According to a recent report published by MarkWide Research, titled “Connected IoT Devices Market,” the global market for connected Internet of Things (IoT) devices is poised for substantial growth, projecting a notable Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period from 2023 to 2030. The increasing adoption of IoT technology across various industries is driving the growth of this market.
Overview of the Connected IoT Devices Market:
Connected IoT devices encompass a wide range of interconnected devices and sensors that collect and transmit data for various applications.
The Connected IoT Devices Market is witnessing significant growth due to several key factors:
- Industry 4.0: The adoption of IoT in manufacturing and industry automation drives demand for connected devices.
- Smart Cities: IoT devices are used for smart city applications, including traffic management and environmental monitoring.
- Healthcare IoT: Connected medical devices and patient monitoring solutions are on the rise.
- Consumer IoT: Smart home devices and wearables are popular consumer IoT applications.
The report by MarkWide Research segments the connected IoT devices market based on device type, application, and region.
- Sensors: Sensors collect data from the environment and other devices.
- Actuators: Actuators enable devices to perform actions based on data and commands.
- Manufacturing: IoT devices enhance manufacturing efficiency and automation.
- Smart Cities: IoT is used for urban infrastructure management and optimization.
The market spans regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific, with its thriving manufacturing sector and smart city initiatives, is expected to lead the market growth.
Key players in the connected IoT devices market include Cisco Systems, Inc., IBM Corporation, and Intel Corporation, among others. These companies provide IoT solutions and platforms for various industries.
The connected IoT devices market is set to thrive as IoT adoption continues to expand across industries, creating opportunities for data-driven insights and automation.