LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global Internet of Things devices market is expected to grow at a CAGR of close to 4% during the forecast period.
This research report titled ‘Global Internet of Things (IoT) Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|The global Internet of Things devices market size is expected to reach USD 1,374.93 billion by 2021. The large-scale benefits of using IoT devices, such as enhanced convenience, improved decision-making, cost benefits, and remote access capabilities are the key factors responsible for the high rates of adoption of these devices.|
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Based on product, the report categorizes Internet of Things devices into the following segments:
- Computing devices
- Smart media players
- Wireless printers
- Smart meters
- Smart wearables
- Smart cameras
- Smart home appliances
- Smart locks
- Connected bulbs
- Smart thermostat
The top three revenue-generating product segments in the global Internet of Things devices market are discussed below:
“Computing devices comprise the largest product segment of the Internet of Things devices market, accounting for over 81% of the overall revenue generation. Smartphones, tablets, PCs, and portable PCs are the key computing devices which have adopted the Internet of Things from this segment,” says Chetan Mohan, one of the lead analysts at Technavio for computing devices research.
Smartphones are by far the most popular choice for users of computing devices, due to their ease of use and availability of the devices at affordable prices. Tablets are the next most adopted devices, driven by the mobility, connectivity, and superior performance that they offer.
Smart media players
The smart media players product segment is the second largest product segment of the IoT devices market, expected to reach a value of USD 143.4 billion by 2021, at a CAGR of over 6% through the forecast period. Set-top-boxes, smart TVs, and gaming consoles are the major offerings of this segment. Smart TVs are the most widely adopted device, driven by an increased consumer spending on consumer electronics, and a preference towards technologically advanced devices that provide high-level flexibility.
“The wireless printers segment of the Internet of Things devices market is expected to reach 159.4 million units by 2021. The market segment is expected to grow because of the advances in printing technology and the increased demand for wireless laser and inkjet printers,” says Chetan.
Additionally, the demand for wireless multi-function printers (MFPs), color printers, and monochrome printers will continue to rise, leading to an increase in the shipment of wireless printers globally. Also, the swift adoption of the inkjet technology will further boost the wireless printer market.
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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, resellers, and end-users.
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