Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Global Smart Connected Devices Market size is valued at US$ 23.6 billion in 2023 and is predicted to rise at a substantial CAGR of 23% during the forecast period of 2023 and 2030 according to RationalStat analysis.
Market Definition, Market Scope, and Report Overview
The smart connected devices market has been driven by several key factors. These drivers have contributed to the growth and adoption of smart connected devices across various industries. The widespread availability and adoption of the internet have been crucial drivers for the smart connected devices market. As more people and businesses gain access to high-speed internet connections, the demand for devices that can connect to the internet and provide various functionalities has grown significantly.
Further, the overall growth of the consumer electronics market, including smartphones, tablets, smart TVs, and wearables, has fueled the expansion of the smart connected devices market. Consumers are increasingly seeking interconnected devices that offer seamless integration and enhance their daily lives.
- According to a deep-dive market assessment by RationalStat, the smart connected devices market has been analyzed on the basis of market segments, including product, price range, sales channel, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the smart connected devices market covers market sizes based on market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the smart connected devices market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Smart Connected Devices Market: Segmental and Market Share Analysis
- Based on Product, the Security Lighting control Smart home devices is expected to rule the Smart Home domain as security remains the top priority for homeowners and smart home devices offer enhanced security features.
- Based on the Sales Channel, the Online segment is anticipated to dominate the market as it provides easy access to various smart home devices. It also offers greater choice and convenience as compared to physical retail stores.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 23.6 billion |
| Market Size Forecast | US$ 100.3 billion |
| Growth Rate | 23% |
| Dominant Segment | Online Sales Channel |
| Leading Region | North America |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the smart connected devices market include,
- In January 2023, Eve Systems, announced the launch of their products with built-in compatibility for Matter. The product lineup includes the Eve Energy smart plug, Eve Motion, and Eve Door and Window Sensors.
- In January 2022, Samsung Electronics Co., Ltd. partnered with the Home Connectivity Alliance to stimulate the development of smart home technology. This partnership aims to provide new and valuable features in the product offerings.
Some of the prominent players and suppliers operating and contributing significantly to the smart connected devices market growth include Microsoft, Oracle Corp., IBM Corp., SAP SE, PTC, Cisco Systems Inc., Google, Amazon Web Services, Software AG, and Salesforce, among others.
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RationalStat has segmented the smart connected devices market based on product, price range, sales channel, and region
- Global Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product
- Security Lighting Control Smart Home Device
- Access Control Smart Home Device
- HVAC Control Smart Home Device
- Entertainment & Other Controls
- Kitchen & Home Appliances
- Healthcare Smart Devices
- Global Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Price Range
- Below US$ 25
- US$ 25- US$ 35
- Above US$ 35
- Global Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Sales Channel
- Online
- Offline
- Supermarkets/Hypermarkets
- Department Stores
- Specialty Stores
- Global Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Smart Connected Devices Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Smart Connected Devices Report:
- What will be the market value of the smart connected devices market by 2030?
- What is the market size of the smart connected devices market?
- What are the market drivers of the smart connected devices market?
- What are the key trends in the smart connected devices market?
- Which is the leading region in the smart connected devices market?
- What are the major companies operating in the smart connected devices market?
- What are the market shares by key segments in the smart connected devices market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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