IoT Devices Market Company Business Overview, Latest Advancement, Detail Analysis and Forecast 2023-2030 | Robert Bosch GmbH, Apple Inc

IoT devices comprise connected devices that collect and exchange data via the internet. This includes sensors, actuators, and other devices that make up the networking infrastructure of the internet of things. Common IoT devices include smart thermostats, connected home appliances, wearables, and industrial machines.

Market Dynamics:
The IoT devices market is expected to exhibit significant growth over the forecast period owing to two key drivers. Firstly, the rising adoption of smart connected devices across industrial, commercial and residential applications is expected to fuel market growth. Connected devices are increasingly being used for applications such as smart infrastructure management, remote asset monitoring, security and surveillance. Secondly, the development of low-cost and energy-efficient IoT chips and modules is making connectivity more accessible and affordable. Leading chipmakers are focusing on developing low-power WiFi and Bluetooth modules and systems-on-chips (SoCs) integrated with multiple radios and sensors, specifically designed for IoT devices. This is expected to further drive the proliferation of connected devices across various end-use industries over the coming years.

The global IoT devices market size is estimated to be valued at US$ 98.0 Million in 2022 and is expected to exhibit a CAGR of 22.7% between 2023 and 2030.

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Increasing Adoption of Smart Home Devices

The adoption of smart home devices such as smart thermostats, smart lighting, smart security cameras and home appliances is increasing rapidly. Consumers are realizing the convenience and energy saving benefits of integrating smart devices in their homes. As more people become familiar with smart home technologies, they are interested in expanding their smart home ecosystems with additional connected devices. Manufacturers are launching many innovative products to cater to this growing demand. The smart home market is expected to reach $71 billion by 2023 according to research firm MarketsandMarkets. This rising interest in smart home technologies is driving more consumers to invest in other IoT devices that can integrate with their smart home systems, such as fitness trackers, smartwatches, sensors etc.

Growing Emphasis on Remote Monitoring and Management

Enterprises and industrial players across various sectors such as manufacturing, utilities, oil & gas are increasingly adopting IoT solutions to remotely monitor equipment performance, optimize operations and automate processes. IoT enables real-time data collection from sensors and devices installed at remote locations. This data can be analyzed to predict maintenance needs, detect anomalies, enhance quality control and achieve greater visibility into field operations. IoT is empowering predictive maintenance strategies which help avoid unplanned downtime and reduce maintenance costs significantly. The ability to monitor and manage assets remotely from any location is a major advantage. This growing emphasis on remote monitoring and management is motivating many companies to deploy IoT devices and networks extensively.

Top Key Players:

Robert Bosch GmbH, Apple Inc., Amazon Inc., ABB Limited, Sony Corporation, Cisco Systems Inc., Vuzix Corporation, Google Inc. (Alphabet), Siemens AG, Samsung Electronics Co. Limited, and LG Electronic

Regional Analysis:
⁃ North America: United States, Canada, and Mexico
⁃ South & Central America: Argentina, Chile, Brazil and Others
⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.
⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.
⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

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Major Opportunity: Industrial IoT and Smart Manufacturing

Industrial IoT (IIoT) and smart manufacturing present a huge opportunity to transform industrial operations through digitization and connectivity. IIoT leverages technologies like machine learning, analytics, AI to infuse intelligence into industrial equipment, enabling predictive maintenance, remote monitoring, autonomous quality control, inventory optimization and flexible self-optimization of production processes. Global giants like GE, Siemens, Honeywell etc. are strongly promoting IIoT solutions. As manufacturers realize ROI from deploying IIoT use cases, it will drive heavy investments in industrial grade IoT devices, gateways, sensors and infrastructure. Countries are rolling out initiatives like 'Made in China 2025', 'Industrie 4.0' to accelerate adoption of smart manufacturing technologies. This growingIIoT and smart factory revolution represents a multi-billion dollar market opportunity for IoT solution providers.

Major Trend: Edge and Fog Computing

With increasing number of connected devices generating massive volumes of data, the need to process and analyze this data locally instead of sending everything to the cloud is rising. This is where edge and fog computing come into the picture. Edge computing refers to processing data closer to sensors/IoT devices before forwarding it to the cloud. Fog computing extends cloud computing capabilities out to the edge of the network. It helps overcome latency issues and bandwidth constraints associated with centralized cloud-based architecture. Emergence of standards like MQTT, CoAP is supporting edge and fog computing. Manufacturers are launching embedded edge gateways, modules and microcontrollers specially designed for low power IoT edge intelligence. Software vendors are creating platforms to develop, deploy and manage edge applications. Edge computing is a promising technology trend that will accelerate scalable IoT deployments across various sectors in coming years.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the IoT Devices Market over the forecast period?
What are the key trends expected to influence the IoT Devices Market between 2023 and 2030?
What is the expected demand for various types of products/services in the IoT Devices Market?
What long-term impact will strategic advancements have on the IoT Devices Market?
Who are the key players and stakeholders in the IoT Devices Market?
What are the different segments and sub-segments considered in the IoT Devices Market research study?

Strategic Points Covered in Table of Content of Global IoT Devices Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the IoT Devices market.

Chapter 2: Exclusive Summary - IoT Devices Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: IoT Devices Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented in this chapter

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the IoT Devices market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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