February 21, 2024

IoT Devices Market: Growing Demand for Connected Devices to Drive Market Growth

Market Overview:

The IoT devices market encompasses a wide range of internet-connected devices that enable communication and data sharing between devices and systems. These devices play a crucial role in various industries such as healthcare, transportation, manufacturing, and smart homes. The advantages of IoT devices include improved efficiency, automation, remote monitoring, and enhanced connectivity. The need for these products is driven by the increasing adoption of IoT technologies across industries, leading to the demand for devices that enable seamless data exchange and communication.

Market Key Trends:

A key trend in the IoT devices market is the growing demand for connected devices in the healthcare sector. With the advancements in IoT technology, healthcare providers are increasingly adopting IoT devices to monitor patient health remotely, improve patient care, and enhance operational efficiencies. Connected devices such as wearable health trackers, smart medical devices, and remote patient monitoring systems are being widely used to collect real-time patient data, enable telemedicine services, and streamline healthcare processes. This trend is expected to drive the growth of the IoT devices market as the healthcare industry continues to embrace digital transformation and connectivity.

The global IoT Devices Market Size is estimated to be valued at US$ 98.0 million in 2023 and is expected to exhibit a CAGR of 22.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis

Threat of new entrants: The IoT Devices market presents a significant barrier to new entrants due to the high capital investment required for research and development, manufacturing infrastructure, and distribution networks. This discourages new players from entering the market, ensuring a lower threat of new entrants.

Bargaining power of buyers: Buyers in the IoT Devices market have a moderate bargaining power. Although there is a wide range of IoT Devices available, the high demand for these products gives buyers some leverage in negotiating prices. However, the limited number of established suppliers and the importance of quality and reliability in IoT Devices reduce the bargaining power of buyers.

Bargaining power of suppliers: Suppliers in the IoT Devices market have a high bargaining power. The limited number of key players in the market allows suppliers to negotiate higher prices and favorable terms. Additionally, the complex and specialized components required for IoT Devices create a dependency on specific suppliers, further strengthening their bargaining power.

Threat of new substitutes: The threat of new substitutes in the IoT Devices market is low. The integration of IoT technology in various industries and applications makes it difficult for substitutes to replicate the same level of connectivity and functionality. Furthermore, the extensive investments made by companies in IoT infrastructure create high switching costs, reducing the likelihood of customers switching to substitutes.

Competitive rivalry: The competitive rivalry in the IoT Devices market is intense. The market is dominated by key players such as Robert Bosch GmbH, Apple Inc., Amazon Inc., and Cisco Systems Inc. These players continuously strive to develop innovative products and expand their market share. The competition is further intensified by the emergence of new players and the rapid technological advancements in the IoT industry.

Key Takeaways

The global IoT Devices market is expected to witness high growth, exhibiting a CAGR of 22.7% over the forecast period of 2023-2030. This growth can be attributed to the increasing adoption of IoT technology across various sectors, including healthcare, manufacturing, and smart homes. The rise in demand for connected devices and the need for real-time data analysis are driving the market.

In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the IoT Devices market. The region has a strong technological infrastructure and a high adoption rate of IoT devices in industries such as healthcare and manufacturing. Additionally, the presence of major key players, such as Apple Inc. and Cisco Systems Inc., further boosts the market growth in North America.

Key players operating in the IoT Devices market include 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 Electronics. These players have a strong market presence and are actively involved in product development, partnerships, and mergers to gain a competitive edge in the market.

In conclusion, the IoT Devices market is poised for significant growth in the coming years, driven by the increasing adoption of IoT technology and a growing demand for connected devices. The market is highly competitive, with key players focusing on innovation and expansion to maintain their market share. The dominance of established players and the high bargaining power of suppliers are key factors influencing the market dynamics.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it