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Add to CartGlobal Connected IoT Devices Market Growth, Share, Size, Trends and Forecast (2025 - 2031)
By Component;
Solution and Service.By Deployment;
Private Cloud, Public Cloud, and Hybrid Cloud.By Application;
Smart Homes, Smart Manufacturing, Smart Utilities, Smart Retail, and Others.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2021 - 2031).Introduction
Global Connected IoT Devices Market (USD Million), 2021 - 2031
In the year 2024, the Global Connected IoT Devices Market was valued at USD 11,791.26 million. The size of this market is expected to increase to USD 35,388.43 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 17.0%.
The world of technology is witnessing an unprecedented surge in the proliferation of connected devices, marking the advent of the Internet of Things (IoT) era. This transformative trend encompasses a diverse array of gadgets, ranging from smart home appliances to industrial sensors, all seamlessly interconnected through the internet. As businesses and consumers alike embrace this interconnected ecosystem, the global market for IoT devices continues to expand rapidly, revolutionizing various sectors with its potential for efficiency, automation, and data-driven insights.
In the consumer realm, IoT devices are reshaping daily living experiences, offering enhanced convenience, comfort, and control. From smart thermostats that optimize energy usage to wearable fitness trackers that monitor health metrics in real-time, these interconnected gadgets are becoming indispensable parts of modern lifestyles. With the proliferation of smartphones acting as central hubs, consumers can effortlessly manage and monitor their interconnected devices from anywhere, further fueling the adoption of IoT technologies in homes worldwide.
Beyond the consumer sphere, the industrial sector is undergoing a profound transformation through the integration of IoT devices into manufacturing processes, supply chains, and infrastructure. Industrial IoT (IIoT) applications enable businesses to collect and analyze vast amounts of data, empowering them to optimize operations, predict maintenance needs, and enhance overall productivity. From predictive maintenance sensors in machinery to connected logistics systems, the industrial landscape is evolving towards greater efficiency and agility, driven by the widespread deployment of IoT technologies.
The healthcare industry is leveraging IoT devices to revolutionize patient care, remote monitoring, and medical diagnostics. Wearable health trackers, remote patient monitoring systems, and smart medical devices enable healthcare providers to deliver personalized treatments, improve patient outcomes, and reduce healthcare costs. With the advent of telemedicine and remote health management platforms, IoT-enabled healthcare solutions are breaking down traditional barriers to access, ensuring that patients receive timely care and support regardless of their location.
Global Connected IoT Devices Market Recent Developments
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In September 2022, ABB Ltd. upgraded its India-based smart power factory with the upgrade of industrial IoT. The smart factory links all industrial machines, robots, and more that supports industrial digitalization
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In August 2022, OEM solutions provider, Elevat, announced a partnership with Cummins Inc. to integrate Cummins Connected Diagnostics application and Machine Connect IoT platform of Elevat. This partnership helps the customers with a single dashboard machine view rather than multiple components
Segment Analysis
The global connected IoT devices market has witnessed exponential growth in recent years, driven by advancements in technology and the increasing adoption of smart devices across various sectors. One prominent segment within this market is the consumer electronics sector. With the proliferation of smartphones, smart TVs, wearable devices, and smart home appliances, consumers are increasingly embracing connected devices to enhance convenience and efficiency in their daily lives. This segment is characterized by intense competition among manufacturers striving to innovate and offer products with advanced connectivity features and seamless integration with other IoT ecosystems.
Another significant segment in the global connected IoT devices market is industrial IoT (IIoT). In industrial settings, IoT devices play a crucial role in enabling automation, predictive maintenance, and optimization of operations. These connected devices, such as sensors, actuators, and industrial robots, gather and analyze data to improve productivity, reduce downtime, and enhance overall efficiency. Industries ranging from manufacturing and logistics to energy and healthcare are investing heavily in IIoT solutions to gain a competitive edge and drive digital transformation initiatives.
The automotive sector represents a burgeoning segment within the global connected IoT devices market. Modern vehicles are increasingly equipped with IoT-enabled features such as telematics, infotainment systems, and advanced driver assistance systems (ADAS). These connected vehicles leverage sensors, GPS technology, and wireless communication to provide real-time data on vehicle performance, navigation assistance, and connectivity with other smart devices. The rise of electric and autonomous vehicles further amplifies the demand for IoT connectivity, as automakers aim to deliver enhanced safety, convenience, and sustainability through interconnected automotive ecosystems.
Global Connected IoT Devices Segment Analysis
In this report, the Global Connected IoT Devices Market has been segmented by Component, Deployment, Application and Geography.
Global Connected IoT Devices Market, Segmentation by Component
The Global Connected IoT Devices Market has been segmented by Component into Solution and Service.
The global connected IoT devices market segmentation by component delineates a landscape defined by diverse elements powering the interconnected ecosystem. One fundamental component driving this market is hardware infrastructure. This encompasses the physical devices comprising sensors, actuators, processors, and communication modules, which form the backbone of IoT systems. These devices facilitate data collection, processing, and transmission, enabling the seamless interaction between the digital and physical worlds.
Complementing hardware infrastructure is the software component, which plays a pivotal role in orchestrating the functionality of IoT devices. This segment encompasses operating systems, firmware, middleware, and applications tailored for IoT environments. These software components are essential for managing device interactions, executing data analytics, and enabling communication protocols. Moreover, they facilitate the development of customized solutions catering to diverse industry requirements, fostering innovation and scalability within the IoT ecosystem.
Beyond hardware and software, connectivity solutions constitute another vital segment in the connected IoT devices market. This includes wired and wireless technologies such as Wi-Fi, Bluetooth, cellular networks, and LPWAN (Low Power Wide Area Network). The choice of connectivity solution is influenced by factors like range, bandwidth, power consumption, and deployment scenario. With the proliferation of IoT applications across industries ranging from healthcare to manufacturing, the demand for robust and reliable connectivity solutions continues to escalate, driving innovation in this segment. Thus, the convergence of hardware, software, and connectivity solutions forms the cornerstone of the global connected IoT devices market, fueling its growth and evolution across diverse sectors.
Global Connected IoT Devices Market, Segmentation by Deployment
The Global Connected IoT Devices Market has been segmented by Deployment into Private Cloud, Public Cloud and Hybrid Cloud.
The global connected IoT devices market exhibits a diverse landscape of deployment scenarios, catering to various industry demands and consumer needs. One significant segmentation within this realm is based on deployment types.
Which encompasses IoT devices deployed within households and personal spaces. These devices, ranging from smart thermostats to wearable fitness trackers, are designed to enhance convenience, comfort, and efficiency in everyday life. The consumer segment thrives on innovations that streamline tasks, improve entertainment experiences, and provide valuable insights into personal health and well-being.
Constitutes another vital deployment domain for IoT devices. In industries such as manufacturing, transportation, and agriculture, IoT solutions play a pivotal role in optimizing processes, increasing productivity, and ensuring operational safety. From predictive maintenance in machinery to supply chain management systems, industrial IoT deployments are geared towards achieving cost-efficiency, sustainability, and competitiveness in a rapidly evolving market landscape.
Encompasses IoT deployments tailored to meet the needs of businesses and organizations across various sectors. These deployments often focus on enhancing operational efficiency, improving decision-making processes, and fostering innovation through the integration of IoT-enabled solutions. From smart office spaces equipped with connected devices for energy management to asset tracking systems in retail environments, enterprises leverage IoT technologies to drive growth, streamline workflows, and deliver enhanced value to customers and stakeholders alike.
Global Connected IoT Devices Market, Segmentation by Application
The Global Connected IoT Devices Market has been segmented by Application into Smart Homes, Smart Manufacturing, Smart Utilities, Smart Retail and Others.
The global connected IoT devices market showcases a diverse landscape, with segmentation by application providing valuable insights into its multifaceted utilization. One significant application lies in the realm of healthcare, where IoT devices revolutionize patient care and management. These devices facilitate remote monitoring of vital signs, medication adherence, and chronic disease management, enhancing healthcare outcomes while reducing hospital readmissions. Moreover, IoT-enabled medical devices streamline processes for healthcare providers, leading to improved operational efficiency and cost savings.
Another pivotal segment is smart home automation, where IoT devices transform traditional residences into intelligent living spaces. Through interconnected sensors, actuators, and controllers, these devices offer homeowners enhanced convenience, security, and energy efficiency. From smart thermostats regulating temperature based on occupancy patterns to voice-activated assistants orchestrating various home functions, IoT technology fosters a seamless and interconnected living experience. As consumer demand for smart home solutions continues to surge, the connected IoT devices market witnesses sustained growth in this segment.
The industrial sector embraces IoT technologies to bolster efficiency, productivity, and safety across diverse operations. Industrial IoT (IIoT) devices facilitate real-time monitoring and control of machinery, predictive maintenance, and supply chain optimization. By harnessing data analytics and machine learning algorithms, businesses glean actionable insights to optimize production processes, minimize downtime, and mitigate operational risks. From manufacturing plants leveraging IoT sensors for quality control to logistics companies optimizing fleet management through IoT-enabled tracking systems, interconnected devices drive innovation and competitiveness in the industrial landscape.
Global Connected IoT Devices Market, Segmentation by Geography
In this report, the Global Connected IoT Devices Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Connected IoT Devices Market Share (%), by Geographical Region, 2024
The global connected IoT devices market exhibits a diverse landscape across various geographical regions. In North America, the proliferation of smart homes and the widespread adoption of IoT-enabled devices drive market growth. The region boasts advanced infrastructure and a tech-savvy consumer base, fostering a fertile ground for IoT innovation. Additionally, initiatives by governments and industry players to promote smart city projects further propel market expansion in North America.
In Europe, stringent regulations regarding data privacy and security shape the trajectory of the connected IoT devices market. Despite regulatory challenges, Europe witnesses robust growth fueled by increasing investments in IoT infrastructure, particularly in sectors like manufacturing, healthcare, and transportation. Moreover, partnerships between technology companies and government bodies drive the deployment of IoT solutions for sustainable urban development and efficient resource management across European cities.
Asia Pacific emerges as a dynamic hub for the connected IoT devices market, driven by rapid urbanization, digitization, and the proliferation of mobile technology. Countries like China, Japan, and South Korea lead the adoption of IoT technologies, leveraging them for industrial automation, smart energy management, and enhanced healthcare services. Moreover, the rising popularity of smart wearable devices and the integration of IoT in automotive systems contribute significantly to market growth in the Asia Pacific region.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Connected IoT Devices Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers:
- Connectivity Advancements
- Rising Demand for Smart Solutions
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Industry 4.0 Integration - The integration of Industry 4.0 technologies has significantly impacted the global connected IoT devices market, fostering its growth and evolution. Industry 4.0, characterized by the fusion of digital technologies with traditional manufacturing processes, has propelled the demand for IoT devices across various sectors. These devices facilitate real-time data collection, analysis, and communication, enabling enhanced automation, efficiency, and decision-making capabilities within industrial environments. As industries increasingly adopt smart manufacturing practices, the demand for connected IoT devices continues to surge, driving market expansion and innovation.
The integration of Industry 4.0 principles into IoT devices is revolutionizing industrial operations and business models. Manufacturers are leveraging advanced connectivity, artificial intelligence, and data analytics embedded within IoT devices to optimize production processes, predict equipment failures, and enable proactive maintenance. This integration not only enhances operational efficiency but also enables the creation of new revenue streams through innovative service-based business models. With Industry 4.0 integration, connected IoT devices are poised to play a pivotal role in shaping the future of industrial automation and digital transformation on a global scale.
Restraints:
- Security Concerns
- Interoperability Challenges
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Privacy Issues - The exponential growth of the global connected IoT devices market has introduced a myriad of privacy concerns. As these devices become increasingly integrated into daily life, they collect vast amounts of personal data, raising questions about data privacy, security, and ethical use. Consumers often lack awareness of the extent to which their data is being collected and shared, leading to potential vulnerabilities and exploitation by malicious actors. Moreover, the interconnected nature of IoT ecosystems heightens the risk of data breaches, exposing sensitive information to unauthorized access.
The lack of standardized regulations exacerbates privacy issues within the IoT landscape. Varying data protection laws across jurisdictions create challenges for companies in ensuring compliance and implementing robust privacy measures. The opaque data practices of many IoT manufacturers further compound these challenges, leaving consumers in the dark about how their data is being utilized. Without adequate safeguards and transparency mechanisms in place, the proliferation of connected IoT devices may continue to compromise individual privacy rights and undermine trust in the digital ecosystem.
Opportunities:
- Emerging IoT Applications
- Expansion in Developing Markets
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Data Monetization Strategies - In the realm of IoT (Internet of Things), data is the lifeblood that fuels innovation and drives value. As the number of connected devices proliferates globally, so too does the potential for monetizing the data they generate. One key strategy involves leveraging this data to offer valuable insights and services to businesses and consumers. Companies can package and sell data-driven insights derived from IoT devices to industries such as healthcare, agriculture, manufacturing, and transportation, enabling them to make more informed decisions and optimize operations. Additionally, monetization can occur through subscription-based models, where users pay for access to real-time data streams or analytics platforms tailored to their specific needs.
Another avenue for monetization lies in partnerships and collaborations. By sharing anonymized and aggregated IoT data with third-party developers, companies can foster ecosystems of innovation. This data can be used to develop new applications, services, and solutions that address emerging market needs. Furthermore, partnerships with other organizations, such as technology providers or research institutions, can unlock new revenue streams through joint ventures or co-branded offerings. This collaborative approach not only expands the reach of IoT data but also creates opportunities for revenue sharing and value co-creation among stakeholders in the ecosystem.
Competitive Landscape Analysis
Key players in Global Connected IoT Devices Market include:
- Aeris Communication Inc.
- Amplia Soluciones
- Cumulocity GmbH
- International Business Machines Corporation
- Thales Group
- Microsoft Corporation
- Oracle Corporation
- PTC Incorporation
- Smith Micro Software
- Telit Communications PLC
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Component
- Market Snapshot, By Deployment
- Market Snapshot, By Application
- Market Snapshot, By Region
- Global Connected IoT Devices Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Connectivity Advancements
- Rising Demand for Smart Solutions
- Industry 4.0 Integration
- Restraints
- Security Concerns
- Interoperability Challenges
- Privacy Issues
- Opportunities
- Emerging IoT Applications
- Expansion in Developing Markets
- Data Monetization Strategies
- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Connected IoT Devices Market, By Component, 2021 - 2031 (USD Million)
- Solution
- Service
- Global Connected IoT Devices Market, By Deployment, 2021 - 2031 (USD Million)
- Private Cloud
- Public Cloud
- Hybrid Cloud
- Global Connected IoT Devices Market, By Application, 2021 - 2031 (USD Million)
- Smart Homes
- Smart Manufacturing
- Smart Utilities
- Smart Retail
- Others
- Global Connected IoT Devices Market, By Geography, 2021 - 2031 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Connected IoT Devices Market, By Component, 2021 - 2031 (USD Million)
- Competitive Landscape
- Company Profiles
- Aeris Communication Inc.
- Amplia Soluciones
- Cumulocity GmbH
- International Business Machines Corporation
- Thales Group
- Microsoft Corporation
- Oracle Corporation
- PTC Incorporation
- Smith Micro Software
- Telit Communications PLC
- Company Profiles
- Analyst Views
- Future Outlook of the Market