IoT Devices Market Expected to Reach USD 158,140 Million by 2024

The new report by Zion Market Research on “IoT Devices Market by Device Type (Processor, Sensor, Connectivity IC and Others) for Building and Home Automation, Energy and Utilities, Manufacturing, Connected Logistics, BFSI, Transportation, Connected Health and Others): Global Industry Analysis, Size, Share, Growth, Trends, and forecast 2016 – 2024" has a vast information about the market and its potential.

The global IoT devices market was valued at around USD 31,500 million in 2016 and it is expected to reach around USD 158,140 million in 2024. The global Internet of things (IoT) devices market is expected to grow at a CAGR of 23% between 2017 and 2024.

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As per our study, transportation segment will grow at highest CAGR in near future. The key factors responsible for the growth include rising congestions and road accident.According to facts, In U.S. 40,000 people died in motor vehicles crash in 2016 which is up by 6% from 2015.

Sensors are the troops of the IoT devices as they bring more connectivity and analytics to the supply chain. Additionally, High demand for IoT sensors in all electronic devices and the rising industrial IoT market will strongly drive the growth of the IoT sensors segment.

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The smart lighting system is ushering on the Internet of Things, this segment has acquired the second largest market share in 2016 owing to the development of smart cities and home automation in developing regions. It is expected that smart home automation market will reach around USD 80.04 billion till 2022; this will propel the growth of smart lighting segment. Additionally, increasing demand for intelligent solutions for street lighting systems will contribute the growth of the segment.

Manufacturing application held largest market share in 2016 and manufacturing is poised to dominate the IoT devices market till 2022.IoT in manufacturing segment is gaining traction with the advent of smart devices that helps to streamline the business process. This will increase the need for manufacturers to deploy IoT system and lead to increase in overall volume of production.

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The market is growing at a rapid rate in the developed regions. APAC countries lead the growth in IoT spending, with adoption in multiple verticals: government investments in the development of infrastructure and local business modernization in China & India will boost the revenue of IoT device in APAC region.

The major market players in the global IoT Devices market are Amazon, Ecobee, Google LLC, Honeywell International Inc., among others.

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