Connected Devices Market - Global Industry Research Analysis

According to Market Research Store, the global connected devices market size was valued at around USD 24.71 billion in 2023 and is estimated to reach USD 127.5 billion by 2032, to register a CAGR of approximately 20.00% in terms of revenue during the forecast period 2024-2032.

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The connected devices report provides a comprehensive analysis of the market, including its size, share, growth trends, revenue details, and other crucial information regarding the target market. It also covers the drivers, restraints, opportunities, and challenges till 2032.

Global Connected Devices Market: Overview

Connected devices refer to electronic gadgets that can communicate with each other or connect to the internet to exchange data. These devices can range from smartphones, tablets, and laptops to smart home appliances, wearable devices, and industrial equipment. They utilize technologies like Wi-Fi, Bluetooth, 5G, and IoT (Internet of Things) protocols to enable seamless interaction and automation.

The market for connected devices is growing rapidly, driven by advancements in technology, the increasing adoption of smart technologies, and the expansion of the Internet of Things. Consumer demand for convenience, automation, and remote monitoring is a key factor fueling this growth.

Key Highlights

• The connected devices market is anticipated to grow at a CAGR of 20.00% during the forecast period.
• The global connected devices market was estimated to be worth approximately USD 24.71 billion in 2023 and is projected to reach a value of USD 127.5 billion by 2032.
• The growth of the connected devices market is being driven by the growing adoption of IoT technologies, increased demand for smart homes, and advancements in wireless communication technologies like 5G.
• Based on the type, the computing devices segment is growing at a high rate and is projected to dominate the market.
• On the basis of application, the consumer segment is projected to swipe the largest market share.
• By region, North America is expected to dominate the global market during the forecast period.

Connected Devices Market: Dynamics

Key Growth Drivers

• Increasing Demand for Smart Devices: Growing consumer awareness and preference for smart devices that offer convenience, efficiency, and enhanced user experiences.
• Advancements in IoT Technology: Rapid advancements in IoT technologies, including sensors, connectivity protocols, and data analytics, enabling seamless integration and interoperability of connected devices.
• Expanding Applications Across Industries: The increasing adoption of connected devices across various sectors like healthcare, manufacturing, transportation, and agriculture, driving market growth.

Restraints

• Security and Privacy Concerns: Growing concerns about data security and privacy breaches associated with the increasing number of connected devices.
• Interoperability Challenges: Lack of standardization and compatibility issues between different devices and platforms hindering seamless integration.
• High Initial Costs: The initial investment required for setting up connected device infrastructure and integrating devices can be substantial, especially for small businesses and individuals.

Opportunities

• Emerging Technologies: The emergence of new technologies like 5G, AI, and machine learning, offering new opportunities for innovative connected device applications and services.
• Expanding Smart Home Market: The growing popularity of smart homes and the increasing demand for smart home devices creating significant growth potential.
• Industrial IoT (IIoT): The increasing adoption of IIoT solutions across industries for optimizing operations, improving efficiency, and reducing costs.

Challenges

• Complex Infrastructure: The complexity of managing and maintaining a large number of connected devices and their underlying infrastructure.
• Data Management and Analysis: The challenges associated with collecting, storing, and analyzing vast amounts of data generated by connected devices.
• Regulatory Hurdles: The evolving regulatory landscape and compliance requirements for connected devices, particularly in terms of data privacy and security.

Connected Devices Market: Segmentation Insights

The global connected devices market is divided by type, application, and region.

Segmentation Insights by Type

Based on type, the global connected devices market is divided into computing devices, media players, wearables, smartwatch, smart band, smart glasses, smart clothing, wireless printers, smart meters, and others.

Computing Devices segment is the largest in the connected devices market and includes devices such as laptops, desktops, and tablets. These devices are central to everyday digital interactions and serve as the primary tools for accessing the internet, working remotely, and engaging in digital content creation and consumption. As the foundation of personal and business technology ecosystems, computing devices continue to drive the connected devices market with their ability to support a wide range of functions, from office productivity to entertainment and gaming. The increasing reliance on cloud-based applications and the growth of remote work are key factors fueling this segment’s dominance.

Wearables, including fitness trackers and health monitoring devices, are becoming increasingly popular due to their ability to provide real-time data on physical activity, heart rate, and overall wellness. These devices connect to smartphones and other devices to offer users a seamless experience, while also offering health-related insights. The growing health and fitness trend, as well as advancements in wearable technology, are significant drivers behind the growth of this segment.

A subcategory of wearables, smartwatches have become one of the most popular connected devices in recent years. Combining the functionalities of a traditional watch with the capabilities of a smartphone, smartwatches offer features like fitness tracking, notifications, call and message alerts, and even the ability to make payments. Their growing popularity is driven by the increasing demand for convenient, always-connected devices that can be worn on the wrist.

Smart meters allow utilities to monitor and manage energy consumption in real time. These connected devices help both consumers and utility providers track electricity, water, and gas usage, enabling better resource management. As the global focus on energy efficiency and sustainability increases, smart meters are gaining traction in the connected devices market, contributing significantly to the growth of this segment.

Media players, including smart TVs and streaming devices like Roku or Amazon Fire TV, are crucial for the connected home ecosystem. These devices enable consumers to access on-demand entertainment, including movies, TV shows, and music, from streaming services. The rising demand for digital content consumption and home entertainment systems continues to fuel the growth of this segment.

Smart bands are affordable wearable devices primarily focused on fitness tracking. These bands monitor daily activity, sleep patterns, and heart rate, offering users insights into their health and fitness levels. While they lack some of the advanced features of smartwatches, their simplicity and lower price point make them a popular choice among users focused on fitness and basic health monitoring.

Smart glasses integrate augmented reality (AR) and connectivity features into eyewear, allowing users to access real-time data, navigation, and other digital information directly in their line of sight. Although this segment is still emerging, smart glasses are finding applications in fields such as healthcare, logistics, and entertainment, with the potential for growth as AR technology becomes more widespread.

Smart clothing incorporates sensors and other technologies into fabrics to monitor health, fitness, and environmental conditions. These garments can track a range of metrics, such as body temperature, heart rate, and physical movement, and are used in industries like healthcare and sports. While the segment is still in the early stages compared to other connected devices, advancements in textile technology are expected to drive its future growth.

Wireless printers allow users to print documents from smartphones, tablets, and laptops without needing physical connections. These printers typically use Wi-Fi or Bluetooth to connect to devices, making them convenient for both home and office environments. As mobile and cloud computing become increasingly common, the demand for wireless printing solutions continues to grow.

Segmentation Insights by Application

On the basis of application, the global connected devices market is bifurcated into consumer, enterprise, and industrial.

The Consumer segment is the largest and most rapidly growing application area for connected devices. This includes devices used by individual consumers in their daily lives, such as smartphones, smartwatches, wearables, media players, smart home devices, and health and fitness tracking tools.

The increasing demand for smart products that offer convenience, entertainment, and enhanced personal experiences drives the growth of this segment. Connected devices in this segment are primarily used for tasks such as entertainment, fitness monitoring, home automation, communication, and personal productivity, creating a connected ecosystem within the consumer's lifestyle.

The Enterprise segment encompasses connected devices used by businesses and organizations to improve efficiency, productivity, and operations. This includes devices such as smart office equipment, connected meeting tools, and enterprise software integrations for business management, asset tracking, and cloud connectivity.

Enterprise applications of connected devices also extend to IT infrastructure, with systems used to monitor and manage network performance, security systems, and employee health and safety. In this segment, the adoption of connected devices is driven by the increasing need for digital transformation, automation, and data-driven decision-making in the workplace.

The Industrial segment involves the use of connected devices in manufacturing, logistics, supply chain management, and other industrial applications. This includes industrial sensors, smart meters, robots, and automated machinery that are integrated into the industrial Internet of Things (IIoT).

These devices enable real-time monitoring, predictive maintenance, and process optimization to increase productivity and reduce operational costs. The Industrial segment is critical for sectors such as automotive manufacturing, energy, utilities, agriculture, and mining, where connected devices help streamline operations, enhance safety, and monitor equipment performance remotely.

Connected Devices Market: Report Scope

Connected Devices Market: Regional Insights

• North America is expected to dominates the global market

North America region leads the global connected devices market, especially due to high adoption rates in the U.S. and Canada. The presence of major technology companies, along with significant investment in smart home technologies and industrial automation, fuels its dominance. Governments and businesses are prioritizing IoT solutions for energy efficiency, security, and automation, contributing to North America's leadership.

Europe follows closely, particularly with high demand for connected devices in the automotive and energy sectors. Countries like Germany and the UK are at the forefront, where there is a strong push towards smart cities, renewable energy solutions, and the integration of IoT in industries such as manufacturing and healthcare. European regulations on energy use and green building initiatives have further boosted market growth.

The Asia-Pacific (APAC) region, particularly China, India, and Japan, is experiencing rapid growth due to the increasing industrialization and smart city projects in these countries. APAC is a significant market for smart connected devices in the automotive and smart agriculture sectors. However, challenges related to the adoption of newer technologies in rural areas and infrastructure gaps in some nations might slightly limit growth in certain parts of the region.

In South America, Brazil stands out as the key player, driven by its growing adoption of smart technologies in both urban and rural areas. However, the market is still relatively small compared to other regions due to economic factors and infrastructure challenges, limiting the rapid expansion of connected devices.

The market in the Middle East & Africa is expanding, particularly in countries like South Africa, Saudi Arabia, and the UAE. These countries are adopting smart technologies in sectors like healthcare and energy, but political and economic challenges in certain regions can limit growth potential. The Middle East is heavily investing in smart city projects, which might drive future market expansion.

Connected Devices Market: Competitive Landscape

The report provides an in-depth analysis of companies operating in the connected devices market, including their geographic presence, business strategies, product offerings, market share, and recent developments. This analysis helps to understand market competition.

Some of the major players in the global connected devices market include:

• IBM
• Google
• Apple
• Microsoft
• General Electric
• ABB
• LG Electronics
• Koninklijke Philips
• Hewlett Packard Enterprise
• Samsung Electronics
• Honeywell
• Sony
• HTC
• Vuzix
• Osterhout Design
• Schneider Electric
• Siemens
• Whirlpool
• AB Electrolux
• Oracle
• Advantech
• PTC
• Telit
• Wind River Systems
• Cumulocity

The global connected devices market is segmented as follows:

By Type

• Computing Devices
• Media Players
• Wearables
• Smartwatch
• Smart Band
• Smart Glasses
• Smart Clothing
• Wireless Printers
• Smart Meters
• Others

By Application

• Consumer
• Enterprise
• Industrial

By Region

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • France
  • Germany
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• The Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East Africa

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