Kenneth Research, in its repository of market research reports, have recently added a report on IoT Devices Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The IoT Devices Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IoT Devices Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
The report covers the forecast and analysis of the IoT Devices market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2027 based on revenue (USD Million). The study includes drivers and restraints of the IoT Devices market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the IoT Devices market on a global level.
In order to give the users of this report a comprehensive view of the IoT Devices market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are bench marked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new products & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
The study provides a decisive view of the IoT Devices market by segmenting the market based on devices, product type, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
A rise in the acceptance of cloud computing tools will create lucrative growth avenues for the business over the forecast timeline. In addition to this, the cloud computing platform helps in saving the annual costs of the firm to a large extent, thereby increasing the market earnings.
Swift digitization witnessed in various industries and technological breakthroughs are likely to augment the expansion of the market over the forecast period. However, growing concerns pertaining to privacy & security will obstruct the market growth over the forecast timeline. Apparently, interoperability and lack of guidelines & standardization may result in the hindrances to the business growth during the period from 2019 to 2027.
Based on the devices, the market is sectored into Processor, Connectivity IC, and Sensor. Again, the processor segment is sub-segmented into the microcontroller, digital signal processor, and application processor. The Connectivity IC segment is further divided into wired and wireless. The sensor segment is sub-classified into a heart rate sensor, humidity sensor, pressure sensor, camera module, and temperature sensor.
On the basis of product type, the IoT devices industry is divided into Fitness & Heart Rate Monitor, Smart Bluetooth Trackers, Connected Cars, Refrigerators, Radar, Thermostats, Glasses, Lighting System, and Door Locks. Application-wise, the market is classified into Transportation, Energy & Utilities, Building & Home Automation, Connected Logistics, Connected Health, BFSI, and Manufacturing.
Some of the major players in the business include LG Electronics, Inc., Radio Thermostat Company of America, Qualcomm Technologies, Inc., Amazon, Ecobee, SAMSUNG, Google LLC, Honeywell International Inc., Motorola Mobility LLC, Nest Labs, Pebble, and Sony Corporation.
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