IoT Devices Market, By Application Type (Connected and Smart Home, Medical IoT, Connected Car, Smart Cities, Industrial IoT, Personal IoT, and Other Application Types), By Connectivity Type (WPAN, WLAN, LPWA, Cellular/M2M, and Other Connectivity Types (WNAN, Wired, etc.)), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : May 2023

Code : CMI5688

Pages :152

Formats :

Excel and PDF

Industry : Information and Communication Technology

IoT Devices MarketSize and Trends

The global IoT devices market size was valued at US$ 98.0 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 22.7% from 2023 to 2030. The IoT devices market is gaining prominence in the global economy, as companies are investing heavily in this technology. Its growth is primarily attributed to the growing demand for IoT enabled devices and rising awareness of internet connectivity among consumers. The growing demand for IoT-enabled devices and infrastructure upgrades in countries such as Japan, South Korea, and China is driving the market growth in Asia Pacific.

Global IoT Devices Market Trends:

Growing use of IoT technologies in military base is a growing trend

Recently, the use of IoT technologies including drones, security equipment, and surveillance cameras has increased in military sectors around the world. The use of a cellular route for connecting all the IoT devices and applications allows IT teams to deploy such technologies at any point with the ability of separating red/black data. Furthermore, as the 5G technology offers resiliency, low latency, and bandwidth for most payloads and applications, it has become suitable to manage and deploy drones. Thus, these IoT technologies are increasingly being used in military base, which is likely to continue in the global IoT devices market over the forecast period.

Increasing collaborations among market players is a recent trend in the market

Several market players are increasingly adopting collaboration strategies to gain a competitive edge in the global IoT devices market. For instance, in April 2022, Microsoft collaborated with Nokia and SES to demonstrate secure access to the Azure cloud platform over private satellite communication and 5G networks, which enables the cloud services anywhere and anytime, including austere and remote environments. Such activities are expected to drive growth of the global IoT devices market over the forecast period.

Figure 1. IoT Devices Market, Revenue Share (%), By Region, 2022