The IoT Devices Market is estimated to be valued at US$ 120.25 Mn in 2023 and is expected to exhibit a CAGR of 22. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The IoT Devices market includes different devices like sensors, cameras, actuators, Wi-Fi routers etc that collect data and transmit it to applications or other connected devices over the internet. IoT devices play crucial roles in connecting physical world objects to the internet which enhances efficiency, reduces costs and simplifies processes. Adoption of IoT devices is growing across various industries for applications like predictive maintenance, supply chain management, inventory tracking and more.
Market key trends:
The growing adoption of connected devices across various industries is fueling growth of the IoT devices market. Increasing 5G deployment worldwide is enabling high speed connectivity and supporting innovations like autonomous vehicles which require millions of IoT sensors. Governments across countries are supporting initiatives for smart cities which involves use of IoT infrastructure for utilities management, public safety, transportation etc. This is driving demand for IoT devices from smart street lights, traffic signals to waste management systems. Manufacturers are also focusing on development of low power IoT devices with enhanced security features to gain users' trust and drive further adoption of IoT solutions.
Porter’s Analysis
Threat of new entrants: The IoT devices market requires huge capital investments which act as a barrier for new players. Significant R&D is also required to develop new technologies which is a deterrent.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products however custom requirements give an edge to existing players.
Bargaining power of suppliers: Major component suppliers like chip manufacturers hold strong power due to their differentiated technology and expertise.
Threat of new substitutes: Emerging technologies like AI, 5G, and cloud computing pose a threat of substitution.
Competitive rivalry: High as the market is dominated by technology giants and competition is based on pricing, innovation, brand image and quality.
SWOT Analysis
Strength: Established brands and global presence. Large R&D budgets to drive innovation.
Weakness: High dependence on few suppliers increases supply chain risks. Vulnerable to stringent regulations and cyber threats.
Opportunity: Growing IoT adoption across industries. Expanding applications in smart homes, factories, cities and healthcare.
Threats: Competition from local players in price-sensitive markets. Changing consumer preferences and technology obsolescence.
Key Takeaways:
The Global Iot Devices Market Size is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing connectivity of smart devices and proliferation of IoT applications. Significant investments by technology companies in development of advanced IoT solutions will further accelerate this market's growth.
Regional analysis: North America dominated the global IoT devices market in 2023, accounting for around 35% of the total share. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to widespread government initiatives to develop smart infrastructure and rising adoption of IoT technology among businesses. Countries such as China, Japan, and India are emerging as highly lucrative markets for IoT devices.
Key players operating in the IoT devices market are Robert Bosch GmbH, Apple Inc., Amazon Inc., ABB Limited, Sony Corporation, Cisco Systems Inc., Vuzix Corporation, Google Inc. (Alphabet), Siemens AG, Samsung Electronics Co. Limited, and LG Electronics. Major players are focused on developing innovative IoT solutions and establishing partnerships to expand their product portfolio and geographical presence.
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