Global IoT Devices Market Will Reach USD 158,140 Million by 2024: Zion Market Research

New York, NY, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “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”.

According to the report, 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.

Browse through 74 Tables & 38 Figures spread over 170 Pages and in-depth TOC on "Global IoT Devices Market Size 2016: Industry Share, Growth, Segments, Trends and Forecast, 2022”.

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Market Report Highlights

  • Increasing adoption of wireless networking technologies across the globe. Wireless devices have been increased from 40% to 70% over the last four years; this will lead the growth of IoT devices market for a couple of years.
  • Increasing real-time streaming analytics and remote monitoring system in various industries will lead the IoT devices market over the forecasted period.
  • The increase in demand for consumer electronics product such as smart tv, smartphones, smart watches and many others is fueling the growth of the sensor segment.
  • The connectivity IC segment contributes a prominent share of 31.43% in the global IoT devices market in 2016. This is due to, 5th generation wireless systems are the proposed next telecommunication standards that will be beyond the current 4th generation.
  • A huge amount of data is generated from IoT devices on daily basis, there is a high requirement of processors to process and manage this big data. Hence, this would drive the growth of memory devices segment.
  • Connected healthcare segment is expected to grow with highest CAGR of 26% in between 2017-2024. This is mainly driven by the evolution of artificial intelligence technology and increasing investments for implementing of IoT healthcare.
  • Evolution of artificial intelligence technology and increasing investments for implementing of IoT healthcare solutions along with rising penetration of connected devices in healthcare will lead this segment in coming years.
  • Among the several geographical regions, Asia Pacific will grow with the highest annual growth rate in forecasted period as rising market for smart and wearable devices in China and India and high trend of home automation in Japan will be key driving factors.

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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.

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.

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 https://www.zionmarketresearch.com/report/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.

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

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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
  • Latin America
    • Brazil
    • Rest of Latin America

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