IoT Device Market Expected to Reach $413.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “IoT Device Market," The iot device market size was valued at $77.8 billion in 2021, and is estimated to reach $413.7 billion by 2031, growing at a CAGR of 18.6% from 2022 to 2031.

According to IoT device market analysis, the sensors segment was the highest contributor to the market in 2021. The consumer electronics and logistics segments collectively accounted for around 47.1% of IoT device market share in 2021. Surge in adoption of Internet of Things solution has led to the growth of the consumer electronics and automotive segments; thereby, enhancing the Internet of Things devices market growth.

The outbreak of COVID-19 has significantly impacted the IoT device market growth, owing to significant impact on the prime market players. Conversely, rise in demand for Internet of Things solution in the consumer electronics sector is anticipated to drive the market growth post pandemic. However, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrained the growth of the Internet of Things devices market. On the contrary, emerging economies significantly witness the need for smart infrastructure solutions that is expected to boost the Internet of Things devices market.

Region-wise, the U.S. holds a significant share in the IoT device industry, owing to the presence of prime players in this region. The IoT device market trends inlcudes  adoption of next generation touch screen multi-display solutions across industrial and consumer electronics sectors is expected to propel the growth of the Internet of Things devices market in this region. Moreover, surge in demand for industrial automation solutions in U.S. is anticipated to drive the Internet of Things devices market trends in this region.

The key players profiled in the report include, Cisco, Cypress Semiconductor Corporation, Intel Corporation, MediaTek Inc., Microchip Technology Inc., Microsoft Corporation, NXP Semiconductors N.V., Smith Micro Software, Inc., IBM Corporation, Bosch Security Systems GmbH, Aeris Communications, Inc., Advantech Co. Ltd., Sigfox, Quectel, Qualcomm, Renesas Electronics Corporation, and Texas Instruments Inc. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition, to expand their foothold in the Internet of Things devices market.