Smart Connected Devices Market to Grow with a CAGR of 27.19% through 2028
Increasing adoption of the Internet of Things (IoT)
and growing demand for smart homes & smart cities are likely to drive the
Market in the forecast period.
According to TechSci Research report, “Smart
Connected Devices Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Smart Connected Devices Market is experiencing a surge in demand in the
forecast period.The expansion of internet access and the proliferation of
high-speed connectivity are fundamental drivers of the global Smart Connected
Devices market. As more regions around the world gain access to the internet,
an ever-increasing number of consumers are becoming connected, creating a vast
user base for smart devices. The growth of internet connectivity, particularly
in developing nations, is enabling a broader audience to participate in the
Smart Connected Devices market. Increased access to the internet via broadband
and mobile networks allows users to leverage the capabilities of these devices.
With a simple internet connection, users can remotely control their smart home
devices, monitor their health through wearable technology, or access
cloud-based services via smartphones and tablets. Moreover, the ongoing
deployment of high-speed and low-latency 5G networks is set to revolutionize
the Smart Connected Devices market. 5G technology offers faster and more
reliable connectivity, supporting real-time data transfer and enabling
applications like augmented reality and autonomous vehicles. As global internet
penetration continues to grow and connectivity technologies advance, the demand
for smart connected devices is expected to surge, driving market expansion and
innovation.
The escalating demand for home automation and the
development of the Internet of Things (IoT) ecosystems are significant drivers
of the global Smart Connected Devices market. Consumers are increasingly
seeking solutions that offer convenience, energy efficiency, and enhanced
control over their homes, creating a flourishing market for smart connected
devices. Smart home devices, such as
smart thermostats, security cameras, and voice-activated assistants, enable
users to automate and control various aspects of their living spaces. These
devices improve energy efficiency by optimizing heating, cooling, and lighting
systems, resulting in cost savings. Additionally, the integration of these
devices into IoT ecosystems enables users to manage them from a single
interface, enhancing user experience and streamlining daily routines. IoT
ecosystems, consisting of interconnected devices and platforms, create a
seamless and cohesive environment for users. This interconnectivity allows
devices to share data and perform coordinated actions. For example, a smart
thermostat can communicate with smart lighting systems to create lighting
scenarios that complement temperature settings. This integration enhances user
convenience and offers a holistic approach to home management.
As consumer awareness of these benefits continues to
grow, the demand for smart connected devices and IoT ecosystems is on the rise.
This trend is propelling the Smart Connected Devices market forward, as more
manufacturers and developers invest in creating innovative products and
technologies to meet the evolving needs of tech-savvy consumers.
Browse over XX Market data Figures spread
through XX Pages and an in-depth TOC on "Global Smart Connected Devices Market.”
The Global Smart Connected Devices Market is segmented
into product, end user and region.
Based on product, The Smartphones segment held the
largest Market share in 2022. Smartphones offer a wide range of
functionalities, making them highly versatile devices. They can perform tasks
such as phone calls, text messaging, email, web browsing, social media access,
navigation, multimedia consumption, and more. This versatility makes them
indispensable in people's daily lives, acting as a central communication and
information hub. Smartphones serve as central control hubs for managing various
smart connected devices. Through dedicated mobile apps, users can remotely
control and monitor their smart home appliances, security systems, wearable
devices, and even their vehicles. This capability enhances user convenience and
efficiency. There are billions of smartphone users worldwide, and this user
base continues to grow. The sheer number of smartphone users creates a
significant market for apps and services, further driving innovation and
expansion in the Smart Connected Devices market. Smartphones are equipped with
various connectivity options, including Wi-Fi, Bluetooth, and cellular data,
enabling seamless integration with other smart devices. They play a pivotal
role in building an Internet of Things (IoT) ecosystem by connecting and
controlling a wide range of IoT devices. The smartphone industry is highly
competitive, driving constant innovation. Manufacturers regularly introduce new
features, hardware enhancements, and software updates to attract consumers.
These innovations include improvements in camera technology, processing power,
battery life, and connectivity features. Smartphones offer a user-friendly and
intuitive interface. This ease of use has contributed to their widespread
adoption, as consumers of all age groups and technical backgrounds can easily
navigate and interact with these devices. Smartphones come with app stores that
offer a vast array of applications and services. Users can customize their
smartphones by downloading apps that cater to their specific needs, from
productivity tools to entertainment and fitness apps. This ecosystem encourages
user engagement and further solidifies smartphones as indispensable devices.
Based on end user, The Residential segment held the
largest Market share in 2022. Residential consumers have shown a strong and
consistent demand for smart connected devices. These devices offer convenience,
security, and energy efficiency, all of which are highly appealing to
homeowners. Consumers have readily embraced technologies that enhance their
daily lives, from smart thermostats that optimize energy usage to
voice-activated smart speakers that control various aspects of the home.
The residential sector encompasses a wide variety of
smart connected devices, catering to diverse consumer needs and preferences.
These devices include smart thermostats, security cameras, smart lighting,
smart locks, voice-activated assistants, and entertainment systems. The
availability of these devices provides homeowners with options to customize
their smart homes according to their specific requirements.
Many homeowners are building comprehensive Internet of
Things (IoT) ecosystems within their residences. These ecosystems involve the
interconnection of various smart devices, creating a network where devices can
communicate and collaborate. This interconnectedness often revolves around a
central hub, such as a smartphone or a smart speaker, which allows users to
control and monitor multiple devices from a single interface.
The adoption of smart connected devices in the
residential sector is often easier and more straightforward than in commercial
or industrial settings. Residential users don't typically encounter the same
regulatory and security complexities that commercial and industrial users may
face. The plug-and-play nature of many smart home devices, along with
user-friendly apps and interfaces, contributes to the ease of adoption in the
residential sector.
The continuous evolution and improvement of smart home
technology, along with competitive pricing, have made smart connected devices
increasingly accessible to a broad range of consumers. Advancements in hardware
and software, coupled with affordable pricing, have encouraged homeowners to
invest in these devices, thereby driving their dominance in the market.
Major companies operating in the Global Smart
Connected Devices Market are:
- Samsung Electronics Co., Ltd.
- Apple Inc.
- Huawei Technologies Co., Ltd.
- Xiaomi Corporation
- Sony Corporation
- LG Electronics Inc.
- Panasonic Corporation
- Koninklijke Philips N.V.
- Robert Bosch GmbH
- Siemens AG
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“The Global Smart Connected Devices Market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. The
global Smart Connected Devices market is primarily driven by the escalating
consumer demand for seamless Internet of Things (IoT) integration. As consumers
increasingly seek interconnected and smart solutions in their everyday lives,
manufacturers are compelled to develop devices that can communicate, share
data, and enhance functionality across various domains, from home automation
and healthcare to automotive and entertainment. The surge in demand for
IoT-enabled devices, such as smart speakers, wearable gadgets, and connected
appliances, presents a significant growth opportunity. Manufacturers are racing
to create innovative, interconnected devices that offer convenience,
efficiency, and personalized experiences, making IoT integration a central
driver of the Smart Connected Devices market's expansion. Therefore, the
Market of Smart Connected Devices is expected to boost in the upcoming years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Smart Connected Devices Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product
(Smartphones, Smart Watch, Smart Glasses, Wireless Printers, Smart Meters,
Smart Cameras, Connected Bulbs, Smart Locks, Others), By End User (Industrial,
Commercial, Residential), By Region, By Competition”, has evaluated
the future growth potential of Global Smart Connected Devices Market and
provides statistics & information on Market size, structure and future
Market growth. The report intends to provide cutting-edge Market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Smart Connected Devices Market.
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