Global Connected IoT Devices Market to Reach USD 573.02 Billion by 2031 | CAGR of 22.7%
Category : Semiconductor And Electronics | Published Date : Nov 2024 | Type : Press Release
Connected IoT Devices Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Connected IoT Devices Market size was valued at USD 111.53 billion in 2023 and is projected to grow at a CAGR of 22.7%, reaching USD 573.02 billion by 2031. Connected IoT devices enable seamless communication between sensors, processors, and software for real-time monitoring and control. These devices are integrated with advanced technologies like 5G, edge computing, and artificial intelligence, which facilitate automation and improve operational efficiency across industries such as consumer electronics, healthcare, automotive, and logistics.
The report comprises the Connected IoT Devices Market Share, Size & Industry Analysis, based on Component (Hardware, Software, Service), Deployment (On-Premise, Cloud), Technology (Wi-Fi, Bluetooth, ZigBee, Cellular, NFC, RFID, Others), Application (Smart Home Devices, Industrial Automation, Smart Retail, Medical Devices, Connected Logistics, Others), End-User (Consumer Electronics, Retail, Logistics & Transportation, Automotive, Healthcare, Manufacturing, Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Connected IoT Devices Market Trends, Opportunities, Value, Growth Rate,
The report contains detailed information on Connected IoT Devices Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Segmental Analysis :
Based on component, the market is segmented into Hardware, Software, and Service.
- The hardware segment accounted for the largest market share of 56.21% in 2023, driven by the adoption of IoT sensors, processors, and communication modules for real-time data monitoring and control across industries.
- The service segment is projected to grow at the fastest CAGR during the forecast period, driven by rising demand for IoT solutions to enhance decision-making, coupled with increasing cybersecurity concerns.
Based on deployment, the market is bifurcated into On-Premise and Cloud.
- The cloud segment dominated the market in 2023 and is anticipated to register the fastest growth, owing to benefits like scalability, cost-effectiveness, and seamless data integration for real-time monitoring.
Based on technology, the market is segmented into Wi-Fi, Bluetooth, ZigBee, Cellular, NFC, RFID, and Others.
- The Wi-Fi segment held the largest market share in 2023 and is expected to grow at the fastest CAGR, fueled by advancements in Wi-Fi 6 technology, which provides high performance, low latency, and reliable connectivity for IoT applications.
Based on application, the market is segmented into Smart Home Devices, Industrial Automation, Smart Retail, Medical Devices, Connected Logistics, and Others.
- The smart home devices segment accounted for the largest revenue share of 23.42% in 2023, driven by the growing adoption of IoT-enabled devices for home automation.
- The medical devices segment is projected to grow at the fastest CAGR, supported by advancements in IoT-enabled healthcare monitoring systems.
Based on end-user, the market is segmented into Consumer Electronics, Retail, Logistics & Transportation, Automotive, Healthcare, Manufacturing, and Others.
- The consumer electronics segment held the largest revenue share of 27.12% in 2023, attributed to widespread adoption of smart devices like voice assistants and IoT-enabled appliances.
- The healthcare segment is anticipated to grow at the fastest rate, driven by the integration of IoT in patient monitoring systems and healthcare infrastructure development.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Held the largest market share in 2023, driven by advancements in consumer electronics and government initiatives for smart city projects.
- North America: Expected to grow significantly, fueled by IoT adoption in the automotive and healthcare sectors.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 573.02 Billion |
| CAGR (2024-2031) | 22.7% |
| Component | Hardware, Software, Service |
| Deployment | On-Premise, Cloud |
| Technology | Wi-Fi, Bluetooth, ZigBee, Cellular, NFC, RFID, Others |
| Application | Smart Home Devices, Industrial Automation, Smart Retail, Medical Devices, Connected Logistics, Others |
| End-User | Consumer Electronics, Retail, Logistics & Transportation, Automotive, Healthcare, Manufacturing, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Connected IoT Devices Industry:
- Spectrum (Europe)
- Intel Corporation (U.S.)
- Samsung Electronics Co. Ltd. (South Korea)
- Cisco Systems, Inc. (U.S.)
- HTC Corporation (Taiwan)
- Apple Inc. (U.S.)
- Dell Inc. (U.S.)
- PTC Incorporation (U.S.)
- Oracle Corporation (U.S.)
- LG Corporation (South Korea)
Recent Industry Developments :
- October 2024: Silicon Labs launched the Series 3 Platform for IoT expansion, focusing on smart factories and Industry 4.0.
- June 2023: Qualcomm unveiled satellite IoT solutions for asset tracking, enhancing connectivity for remote applications.
- October 2024: Batelco partnered with Thales to provide an IoT connectivity management platform, streamlining enterprise IoT operations.
