The global smart connected devices market is projected to witness a rapid growth during the forecast period owing to increasing demand for smart connected devices from individuals. Moreover, increasing demand for smart connected devices across various industry verticals and rise in demand for internet of things applications are other major factors driving the growth of the global smart connected devices market.
The global Smart Connected Devices Market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to witness significant growth and hold the largest share of the global market during the forecast period. The U.S and Canada are anticipated to drive the growth of the smart connected devices market in North America region owing to the presence of a large number of established key players such as Motorola Solutions Inc., Hewlett-Packard, Apple Inc., and Dell Inc. among others in this region. Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. The growth of the market is also attributed to increasing focus of business organizations towards better management of business processes and growing dependency of enterprises on smart connected devices and increasing trend of bringing your own device. In the global smart connected devices market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to increasing demand for smart connected devices across different industry verticals in different countries in the region.
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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.
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.
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