August 08, 2022 08:30 ET | Source: Allied Market Research Allied Market Research
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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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.
IoT Device Market Key Segments:
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