Market Scenario:
The smart connected devices market is not just growing; it is accelerating. Smart connected devices are embedded with sensors and possess connectivity features, which allow exchange of data. Major factors driving the growth of smart connected devices market include the growing demand for smartphones, tablets, and other smart devices and growing popularity of bringing your own device. Increasing demand for mobile smart connected devices is expected to drive the growth of the global smart connected devices market.
Sony Corporation, Samsung Electronics Co. Ltd., Motorola Solutions Inc., Nokia Networks, LG Corporation, Hewlett-Packard, HTC Corporation, Apple Inc., and Dell Inc. are the few major investors in the global Smart Connected Devices Market. Increasing adoption of smart connected devices, such as smart locks, smart thermostats, smart doors, and other smart home appliances is majorly responsible for driving the growth of smart connected devices market. Technological advancements in the field of smart devices and growing popularity of Internet of Things is fuelling the market growth. This is owing to the increase in demand for smart and connected devices across various industry verticals .
The product segment comprises smartphones, media players, tablets, smart watch, smart band, smart glasses, smart clothing, wireless printers, smart meters, smart cameras, connected bulbs, smart locks, smart thermostats, and smart home appliances . However, smart locks sub-segment is expected to grow at the highest rate during the forecast period due to the increase in demand for improved and connected security by end-users.
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The North America region holds the largest share of the global market, followed by Europe and Asia Pacific. The U.S. and Canada are dominating the North America market due to rising technological enhancements and growing adoption of smart connected devices. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of smart connected devices across different industry verticals is another major factor driving the growth of the smart connected devices market in the region.
Smart Connected Devices Market Segmentation
The global smart connected devices market is segmented on the basis of product and end user. The end user segment is classified into industrial, commercial and residential. However, the residential sub-segment is expected to grow at the highest rate during the forecast period. This is owing to the increasing demand for smart and connected devices in the smart homes. Also, growing popularity of bringing your own device is further fuelling the growth of smart connected devices market.
Market Research Analysis
North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing rapid growth due to technological advancements and rise in demand for smart connected devices across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as owing to the increased demand for smart connected devices in residential as well as industrial sector.
Key Players
Some of the prominent players in the global smart connected devices market are Sony Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Motorola Solutions Inc. (U.S.), Nokia Networks (Finland), LG Corporation (South Korea), Hewlett-Packard (U.S.), HTC Corporation (Taiwan), Apple Inc. (U.S.), Dell Inc. (U.S.), Gionee Communication Equipment Co. Ltd (China), Micromax Informatics (India), Videocon Industries Ltd. (India), Acer Inc. (Taiwan), Lenovo Group Ltd. (Hong Kong), Blackberry Ltd. (Canada), and ZTE Corporation (China), among others.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Government Bodies
- Consulting Service Providers
- Technology Providers
- System Integrators
- Software Vendors
- Web Content Developers
- Service Providers
- Cloud Platform Providers
- Mobile Application Developers
- Communication Service Providers (CSPs)
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