Connected IoT Devices Market

• In September 2022, ABB Ltd. upgraded its India-based smart power factory with the upgrade of industrial IoT. The smart factory links all industrial machines, robots, and more that supports industrial digitalization

• In August 2022, OEM solutions provider, Elevat, announced a partnership with Cummins Inc. to integrate Cummins Connected Diagnostics application and Machine Connect IoT platform of Elevat. This partnership helps the customers with a single dashboard machine view rather than multiple components

The global connected IoT devices market has witnessed exponential growth in recent years, driven by advancements in technology and the increasing adoption of smart devices across various sectors. One prominent segment within this market is the consumer electronics sector. With the proliferation of smartphones, smart TVs, wearable devices, and smart home appliances, consumers are increasingly embracing connected devices to enhance convenience and efficiency in their daily lives. This segment is characterized by intense competition among manufacturers striving to innovate and offer products with advanced connectivity features and seamless integration with other IoT ecosystems.

Another significant segment in the global connected IoT devices market is industrial IoT (IIoT). In industrial settings, IoT devices play a crucial role in enabling automation, predictive maintenance, and optimization of operations. These connected devices, such as sensors, actuators, and industrial robots, gather and analyze data to improve productivity, reduce downtime, and enhance overall efficiency. Industries ranging from manufacturing and logistics to energy and healthcare are investing heavily in IIoT solutions to gain a competitive edge and drive digital transformation initiatives.

The automotive sector represents a burgeoning segment within the global connected IoT devices market. Modern vehicles are increasingly equipped with IoT-enabled features such as telematics, infotainment systems, and advanced driver assistance systems (ADAS). These connected vehicles leverage sensors, GPS technology, and wireless communication to provide real-time data on vehicle performance, navigation assistance, and connectivity with other smart devices. The rise of electric and autonomous vehicles further amplifies the demand for IoT connectivity, as automakers aim to deliver enhanced safety, convenience, and sustainability through interconnected automotive ecosystems.

Global Connected IoT Devices Segment Analysis

In this report, the Global Connected IoT Devices Market has been segmented by Component, Deployment, Application and Geography.

Global Connected IoT Devices Market, Segmentation by Component

The Global Connected IoT Devices Market has been segmented by Component into Solution and Service.

The global connected IoT devices market segmentation by component delineates a landscape defined by diverse elements powering the interconnected ecosystem. One fundamental component driving this market is hardware infrastructure. This encompasses the physical devices comprising sensors, actuators, processors, and communication modules, which form the backbone of IoT systems. These devices facilitate data collection, processing, and transmission, enabling the seamless interaction between the digital and physical worlds.

Complementing hardware infrastructure is the software component, which plays a pivotal role in orchestrating the functionality of IoT devices. This segment encompasses operating systems, firmware, middleware, and applications tailored for IoT environments. These software components are essential for managing device interactions, executing data analytics, and enabling communication protocols. Moreover, they facilitate the development of customized solutions catering to diverse industry requirements, fostering innovation and scalability within the IoT ecosystem.

Beyond hardware and software, connectivity solutions constitute another vital segment in the connected IoT devices market. This includes wired and wireless technologies such as Wi-Fi, Bluetooth, cellular networks, and LPWAN (Low Power Wide Area Network). The choice of connectivity solution is influenced by factors like range, bandwidth, power consumption, and deployment scenario. With the proliferation of IoT applications across industries ranging from healthcare to manufacturing, the demand for robust and reliable connectivity solutions continues to escalate, driving innovation in this segment. Thus, the convergence of hardware, software, and connectivity solutions forms the cornerstone of the global connected IoT devices market, fueling its growth and evolution across diverse sectors.

Global Connected IoT Devices Market, Segmentation by Deployment

The Global Connected IoT Devices Market has been segmented by Deployment into Private Cloud, Public Cloud and Hybrid Cloud.

The global connected IoT devices market exhibits a diverse landscape of deployment scenarios, catering to various industry demands and consumer needs. One significant segmentation within this realm is based on deployment types.

Which encompasses IoT devices deployed within households and personal spaces. These devices, ranging from smart thermostats to wearable fitness trackers, are designed to enhance convenience, comfort, and efficiency in everyday life. The consumer segment thrives on innovations that streamline tasks, improve entertainment experiences, and provide valuable insights into personal health and well-being.

Constitutes another vital deployment domain for IoT devices. In industries such as manufacturing, transportation, and agriculture, IoT solutions play a pivotal role in optimizing processes, increasing productivity, and ensuring operational safety. From predictive maintenance in machinery to supply chain management systems, industrial IoT deployments are geared towards achieving cost-efficiency, sustainability, and competitiveness in a rapidly evolving market landscape.

Encompasses IoT deployments tailored to meet the needs of businesses and organizations across various sectors. These deployments often focus on enhancing operational efficiency, improving decision-making processes, and fostering innovation through the integration of IoT-enabled solutions. From smart office spaces equipped with connected devices for energy management to asset tracking systems in retail environments, enterprises leverage IoT technologies to drive growth, streamline workflows, and deliver enhanced value to customers and stakeholders alike.

Global Connected IoT Devices Market, Segmentation by Application

The Global Connected IoT Devices Market has been segmented by Application into Smart Homes, Smart Manufacturing, Smart Utilities, Smart Retail and Others.

The global connected IoT devices market showcases a diverse landscape, with segmentation by application providing valuable insights into its multifaceted utilization. One significant application lies in the realm of healthcare, where IoT devices revolutionize patient care and management. These devices facilitate remote monitoring of vital signs, medication adherence, and chronic disease management, enhancing healthcare outcomes while reducing hospital readmissions. Moreover, IoT-enabled medical devices streamline processes for healthcare providers, leading to improved operational efficiency and cost savings.

Another pivotal segment is smart home automation, where IoT devices transform traditional residences into intelligent living spaces. Through interconnected sensors, actuators, and controllers, these devices offer homeowners enhanced convenience, security, and energy efficiency. From smart thermostats regulating temperature based on occupancy patterns to voice-activated assistants orchestrating various home functions, IoT technology fosters a seamless and interconnected living experience. As consumer demand for smart home solutions continues to surge, the connected IoT devices market witnesses sustained growth in this segment.

The industrial sector embraces IoT technologies to bolster efficiency, productivity, and safety across diverse operations. Industrial IoT (IIoT) devices facilitate real-time monitoring and control of machinery, predictive maintenance, and supply chain optimization. By harnessing data analytics and machine learning algorithms, businesses glean actionable insights to optimize production processes, minimize downtime, and mitigate operational risks. From manufacturing plants leveraging IoT sensors for quality control to logistics companies optimizing fleet management through IoT-enabled tracking systems, interconnected devices drive innovation and competitiveness in the industrial landscape.

Global Connected IoT Devices Market, Segmentation by Geography

In this report, the Global Connected IoT Devices Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Connected IoT Devices Market Share (%), by Geographical Region, 2024

The global connected IoT devices market exhibits a diverse landscape across various geographical regions. In North America, the proliferation of smart homes and the widespread adoption of IoT-enabled devices drive market growth. The region boasts advanced infrastructure and a tech-savvy consumer base, fostering a fertile ground for IoT innovation. Additionally, initiatives by governments and industry players to promote smart city projects further propel market expansion in North America.

In Europe, stringent regulations regarding data privacy and security shape the trajectory of the connected IoT devices market. Despite regulatory challenges, Europe witnesses robust growth fueled by increasing investments in IoT infrastructure, particularly in sectors like manufacturing, healthcare, and transportation. Moreover, partnerships between technology companies and government bodies drive the deployment of IoT solutions for sustainable urban development and efficient resource management across European cities.

Asia Pacific emerges as a dynamic hub for the connected IoT devices market, driven by rapid urbanization, digitization, and the proliferation of mobile technology. Countries like China, Japan, and South Korea lead the adoption of IoT technologies, leveraging them for industrial automation, smart energy management, and enhanced healthcare services. Moreover, the rising popularity of smart wearable devices and the integration of IoT in automotive systems contribute significantly to market growth in the Asia Pacific region.

This report provides an in depth analysis of various factors that impact the dynamics of Global Connected IoT Devices Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Key players in Connected IoT Devices Market include:

• Oracle Corporation
• PTC Incorporation
• Smith Micro Software
• Telit Communications
• Wind River Systems
• Xively
• Samsung Electronics Co. Ltd
• Motorola Inc.
• Nokia Solutions Network
• LG Corporation
• Hewlett-Packard
• HTC Corporation
• Apple Inc.
• Dell Inc.
• Cisco Systems

In this report, the profile of each market player provides following information:

• Market Share Analysis
• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis