New York, NY, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Global IoT Devices Market Size 2016: Industry Share, Growth, Segments, Trends and Forecast, 2024”.
According to the report, 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.
Internet of Things (IoT) is an ecosystem of connected devices in which electronic devices are connected to the internet. The sensor is used to communicate, collect and exchange data from one device to others. The data accumulated from these devices can be analyzed to optimize products, services, and operations. The concept of IoT can achieve operational efficiency and optimize business processes.
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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.
The major factor driving the growth of internet of things (IoT) devices market is increasing adoption of cloud platform across the developing regions. Cloud computing has generated around USD 67 billion revenue in 2015 and It is estimated to increase up to USD 162 billion by 2020. IoT Cloud is a platform designed to store and process Internet of Things (IoT) data. The cloud platform provides access to the device manufacturer and service providers for advanced analytics and monitoring. Another driver for the growth of cloud adoption in IoT is its cost-effective services. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud computing technology. These factors will increase the revenue of IoT device market in near future. Owing to this, IoT device market will grow with a CAGR of 22.67% between2017 and 2024.
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Reduction in the cost of connected devices is the opportunity for the market. The lack of consistency in interconnectivity, interoperability, and security issue is the challenging factors for the growth of the IoT devices market.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report is Amazon, Ecobee, Google LLC, Honeywell International Inc., LG Electronics, Inc., Motorola Mobility LLC, Nest Labs, Pebble, Qualcomm Technologies, Inc., Radio Thermostat Company of America, SAMSUNG, Sony Corporation, and others.
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The sensor segment is expected to register CAGR 23.63% from 2017 to 2024. High demand for IoT sensors in the transportation segment and the rising industrial IoT market are strongly driving the growth of the IoT sensors market. Additionally, increasing demand for the sensor in wearable technology and electronic device will boost the growth of sensor segment. There are many types of sensors available such as temperature sensor, humidity sensor, pressure sensor, flow sensor, accelerometer, magnetometer, touch sensor, and others. Heart rate segment dominated the market in 2016. Owing to the increased heart disease issue across the globe is one of the key factors for this segment growth. Heart rate sensors enable individuals to obtain real-time data and allow tracking their heart rate from anywhere anytime. North America accounted the largest market share in the heart rate monitor sensor segment.
The smart door locks industry is anticipated to grow at a significant CAGR of 23.42% and currently valued at USD 4,497.58 Million. This is due to increase in security & privacy concerns across the world and advancements in wireless communication technologies will fuel the growth of door lock segment. In addition, the rise in disposable income of consumers, and increasing need to establish connectivity across all the electronic equipment of the house will raise the revenue of door locks segment.
BSFI segment is expected to grow with CAGR of 25.77% during the forecasted period. Internet of things (IoT) in banking, financial services, and insurance (BFSI) sector has created a platform where the physical, virtual, and the real world is integrated and all the connected dots interact with each other. Technological advancements and continued innovation has impacted BFSI industry’s operating models and reshape banking system. Considering such factors it is anticipated segment will be valued at around USD 13,589.31 million.
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
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.
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.
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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.
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Global IoT Devices Market Segmentation:
Global IoT Devices Market: Device Segment Analysis
- Processor
- Microcontroller (MCU)
- Application Processor (AP)
- Digital Signal Processor (DSP)
- Sensor
- Heart Rate Sensor
- Pressure Sensor
- Temperature Sensor
- Humidity Sensor
- Camera Module
- Others
- Connectivity IC
- Wired
- Wireless
- Others (Memory Device and Logic Device)
Global IoT Devices Market: Product Type Segment Analysis
- Refrigerators
- Lighting System
- Door Locks
- Thermostats
- Glasses
- Smart Bluetooth Trackers
- Connected Cars
- Radar
- Fitness & Heart Rate Monitor
- Others
Global IoT Devices Market: Application Segment Analysis
- Building and Home Automation
- Energy and Utilities
- Manufacturing
- Connected Logistics
- BFSI
- Transportation
- Connected Health
- Others
Global IoT Devices Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of MEA
- Latin America
- Brazil
- Rest of Latin America
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