IoT Devices Market Towering Exceptionally to Reach USD 158,140 Million by 2024

11-Oct-2018 | Zion Market Research

The major players in the global IoT devices market are Ecobee, Amazon, Honeywell International Inc., and Google LLC among others. These players are set to keep the IoT devices market to new heights in the near future. In addition to this, different launches by the major players are set to power the development of IoT devices market in the near future. For example, in September 2018, Amazon launched a series of Alexa device, adding to its existing portfolio of device and boosting the IoT devices market.

The Global IoT devices market was capitalized at almost USD 31,500 Million in 2016 and it is likely to cross almost USD 158,140 Million in 2024. The global IoT devices market is likely to develop at a CAGR of 23% from 2017 to 2024.

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

Rising Adoption Of Cloud Platform And Wireless Networking Techs To Power The Development Of The IoT Devices Market

Rising adoption of cloud platform and wireless networking techs all over the world are the major factors that will boost the development of the IoT devices market. IoT can examine the real-time cases and also assists in advanced decision making. This digital modification will open new avenues for many sectors and elevate the value of IoT devices market.

As per Zion Market Research, transportation sector will develop at uppermost CAGR in coming period. The major factors accountable for the development of IoT devices market are increasing road accident and congestions. As per facts, 40,000 individuals in U.S. died in motor vehicles accident in 2016. This is up by 6% as compared to 2015.

Global IoT Devices Market

Sensors are the major part of the IoT devices since they bring more analytics and connectivity to the supply chain. In addition to this, the increasing industrial IoT market and high need for IoT sensors in all electronic gadgets will powerfully boost the growth of IoT devices market.

The smart lighting system is ruling IoT devices market. This segment has obtained the 2nd biggest share of IoT devices market in 2016 due to the growth of home automation and smart cities in developing nations. It is likely that smart home automation sector will cross almost USD 80.04 Billion by 2022. This will foster the development of smart lighting segment and, in restore, the growth of IoT devices market. Apart from this, rising demand for smart solutions for street lighting systems will add up for growth of IoT devices market.

Manufacturing application grabbed biggest share of IoT devices market in 2016 and manufacturing is claimed to dominate the IoT devices market by 2022. IoT in manufacturing division is attaining traction with the arrival of smart gadgets that assists to streamline the business operation. This will elevate the requirement for market players to use IoT system and result in the development of IoT devices market.

The global IoT devices market is segmented as follows:

By Device

  • 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)

By Product

  • Refrigerators
  • Lighting System
  • Door Locks
  • Thermostats
  • Glasses
  • Smart Bluetooth Trackers
  • Connected Cars
  • Radar
  • Fitness & Heart Rate Monitor
  • Others

By Application

  • Building and Home Automation
  • Energy and Utilities
  • Manufacturing
  • Connected Logistics
  • BFSI
  • Transportation
  • Connected Health
  • Others

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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