The rising wireless networking technologies and the growing implementation of cloud platform around the world are the major factors that contribute to the IoT devices market growth. IoT can scrutinize the real-time circumstances and also assists in better decision-making. New avenues will be opened for several industries by this digital transformation and augment the market worth of IoT devices.
The worldwide IoT (Internet of things) devices market was esteemed at about USD 31,500 Million in 2016 and it is projected to attain about USD 158,140 Million in 2024. The worldwide IoT devices market is anticipated to develop at a CAGR of 23% between 2017 and 2024.
According to the research, the transportation segment will expand at highest CAGR in coming period. The major factors accountable for the growth consist of the increasing road accident and congestions. As per the facts, around 40,000 people died in the United States in 2016 in motor vehicles crash, which is more by 6% from 2015.
Sensors are the units of the IoT devices as they get more analytics and connectivity to the supply chain. In addition, the huge requirement for IoT sensors in all the electronic devices and the increasing industrial IoT market will robustly fuel the expansion of the IoT sensors segment in the coming period.
The smart lighting system is steering on the IoT, this segment, in 2016, has accounted the 2nd biggest market share on account of the development of home automation and smart cities in the developing areas. It is anticipated that smart home automation market will attain about USD 80.04 Billion till 2022; which, in turn, will drive the expansion of smart lighting segment. Moreover, the rising requirement for intelligent solutions for the street lighting systems will add up the expansion of the segment.
In 2016, the manufacturing application accounted for the biggest share in the market and is anticipated to govern the IoT devices market till 2022. Traction is gained by IoT in manufacturing segment with the introduction of smart devices that assists to simplify the business procedure. This will boost the requirement for manufacturers to use IoT system and result in a rise in overall production volume.
The market is developing at a fast pace in the developed regions. The APAC nations lead the development in IoT expenditure, with implementation in numerous verticals: investments by the government in the infrastructure development and local business modernization in India and China will increase the profits of IoT device in this region.
The key market players in the worldwide IoT Devices market include Ecobee, Amazon, Honeywell International Inc., Google LLC, among others.