise IoT devices segment contributed the largest shares to the market growth in 2022. The benefits of enterprise IoT devices including improved energy efficiency, higher convenience, enhanced sustainability, autonomous and remote operations, and others are key prospects driving the growth of the segment. Additionally, the increasing utilization of enterprise IoT devices in commercial buildings such as offices, educational institutions, retail outlets, and others is driving the growth of the enterprise IoT devices segment.
Based on end-user, the commercial segment accounted for the maximum revenue share in the year 2022. Smart connected devices including smart lighting, smart thermostats, smart locks, smart security systems, and others are installed in commercial buildings for improving the building’s overall operational efficiency. Factors including rising pace of urbanization, expansion of business enterprises, and increasing commercial construction activities are among the primary determinants for fostering the growth of the commercial segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. Factors including the increasing investments in building & construction projects and rising integration of smart devices in residential and commercial buildings to offer enhanced building operations and improved energy efficiency are driving the growth of the smart connected devices market in North America.
Recent Developments
- In April 2022, LG Electronics introduced its new lineup of smart home appliances for consumers in India. The 2022 lineup of smart appliances comprise of washing machines, air conditioners, water purifiers, and other related appliances.
Key Market Highlights
- Globally, smart connected devices market is divided based on the type into consumer-connected devices, enterprise IoT devices, and industrial IoT (IIoT) devices.
- In the context of end-user, the market is separated into residential, commercial, industrial, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in smart connected devices market.
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List of Major Global Smart Connected Devices Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Rockwell Automation
• Sony Electronics Inc.
• LG Electronics
• NXP Semiconductor
• Broadcom
• PTC
• SAMSUNG
• HTC Corporation
• Apple Inc.
• Lenovo
Global Smart Connected Devices Market Segmentation:
- By Type
- Consumer-Connected Devices
- Enterprise IoT Devices
- Industrial IoT (IIoT) Devices
- By End-User
- Residential
- Commercial
- Industrial
- Others
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Key Questions Covered in the Smart Connected Devices Market Report
- What is smart connected devices?
- Smart connected devices refers to electronic devices that are often connected to other devices or networks through various wireless protocols and are capable of operating interactively and autonomously.
- What is the dominating segment in the smart connected devices market by type?
- In 2022, the enterprise IoT devices segment accounted for the highest market share of 41.50% in the overall smart connected devices market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the smart connected devices growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing investments in building and construction projects and rising installation of smart devices in residential and commercial buildings are driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of urbanization and rising building & construction projects in the region.
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