IoT Devices Market Emerging Technology Opportunities and Future Business Trends to 2031

IoT Devices Market Expected to Reach $413.7 Billion by 2031 – Allied Market Research

WILMINGTON, DELAWARE, UNITED STATES, July 5, 2024 /EINPresswire.com/ — Internet of Things devices are enhanced hardware solutions equipped with advanced AI and machine learning solutions that provide intelligence and autonomy to systems and processors, such as industrial smart manufacturing, medical equipment, autonomous driving, and home automation. Additionally, IoT hardware, such as sensors, actuators, gadgets, devices, or machines, are programmed for specific applications to transmit data over the internet. Additionally, IoT can be integrated with mobile devices, industrial machines, environmental sensors, medical devices, and other devices. Allied Market Research titled “IoT Devices Market”, the IoT devices market size was valued at $77.8 billion in 2021 and is estimated to reach $413.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.6% during 2022-2031.

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As per the IoT devices market analysis, the sensor segment accounted for the largest contribution to the market in 2021. The consumer electronics and logistics segments together accounted for around 47.1% of the IoT devices market share in 2021. The surge in IoT solution adoption has led to the growth of the consumer electronics and automotive segments, thereby boosting the growth of the IoT devices market.

The outbreak of COVID-19 has significantly impacted the growth of the IoT devices market, due to its significant impact on the major market players. On the other hand, the increase in demand for IoT solutions in the consumer electronics sector is likely to drive the market growth post-pandemic. However, the lack of availability of professional manpower due to partial and complete lockdowns imposed by the governments has limited the growth of the IoT devices market. On the other hand, emerging economies are significantly recognizing the need for smart infrastructure solutions to boost the IoT devices market.

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Regionally, the United States holds a significant share in the IoT devices industry, owing to the presence of major players in the region. IoT device market trends, including the adoption of next-generation multi-display touchscreen solutions in the industrial and consumer electronics sectors, are expected to drive the growth of the IoT devices market in the region. Moreover, the increase in demand for industrial automation solutions in the United States is expected to drive the IoT devices market trends in the region.

The key players featured 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. The market players have adopted various strategies such as product launch, collaboration and partnership, joint venture, and acquisition to expand their presence in the IoT devices market.

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Allied Market Research is a leading provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports cover significant technological advances in the sector. Among other areas of expertise, AMR focuses on the analysis of advanced high-tech manufacturing systems. We have a team of experts who develop detailed research reports and actively advise leading companies to improve their current procedures. Our experts have a wealth of knowledge on the topics they cover. In addition, they use a variety of tools and techniques while collecting and analyzing data, including proprietary data sources.

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