Success of Internet of Things (IoT) Devices Market attributed to Soaring Use of Smartphones and Smart Wearables


Published Date : Feb 27, 2017

Albany, NY, Feb 27, 2017: The global Internet of things (IoT) devices market is slated to expand at a modest 3.72% CAGR from 2017 to 2021, states a report recently added to the exhaustive database on MarketResearchReports.biz. The 108-page publication is titled “Global Internet of Things Devices Market 2017-2021” and offers sharp and actionable insights based on the current as well as future prospects of the worldwide market.

According to the report, the market for IoT devices stands to grow on account of the many large-scale benefits offered by these devices. The ongoing development of high-energy processors for Internet of things devices is a prominent trend that is sure to materialize in the years to come. However, growing concerns regarding privacy and security will continue to pose a threat to the expansion of this market.

By type of product, the global market for Internet of things devices includes smart media, smart meters, smart cameras, smart locks, smart thermostats, computing devices, wireless printers, smart wearables, smart home appliances, and connected bulbs. The report states that in 2016, the segment of computing devices held the dominant share in the overall IoT devices market and this trend is likely to continue owing to the soaring adoption of smartphones and tablets. On the basis of geography, the Internet of things devices market covers Asia Pacific, the Americas, and Europe, the Middle East, and Africa. Asia Pacific is anticipated to emerge as the most promising region in terms of revenue contribution and the market will continue its positive streak through 2021. The main factor driving the APAC IoT devices market is the improving purchasing power of the consumers in countries such as India and China, which is slated to up the demand for smart wearables and computing devices.

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The key participants in the global Internet of things devices market are Honeywell International, Sony, LG Electronics, Seiko Epson, Samsung Electronics, and Google. In addition to these, there are several players contributing toward the growth of the IoT devices market, such as Ecobee, Cityzen Sciences, Acer, Heddoko, Canon, Lenovo, Hexoskin, Coolpad, Kwikset, August Home, Panasonic, Goji, ASUS, Nintendo, Microsoft, Apple, Brother Industries, Nest Labs, Huawei, and Philips.

The IoT devices market is still in a nascent stage and owing to the presence of an increasing number of vendors, the competitive landscape is immensely fragmented in nature. There are no clear market leaders and the degree of rivalry is still low. Nevertheless, this has spurred companies to step up their efforts in garnering a large share in the Internet of things devices market and expand their customer base. This is sure to improve the competitive nature of the market in the coming years. There are a host of additional services that many companies are offering, which include customer services, interactivity, and data reports. This gives them an added edge over the rest.

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