(MENAFN - Market Research Future) Connected IoT devices refer to a linkage of devices, electronics, sensors, actuators, and others which enable objects to connect and exchange data. The global IoT connected devices market is expected to expand at a noteworthy CAGR of 19% over the forecast period of 2017-2023, projects Market Research Future (MRFR) in a detailed study.
IoT is a set of technologies and applications which focus on aggregation and use of information from several devices. The growth of the global connected IoT devices market is driven by a rise in the use of connected devices, both on ten consumer side as well as on the enterprise side. Increasing adoption of IoT across various industry verticals including healthcare, power and transport, manufacturing, production & logistics, and others. Rising initiatives across multiple countries towards building smart homes, smart buildings and smart cities equipped with state-of-the-art communication capabilities and seamless connectivity presents lucrative growth opportunities to the global connected IoT devices market. Government initiatives in various developing and developed countries towards digitalization can be cited as a major driver for the growth of the global connected IoT device market. The global connected IoT devices market is still in its embryonic stage and has attracted massive investment from industry giants for the development of component, solutions, products or services with broad capabilities which resonates strong growth in the global connected IoT devices market. Furthermore, the growing trend of bring your own device (BYOD), the proliferation of intelligent connected devices and the adoption of cloud computing are other factors stimulating the growth of ten global connected IoT devices market. Despite having a significant opportunity to gain mass adoption, interoperability and interconnectivity issues, and security concerns remain significant hurdles to the growth of the global connected IoT devices market.
The global connected IoT devices market has been segmented based on component, deployment, and application.
By component, the global connected IoT devices market has been segmented into solution and services.
The solution segment has been further segmented into data management, remote monitoring, and real-time streaming analytics, security solutions, and network bandwidth management. The security solutions segment is expected to be the largest segment over the forecast period. The growth of this segment can be attributed to increasing concerns relating to security.
The service segment has been further segmented into professional services and managed services. The professional service sub-segment has been segmented into consulting services, integration services, and support and maintenance.
By deployment, the global connected IoT devices market has been segmented into private cloud, public cloud, and hybrid cloud.
By application, the global connected IoT connected devices market has been segmented into smart homes, smart utilities, smart manufacturing, smart retail, connected health, connected logistics, and others.
North America, Asia Pacific, Europe, and Rest of the World are the key markets for connected IoT device. North America dominates the connected IoT devices market, led by the US and Canada. The proliferation of intelligent connected devices coupled with rising technological advancements fosters the growth of North America connected IoT devices market. The region has a tendency to swiftly adopt new and advanced technologies which are plus for the North America market. Also, the presence of major players in the region and presence of well-established infrastructure facilitates faster implementation of advanced technologies which creates a supportive environment for the growth of the market.
Hewlett-Packard (U.S.), PTC Incorporation (U.S.), Motorola Inc. (U.S.), Cumulocity GmbH (Germany), Nokia Solutions Network (Finland), Xively (U.S.), Amplia Soluciones (Spain), Smith Micro Software, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Advantech Co., Ltd. (Taiwan), IBM Corporation (U.S.), HTC Corporation (Taiwan), Samsung Electronics Co. Ltd. (South Korea), LG Corporation (South Korea), Apple Inc. (U.S.), Aeris Communication, Inc. (U.S.), Telit Communications PLC (Italy), Wind River Systems (U.S.), Dell Inc. (U.S.), and others are the key players in the global IoT connected devices market.
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• In November 2018, Xiaomi, Chinese electronics company announced a partnership with global furniture giant IKEA. Through the partnership, IKEA's smart lighting products will be connected to Xiaomi's IoT platform.
• In December 2015, Salesforce announced addition of new IoT capabilities to its Field Service CRM platform which will enable companies to automate requests for sending out customer service representatives.
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