Global IoT Devices Market Expected to Reach USD 158,140 Million by 2024

19-Feb-2018 | Zion Market Research

The new report by Zion Market Research on “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" has a vast information about the market and its potential.

The global IoT devices market was valued at around USD 31,500 million in 2016 and it is expected to reach around USD 158,140 million in 2024. The global Internet of things (IoT) devices market is expected to grow at a CAGR of 23% between 2017 and 2024.

Report Summary

Increasing wireless networking technologies and rising adoption of cloud platform across the globe are the key factors that will trigger the growth of the IoT devices market. IoT can analyze the real-time situation and also helps in better decision making. This digital transformation will open new opportunities for many industries and increase the market value of IoT devices.

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

As per our study, transportation segment will grow at highest CAGR in near future. The key factors responsible for the growth include rising congestions and road accident.According to facts, In U.S. 40,000 people died in motor vehicles crash in 2016 which is up by 6% from 2015.

Global IoT Devices Market

Sensors are the troops of the IoT devices as they bring more connectivity and analytics to the supply chain. Additionally, High demand for IoT sensors in all electronic devices and the rising industrial IoT market will strongly drive the growth of the IoT sensors segment. 

The smart lighting system is ushering on the Internet of Things, this segment has acquired the second largest market share in 2016 owing to the development of smart cities and home automation in developing regions. It is expected that smart home automation market will reach around USD 80.04 billion till 2022; this will propel the growth of smart lighting segment. Additionally, increasing demand for intelligent solutions for street lighting systems will contribute the growth of the segment.

Manufacturing application held largest market share in 2016 and manufacturing is poised to dominate the IoT devices market till 2022.IoT in manufacturing segment is gaining traction with the advent of smart devices that helps to streamline the business process. This will increase the need for manufacturers to deploy IoT system and lead to increase in overall volume of production.

The market is growing at a rapid rate in the developed regions. APAC countries lead the growth in IoT spending, with adoption in multiple verticals: government investments in the development of infrastructure and local business modernization in China & India will boost the revenue of IoT device in APAC region.

The major market players in the global IoT Devices market are Amazon, Ecobee, Google LLC, Honeywell International Inc., among others.

Global IoT Devices Market Segmentation:

Global IoT Devices Market: Device Segment Analysis

  • 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)

Global IoT Devices Market: Product Type Segment Analysis

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

Global IoT Devices Market: Application Segment Analysis

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

Global IoT Devices Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa
    • GCC Countries
    • Southern Africa
    • Rest of MEA
  • Latin America
    • Brazil
    • Rest of Latin America

Browse New Press Release:

About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:

Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States

Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651

Office Address

Contact Us

Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651

Asia Pacific Office

3rd Floor, Mrunal Paradise, Opp Maharaja Hotel, Pimple Gurav, Pune 411061, Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008

Contact #

US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651

We Are On Social

Industry Press Release

We Accept

We have secured system to process your transaction.

  • payment methods

Business Hours

Our support available to help you 24 hours a day, five days a week.

Monday - Friday: 9AM - 6PM

Saturday - Sunday: Closed