According to the latest research report titled, “IoT Devices Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 98.06 billion in 2023, and growing at a CAGR of 23.25% during the forecast period. 

The adoption of connected devices in a variety of industries is having a positive impact on the Internet of Things (IoT) devices market. Ericsson estimates that the number of large-scale IoT connections will be doubled to almost 200 million by 2027. By 2027, approximately 40% of all cellular IoT connections are expected to be broadband IoT; 4G connectivity is expected to be most of these connections. With the introduction of the new generation of radio spectrum, the throughput data rates for this segment are expected to significantly increase. 

Report Summary 

• Market Size (2023): USD 98.06 Billion 
• Market Size (2028): USD 336.64 Billion 
• CAGR (2023 – 2028): 23.25% 
• Study Period: (2023-2028) 
• Largest Growing Market: Asia Pacific 
• Fastest Growing Market: North America 
• Forecast Units: Value (USD Billion)   
• Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends    
• Key Market Drivers: Software innovations, and improvements in connectivity technologies. 

Which are The Top Companies in The IoT Devices Market?     

The Internet of Things (IoT) devices market is highly segmented with some of the leading players like Apple Inc., Google Inc., and Samsung Electronics Co. Players in the market are adopting strategies such as partnerships, joint ventures, and acquisitions to enhance their product offerings and gain sustainable competitive advantage. In November 2022, Samsung India unveiled its new Internet of Things (IoT)-enabled air purifiers.  

Prominent players in the IoT devices market are: 

• Apple Inc. 

• ABB Limited 
• Cisco Systems Inc 
• Google Inc. (Alphabet) 
• Samsung Electronics Co. Limited 
• LG Electronics  
• Siemens AG 
• Honeywell International Inc.  
• Sony Corporation 
• Amazon.com, Inc. 
• Robert Bosch GMBH 

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Key Highlights from the IoT Devices Market Report 

1. The Medical IoT Application Segment is Expected to have a Big Presence in The Market 

• Medical IoT devices are on the rise due to the growing use of smart devices; owing to the need for data analysis in the health sector, the cost-effectiveness of smart devices, and the growing market for smart connected devices and wearables.  
• According to Cisco’s Air Report in 2023, there are likely to be almost 30 billion networked devices and connections, which is an increase from 2018’s figure of 1.8 billion.  
• IoT devices are expected to make up 50% of the total number of networked devices by the end of 2023.   
• According to research by Zebra’s Manufacturing Vision, smart asset-tracking solutions based on IoT and RFID have overtaken traditional, spreadsheet-based methods in 2022.  
• According to the US Centers for Disease and Prevention report, the overall life expectancy at birth has steadily increased with a target of 74.4 years in 2022. According to the same survey, life expectancy in the United States has dropped for the third year in a row to 78.6 years.   

2. Asia Pacific Holds a Significant Market Share 

Asia Pacific is a region that has been a leader in the adoption of Artificial Intelligence (AI) and Internet of Things (IoT) technologies. This is because the market in these developing economies is not subject to the same level of complexity as other regions, as it does not require the rebuilding of legacy automation systems or machine investments.  

Key contributing factors to the widespread adoption of IoT in the region include the implementation of Smart Nation initiatives by governments in the region, as well as the current Industry 4.0 momentum in manufacturing and logistics. Furthermore, the availability of high-fiber connectivity, data centers, and subsea cables, as well as operators’ investment in low-cost and fifth-generation (5G) networks, are also likely to contribute to the growth of IoT. 

In September 2022, Honeywell and Internet of Things Technologies Company (IoT-squared), a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and STC Group (STC), signed a Memorandum of Understanding (MoU) to advance the fields of logistics platforms, sustainable cities, and technologies which would drive the digitalization in Saudi Arabia. The strategic MoU supports the goals established in Saudi Vision 2030 for smart city development and expanding technology adoption in society.  

What are the Latest Developments in the IoT Devices Market?    

• June 2023: Qualcomm Launched new satellite IoT solutions to provide uninterrupted remote monitoring and asset tracking. The new modems, launched in collaboration with Skylo, an NTN service provider, enabled ultra-low power and superior connectivity for IoT devices across satellite and cellular networks.  
• April 2023: Texas Instruments developed the SimpleLink series of Wi-Fi 6 companion integrated circuits (ICs) to assist designers in implementing highly reliable, secure, and effective Wi-Fi connections at a reasonable cost for applications to operate with high-density or high-temperature settings up to 105 degrees C. 

Mordor Intelligence Report on the IoT Devices Market segments the market based on product type, application, and geography:     

• By Application (Market Size & Forecast based on Value (USD billion), 2023-2028)   

• Connected and Smart Home 
• Medical IoT 
• Connected Car 
• Smart Cities 
• Industrial IoT 
• Personal IoT 
• Other Application Type 

• By Connectivity (Market Size & Forecast based on Value (USD billion), 2023-2028)   

• WPAN 
• WLAN 
• LPWA 
• Cellular/M2M 

• Other Connectivity Type 

• By Geography (Market Size & Forecast based on Value (USD billion), 2023-2028)   

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the IoT Devices industry. Get a glance at the IoT Devices Market Report (2023 – 2028). 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

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