The global IoT device market revenue was around US$ 92.2 billion in 2022 and is estimated to reach US$ 428 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.6% during the forecast period from 2023 to 2031.
Internet of Things devices are linked to the Internet and equipped with sensors to transfer data with other devices. The Internet of Things devices include wireless sensors, computer devices, actuators, software, and more. Additionally, IoT devices can vary from simple household cooking appliances to complicated industrial devices.
Market Driving Factors
Innovations and enhancements of software in connectivity technologies are estimated to drive the market. This is due to the Internet of Things (IoT) requires communications and connectivity that are dependable for establishing suitable data-sharing networks. In addition, a surging number of operators and developers are providing a broad range of connectivity technologies, due to consumer demand. Furthermore, investments in the development of new technologies such as 5G, and Wi-Fi 6, are surging, which in turn is likely to boost the demand for IoT devices.
The increasing use of IoT technologies in military bases is a surging trend in the market. Recently, the utilization of IoT technologies including security equipment, drones, and surveillance cameras surged in military sectors around the world. In addition, IT teams can implement IoT technologies at any time and have the capability to separate red/black data by using a cellular route to connect all IoT devices and applications.
Raising collaborations among key players is predicted to fuel the market. Various key players are surging adopting collaboration strategies to gain a competitive edge in the market. For instance, in April 2022, Microsoft partnered with Nokia and SES to demonstrate safe access to the Azure cloud platform via 5G networks and private satellite communication. This allows users to access cloud services from any location at any time, even in harsh and isolated areas.
Lack of standardization in the Internet of Things protocols is estimated to hamper the market.
Regional Analysis
Asia Pacific dominated the market in terms of growth rate and is estimated to maintain its dominance. This can be majorly attributed to several factors such as early adoption of technological developments, such as the increased implementation of industrial automation, and the adoption of Smart Nation initiatives by governments in the region. Furthermore, the existence of favorable infrastructure, such as high fiber connectivity, data centers, submarine cables, and investments of operators in fewer power networks are predicted to propel the adoption of IoT devices across the region
North America is estimated to dominate the market in terms of the largest shares. This is primarily due to the existence of prime players in this region. Furthermore, the adoption of next-generation touchscreen multi-display solutions across consumer electronics and industrial sectors is estimated to drive the market. Moreover, an increase in demand for industrial automation solutions in the United States is predicted to boost the Internet of Things devices in this region.
Segmentation Insights
Connectivity Technology Insight
The NFC segment is expected to dominate the market in terms of the highest rate. This growth is mainly owing to the application of near-field communication technology in commercial & consumer applications owing to its features, such as seamless connectivity, high-speed connectivity in short range, and operational efficiency.
The cellular segment is estimated to dominate the market in terms of the growth rate. Cellular IoT is the technology that links physical objects to the Internet utilizing the same cellular network that is utilized by smartphones. In addition, the increase in penetration of smartphones across emerging economies is estimated to drive the market.
Component Insight
The sensors segment dominates the market in terms of the highest revenue. This is primarily due to the immediate reduction in the sensor size and high adoption of microelectromechanical systems (MEMS) technology, sensors are locating applications in healthcare, automotive, and customer products.
End-Use Insight
The consumer electronics segment is estimated to dominate the market in terms of shares. This is owing to factors such as the adoption of digital devices and an increase in the number of Internet users. Additionally, increasing consciousness about fitness and a rise in disposable incomes in emerging economies drive market growth.
Prominent Companies
Segmentation Outline
The global IoT device market segmentation focuses on the Connectivity Technology, Component, End-Use, and Region.
By Connectivity Technology
By Component
By End-Use
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL IOT DEVICE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: IOT DEVICE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL IOT DEVICE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL IOT DEVICE MARKET, BY CONNECTIVITY TECHNOLOGY
5.1 OVERVIEW
5.2 WI-FI
5.3 BLUETOOTH
5.4 ZIGBEE
5.5 CELLULAR
5.6 NFC
5.7 RFID
5.8 OTHERS
6 GLOBAL IOT DEVICE MARKET, BY COMPONENT
6.1 OVERVIEW
6.2 PROCESSOR
6.3 CONNECTIVITY IC
6.4 SENSORS
6.5 OTHERS
7 GLOBAL IOT DEVICE MARKET, BY END-USE
7.1 OVERVIEW
7.2 CONSUMER ELECTRONICS
7.3 RETAIL
7.4 LOGISTICS
7.5 AUTOMOTIVE
7.6 HEALTHCARE
7.7 MANUFACTURING
7.8 OTHERS
8 GLOBAL IOT DEVICE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL IOT DEVICE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 QUALCOMM INCORPORATED
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 TEXAS INSTRUMENTS INC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 NXP SEMICONDUCTORS N.V.
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 CISCO SYSTEMS INC.
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 MICROSOFT CORPORATION
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 MICROCHIP TECHNOLOGY INC.
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 CYPRESS SEMICONDUCTOR CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 RENESAS ELECTRONICS CORPORATION
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 INTEL CORPORATION
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 MEDIATEK
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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