Smart Connected Device Market: Global Industry Analysis and Forecast (2023-2029)

Smart Connected Device Market was valued at US$ 21.63 Bn. in 2022 and it is expected to reach US$ 92.15 Bn. by 2029 at a CAGR of 23% during the forecast period.
Smart Connected Device Market Overview:
Physical appliances that can communicate with one another through the internet are known as connected devices. It connects mobile devices, such as a smartphone or tablet, to computing hardware, such as a laptop or desktop computer. Home appliances, heating and cooling equipment, cars, health and fitness trackers, environmental sensors, and other goods are among the items on this growing list. These devices collect data and share it with other devices and systems. They are often combined with technology such as processor chips, software, and sensors. Typically, connected devices are monitored and managed from afar. They just connect to one other via the internet via various wired and wireless connections.To know about the Research Methodology :- Request Free Sample Report
Smart Connected Device Market Dynamics:
Remote monitoring is becoming more important as part of the work-from-home concept. - Remote work monitoring, which includes time tracking, is an important tool for a company's income and productivity. As more companies embrace the trend of allowing their employees to work from home, remote monitoring is becoming a popular corporate practise. As businesses move toward development, technology demand will skyrocket, and the increased adoption of technologies like AI, IoT, and ML will boost corporate revenue growth.

A shortage of trained workers - Workers must be trained to use the most up-to-date software systems in order to apply AI-based IoT technologies and skillsets. As a result, existing employees must be instructed on how to operate new and improved systems. Verticals are quick to adopt new technology, but they face a labour shortage due to a scarcity of highly skilled individuals. Because the majority of worldwide suppliers are using IoT analytics solutions, the demand for highly skilled workers is growing. Companies must develop competence in areas like cyber security, networking, and application development. They want to leverage IoT data to forecast outcomes, avert problems, improve operations, and generate new products.

Real-time analytics is rapidly becoming a critical IoT initiative - The growing recognition of the need to develop real-time insights that can be acted on in real-time using data from IoT sensors will provide a huge opportunity for organisations to thrive in the digital transformation age. Consumer, industrial, and enterprise organisations are rapidly reviewing and implementing programs to achieve instant benefit from the Internet of Things, with a focus on cost savings, maintenance, and monitoring to compile real-time services for timely decision-making. Organizations generate a lot of unstructured data, which makes it difficult to make important business decisions. These complications develop as a result of the growing use of cloud-based applications.

Industrial and manufacturing operations are declining. - The manufacturing industry vertical is taking a big impact as a result of the lockdown laws enacted by governments all over the world. Large scale industries are either fully shut down or functioning at a maximum of 25% capacity, while small scale enterprises are completely shut down. According to a survey conducted by the National Association of Manufacturers in the United States, 78.3 % of manufacturers expect a financial impact, while 53.1 % expect a change in operations. Furthermore, 35.5 % of enterprises are experiencing supply chain issues. Lack of resources or people disrupted import and export, and financial issues are some of the reasons for such disruptions.
Smart Connected Device Market Segment Analysis:
The Smart Connected Device market is segmented into Product and Application.

Based on Product, the market is sub-segmented into Smartphones, Smart Watch, Smart Glasses, Wireless Printers, Smart Meters, Smart Cameras, Smart Bulbs, and Others. In 2022, the smartphone segment held the highest market share. Smartphones are the cheapest smart linked gadget on the market, and they are widely available. Consumers' use of cell phones is increasing as 5G becomes available. It will make it possible for IoT devices to converse and share data more quickly than ever before. Consumers will benefit from the increased reliability of their connected devices as a result of a 5G network's ability to accommodate more linked devices.

Based on Application, the market is sub-segmented into Industrial, Commercial, and Residential. In the global market, the industrial segment is estimated to contribution highly. The market's increasing need for industrial applications such as smart robots, the Industrial Internet of Things (IIoT), smart manufacturing, linked cars, and so on. In terms of the number of connected devices, electric car charging and transmission & distribution will be of small consequence. Buildings, on the other hand, have a large number of independently linked devices, hence the smart building sector contains a large number of smart connected devices.
Smart Connected Device Market Regional Insights:
In the global connected device analytics market, North America is excepted to have the greatest market size, while Asia Pacific (APAC) is expected to develop at the fastest CAGR during the forecast period. Increased expenditures in the development of smart infrastructures, smart cities, and IIoT projects in APAC could propel the industry forward. In terms of adopting and creating connected device analytics solutions, North America is likely to be the leading market. Major causes include expanding investments in emerging technologies such as IoT, analytics, AI, and machine learning, as well as a substantial presence of linked device analytics providers and growing government support for regulatory compliance.

The Asia Pacific region is likely to dominate the global market for smart connected devices. The existence of well-established significant key actors in the region is credited with the region's dominance. Advanced technologies and increasing usage of smart connected devices are being offered by the leading companies. Increased expenditures in the development of smart infrastructures, smart cities, and IIoT projects in APAC could propel the industry forward. The following countries have a strong manufacturing base. The leading contributors to the regional market growth are China, India, Taiwan, and South Korea.

The objective of the report is to present a comprehensive analysis of the global Smart Connected Device market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Smart Connected Device market dynamics, structure by analyzing the market segments and project the global Smart Connected Device market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Smart Connected Device market make the report investor’s guide.
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Smart Connected Device Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 21.63 Bn.


Forecast Period 2023 to 2029 CAGR:
23%
Market Size in 2029:
US $ 92.15 Bn.


 Segments Covered:
by Product
Smartphones
Smart Watch
Smart Glasses
Wireless Printers
Smart Meters
Smart Cameras
Smart Bulbs
Others


by Application
Industrial
Commercial
Residential



Smart Connected Device Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Smart Connected Device Market Key Players are:
1. Samsung Electronics Co. Ltd
2. Sony Corporation
3. Motorola Solutions Inc
4. LG Corporation
5. Xiaomi
6. Nokia
7. HP Development Company, L.P.
8. Apple Inc.
9. HTC Corporation
10.Dell Inc
11.Micromax
12.Gionee
13.Videocon Industries Ltd
14.Lenovo Group Ltd
15.Acer Inc.
16.ZTE Corporation
17.Blackberry Ltd
18.Others
Frequently Asked Questions:
1) What was the market size of Global Smart Connected Device Market markets in 2022?
Ans - Global Global Smart Connected Device Market was worth US$ 21.63 Bn in 2022.

2) What is the market segment of the Smart Connected Device Market?
Ans -The market segments are based on Product and Application.

3) What is the forecast period considered for Global Smart Connected Device Market?
Ans -The forecast period for Global Smart Connected Device Market is 2023 to 2029.

4) What is the market size of Global Smart Connected Device Market markets in 2029?
Ans – Global Smart Connected Device is estimated as worth US$ 92.15 Bn.

5) Which region is dominated in Global Smart Connected Device Market?
Ans -In 2022, the North America region dominated the Global Smart Connected Device Market.