IoT Device Market Expected to Reach $413.7 Billion By 2031: Allied Market Research

Increase in penetration of smart devices and spending on IoT technologies by end users and rise in adoption of 5G technologies drive the growth of the global IoT device market. North America held the largest share in 2021, contributing to around one-third of the total share. Production activities of IoT devices were hindered due to shortage of raw materials with lockdown restrictions and supply chain disruptions during the pandemic.

Portland, OR, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global IoT device market generated $77.8 billion in 2021, and is expected to reach $413.7 billion by 2031, witnessing a CAGR of 18.6% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, value chain, regional landscape, and competitive scenario. This research provides a detailed analysis in the report for leading players, shareholders, investors, and startups in gaining a strong position and gain competitive advantage in the market.

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Report Coverage and Details:

Report CoverageDetails
Forecast Period2022­–2031
Base Year2021
Market Size in 2021$77.8 billion
Market Size in 2031$413.7 billion
No. of Pages in Report290
Segments coveredComponent, Connectivity Technology, End Use, and Region.
DriversIncrease in penetration of smart devices and spending on IoT technologies by end users
Rise in adoption of 5G technologies, especially in developed nations
OpportunitiesAvailability of advanced telecom infrastructure
Surge in demand for smart infrastructure solutions across end user verticals
RestrainsLack of standardization in internet of things protocols

COVID-19 Scenario:

  • Production activities of IoT devices were hindered due to shortage of raw materials with lockdown restrictions in place. Moreover, supply chain disruptions impacted the supply of various components such as chips, processors, sensors, and others.
  • Reduced production volumes made an impact on the deployment of IoT in various projects. Owing to the slowdown of supply of hardware components, many projects were halted completely or partially in end use industries such as manufacturing, consumer electronics, automotive, and others. 
  • The demand for automation and remote management systems increased considerably during the initial stages of pandemic, owing to surged adoption of work-from-home culture and remote working. This created a supply-demand gap as the production activities were halted with lockdown restrictions, lack of availability of workforce, and supply chain hindrances.
  • The supply-demand gap is expected to close post-pandemic, as manufacturing facilities in various sectors get back on track and advancements in technologies open new avenues for IoT devices.

The research offers a detailed segmentation of the global IoT device market on the basis of component, connectivity technology, end use, and region. The report analyzes various segments and their sub-segments along with tabular and graphical representation. Market players and investors will be able to devise strategies based on the highest revenue-generating and fastest-growing segments.

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Based on connectivity technology, the cellular segment held the largest share in 2021, accounting for more than one-fourth of the total share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is expected to register the highest CAGR of 20.6% from 2022 to 2031. The research also analyzes the segments including WiFi, Bluetooth, Zigbee, NFC, RFID, and others.

Based on component, the sensors segment accounted for the highest share in 2021, contributing to more than one-third of the total share. However, the connectivity IC segment is expected to manifest the highest CAGR of 20.9% from 2022 to 2031.

Based on end use, the consumer electronics segment accounted for the highest share in 2021, holding more than one-fourth of the global IoT device market, and is estimated to maintain its lead in terms of revenue throughout the forecast period. However, the manufacturing segment is estimated to grow at the highest CAGR of 19.3% during the forecast period. The research also discusses the segments including retail, logistics, automotive, healthcare, and others.

Based on region, North America held the largest share in 2021, contributing to around one-third of the total market share. However, Asia-Pacific is projected to maintain its dominant share in terms of revenue by 2031. In addition, the same region is expected to manifest the fastest CAGR of 21.0% during the forecast period. The research also analyzes regions including Europe and LAMEA.

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Leading market players of the global IoT device market analyzed in the research include Cisco, Intel Corporation, Cypress Semiconductor Corporation, Microchip Technology Inc., MediaTek Inc., NXP Semiconductors N.V., Microsoft Corporation, IBM Corporation, Smith Micro Software, Inc., Aeris Communications, Inc., Bosch Security Systems GmbH, Sigfox, Advantech Co. Ltd., Qualcomm, Quectel, Renesas Electronics Corporation, and Texas Instruments Inc. They adopted various strategies such as expansion, collaborations, partnerships, joint ventures, and others to gain a strong foothold in the industry and international presence. 

Key Benefits For Stakeholders:

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the iot device market analysis from 2021 to 2031 to identify the prevailing iot device market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the iot device market forecast segmentation assists to determine the prevailing IoT device market opportunity.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The IoT device market overview includes the analysis of the regional as well as global iot device market trends, key players, market segments, application areas, and market growth strategies.

IoT Device Market Key Segments:

By Connectivity Technology:

  • WiFi
  • Bluetooth
  • Zigbee
  • Cellular
  • NFC
  • RFID
  • Others

By Component:

  • Processor
  • Connectivity IC
  • Sensors
  • Others

By End-Use:

  • Consumer Electronics
  • Retail
  • Logistics
  • Automotive
  • Healthcare
  • Manufacturing
  • Others

By Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • United Kingdom
    • Germany
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


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