LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global IoT devices market 2015-2019, provides an analysis of the key trends expected to impact the global IoT devices market through 2015-2019. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global IoT devices market is expected to grow from USD 7 billion in 2014 to USD 45 billion by 2019 growing at a CAGR of almost 44%. The market is calculated on the basis of six products. They are smart refrigerators, smart AC, smart watches, smart thermostats, smart glasses, and smart lighting. The Internet helps individual users stay connected to these devices and provides remote access to these devices.
According to Navin Rajendra, a lead research analyst for computing devices at Technavio, “The global IoT devices market is at its nascent stage, so very high growth is expected in the coming years. Technological advancements and changing consumer lifestyles will lead to the high adoption of IoT devices.”
The top three emerging trends in the global IoT devices market according to the hardware and semiconductor research analysts at Technavio are:
Increased channel partnering
Smart thermostat vendors are working to develop devices that are user-friendly in terms of installation procedures. They are also expanding their market partnerships to boost product sales and gain market share.
According to Technavio, certain utility companies and heating, ventilating, and air conditioning (HVAC) service providers are building commercial partnerships with smart thermostat providers to derive mutual benefit. HVAC service providers use the data collected from smart thermostats to calculate servicing requirements and to roll out predictive maintenance schedules. Similarly, utility companies are working to leverage the advantage of using data from smart thermostats to create consumer awareness and to maintain peak load demand. For example, Southern California Edison introduced the Bring-Your-Own-Thermostat concept to incentivize energy savings and to promote energy conservation.
High demand for fitness devices
The demand for wearable technology in fitness and sports has been increasing rapidly because of an increase in health awareness among individual consumers. Many users are buying smart fitness devices in the form of wristbands and armbands to keep a check on their physical fitness. For instance, the Fitbit Flex wearable device measures the steps taken, distance covered, calories burned, and minutes of activity during the day, and the same device measures the quality of sleep during the night.
“A number of professional sportspeople use high-end wearable devices to accurately measure their physical activities. This is an important trend as several fitness device manufacturers are entering the smart watches market and are combining both of the technologies. Smart watches could be the perfect solution for a user that prefers a single device that can perform several functions,” says Navin.
Several augmented reality (AR) vendors have used crowdfunding to raise capital for their projects. This has benefited the market in several ways. First, it increases awareness among potential customers. Second, it encourages new vendors to enter the market, which will increase competition and decrease prices. Third, it allows vendors to anticipate the demand for their products, directly communicate with potential buyers, and involve them in the product development stage. This can help vendors to build the right products for the market.
Indiegogo, GoFundMe, and Kickstarter are all popular crowdfunding sites. Some successfully funded projects include ORA-1, Smart glasses by Optinvent; Meta, Smart glasses by Meta, and EyeSpeak, Eye-tracking AR glasses.
Some of the top vendors in the global IoT devices market, as researched by Technavio analysts are:
- Honeywell International
- Koninklijke Philips
- LG Electronics
- Motorola Mobility
- Nest Labs
- Samsung Electronics
Browse Related Reports:
- Global Industrial IoT Market: Research report 2015-2019
- Internet of Things (IoT) Market in China 2015-2019
- Global Internet of Things (IOT) Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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