Internet of Things (IoT) devices such as smart home, wearables, home automation devices connect appliances, vehicles, infrastructure, and industrial equipment to the internet. These devices collect and exchange data using embedded sensors, actuators, and connectivity which helps improve operations through real-time data analysis. IoT devices allow remote monitoring and control of equipment and other connected devices from any location.

The global IoT Devices Market is estimated to be valued at US$ 98 Mn in 2024 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 Dynamics:
Artificial intelligence integration is one of the key drivers estimated to propel the growth of the IoT devices market over the forecast period. AI helps devices gain intelligence by collecting data from connected sensors and using analytics techniques to determine patterns. AI integration allows devices to become more autonomous by learning from experience without explicitly being programmed. This enables IoT devices to personalize and optimize based on user behavior and preferences. Moreover, AI-powered devices can detect problems and anomalies, predict needs, and notify users proactively. For instance, AI integration in smart home devices enables automation of tasks such as device access control, temperature regulation, security surveillance, and other home automation activities based on occupancy detection and user habits without direct user input.

SWOT Analysis

Strength: IoT devices market offers multiple benefits for consumers and businesses such as increased operational efficiency, mobility access, and connectivity. The growing adoption of IoT across various sectors like automotive, healthcare, manufacturing etc. is major strength. Connected technology enhance product experience and drive customer retention.

Weakness: Data privacy and security continue to be major concerns for users. Successful attacks on IoT networks can compromise personal and organizational data. Lack of common connectivity standards also limits interoperability between different solutions. Initial investment costs for large scale IoT rollouts are high for some organizations.

Opportunity: The increased spending on smart city projects around the world offers lucrative opportunities. IoT provides opportunities for innovative solutions across sectors. Partnerships between technology providers and enterprises will help create new revenue streams. Growing healthcare needs of aging population opens up opportunities.

Threats: Technological obsolescence is a constant threat as new and better solutions emerge frequently. Stringent regulations around data privacy and security in different jurisdictions adds compliance complexities. Trade barriers and nationalism pose threats in global deployments and partnerships. Dependence on few tech giants for key components is also a threat.

Key Takeaways

The global IoT devices market is expected to witness high growth over the forecast period supported by rapid adoption across industry verticals. The global IoT Devices Market is estimated to be valued at US$ 98 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.

North America currently dominates due to strong technology adoption and government initiatives for smart infrastructure projects. Asia Pacific is expected to be the fastest growing regional market led by China, India and other developing Asian countries where IoT deployments are increasing rapidly driven by growing digitization and industrialization.

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. The market is witnessing increased consolidation as large technology players make acquisitions to expand their IoT device portfolios and capabilities. Partnerships between tech providers and enterprises are also growing.