Technavio, a tech-focused market research firm, has published a new report on the global IoT devices market, which is expected to grow at a CAGR of close to 4% during the forecast period, 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global IoT devices market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global IoT devices market are elaborated below
IoT devices market in APAC: Japan, China, South Korea, and few countries from Southeast Asia drive the market for IoT devices in APAC. The high penetration of IoT devices like smart thermostats and smart home appliances coupled with the increasing adoption of smart homes in the region is anticipated to propel the growth of the market in the APAC region during the forecast period.
According to Sunil Kumar Singh, a lead analyst at Technavio, specializing in research on computing devices, “Several Chinese manufacturers are expected to penetrate the market during the forecast period, providing devices like smartwatches at a lower cost.”
IoT devices market in the Americas: Rapid advances in technology and changing consumer preferences over the use of electronic devices are some of the major factors fueling the growth of the IoT devices market in the Americas. The US accounts for the largest share of the global IoT devices market, primarily due to its implementation of the Green Buildings Act.
IoT devices market in EMEA: In EMEA, the IoT devices market is driven by the unexpected climatic changes and unseasonal temperature variations. The extreme temperatures prevalent in the Middle East drive the sales of smart thermostats and smart ACs in the region, where the higher amount of energy is used for cooling purposes. The UK, the Netherlands, and Germany are expected to emerge as key revenue generators in the EMEA market by 2021.
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The top vendors operating in the global IoT devices market are:
- Samsung Electronics
- LG Electronics
- Sony
- Seiko Epson
- Honeywell International
A more detailed analysis is available in the Technavio report titled, ‘Global IoT Devices Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Internet of Things Security Market 2017-2021
- Global Internet of Things Market in the Healthcare Sector 2016-2020
- Global Internet of Things Market in the Transportation Sector 2016-2020
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