With 10.10% CAGR, IoT Devices Market Size Worth USD 2724.42 Million by 2028

Facts & Factors

Facts & Factors

[213+ Pages Report] The size of the Global IoT Devices Market is predicted to grow to around USD 2724.42 million by 2028 with a compound annual growth rate (CAGR) of roughly 10.10% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are LG Electronics Inc., Radio Thermostat Company of America, Qualcomm Technologies Inc., Amazon, Ecobee, SAMSUNG, Google LLC, Honeywell International Inc., Motorola Mobility LLC, Nest Labs, Pebble, Sony Corporation, and others.

NEW YORK, USA, Sept. 01, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “IoT Devices Market By Size, Share, Growth Analysis Report By Devices (Processor, Connectivity IC, Sensor), By Product Type (Fitness & Heart Rate Monitor, Connected Cars, Thermostats, Refrigerators, Radar, Glasses, Lighting System, Smart Bluetooth Trackers, Door Locks), By Application (Building & Home Automation, Connected Health, BFSI, Energy & Utilities, Connected Logistics, Transportation, and Manufacturing), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global IoT Devices Market size & share was valued at approximately USD 1,529.50 Million in 2021. The market is expected to grow above a CAGR of 10.10% and is anticipated to reach over USD 2,724.42 Million by 2028.”

The report analyses the IoT Devices market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global IoT Devices market.

What are IoT Devices? How big is the IoT Devices Industry?

The Internet of Things (IoT) is an operating system that collects data from a device or object using sensors, software, and other technologies before connecting to and sending that data to other devices or things via the internet. Because of their inherent versatility and propensity to multitask in any setting, IoT systems have applications in various industries. Smart devices and advanced supporting technologies are utilized to improve data collection, automation, operations, and other functions. Artificial intelligence, connection, active interaction, and small gadgets characterize the Internet of Things.

The main advantages are increased flexibility, security, and compliance. Amazon Echo, eco bee, neuroid, google home, and the ring are examples of IoT innovations. The potential benefits of IoT should be endless. Increased network agility, integrated artificial intelligence (AI), and the ability to organize, automate, program, and protect numerous use cases on a big scale will help the industrial internet progress. The opportunity is to allow several devices to run concurrently and utilize large volumes of usable data to automate various commercial procedures.

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Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.

  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package

  • About 213+ Pages Research Report (Including Recent Research)

  • Provide detailed chapter-by-chapter guidance on Request

  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022

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Key Insights from Primary Research

  • As per the analysis, the IoT Devices market is likely to grow above a CAGR of around 10.10% between 2022 and 2028.

  • The IoT Devices market size was worth around US$ 1,529.50 Million in 2021 and is estimated to hit approximately US$ 2,724.42 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

  • An important factor influencing market growth during the projection period is the rise in the number of smart homes.

  • By product type, the lighting system category dominated the market in 2021.

  • By application, the manufacturing category dominated the market in 2021.

  • On the basis of region, the “North America” Will Likely Overtake the Global Market.

Market Dynamics:

Wireless networking technology demand is a macroeconomic indicator expected to fuel market expansion. A wireless personal area network (WPAN) is necessary to support multi-vendor inter-operations as market players build the internet of things (IoT), and the IoT becomes increasingly connected via wireless connections. Wireless networks fulfill such specialized needs of smaller vertical markets and specialized applications to provide standardization and interoperability benefits. Each standardized wireless network protocol has unique properties devised and tweaked to enable certain IoT applications. The use of cloud data management in large-scale IoT applications will likely drive the growth of the IoT devices market.

The sector has increased investments in R&D projects to create cutting-edge IoT systems. The market for IoT devices has grown in popularity as a result. Individual businesses do not need to gather large amounts of gear, set up administration networks, or establish workflows for IoT using cloud computing. Other factors, such as decreased costs and the importance of data analytics, will contribute to the growth of the IoT devices market. The IoT devices market is constrained by a lack of interoperability challenges, a scarcity of competent employees, and cybersecurity concerns that result in personal data being hacked.

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IoT Devices Market: COVID-19 Impact Analysis

A number of IoT-dependent industries, such as commerce, medical, vehicle repair, logistics services, investments, heavy transportation facilities, cars, and electronic advertising, have been severely disrupted by the COVID-19 epidemic. According to projections, the Internet of Things (IoT) will be essential for long-term recovery strategies for the global economy after COVID-19. Businesses have started using IoT devices because they have suffered negative repercussions in previous years. The majority of industries, including fleet management, retail, healthcare, and transportation, have embraced this technology.

Competitive Players

The report contains qualitative and quantitative research on the global IoT Devices Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.

Some of the main players in the global IoT Devices market include,

  • LG Electronics Inc.

  • Radio Thermostat Company of America

  • Qualcomm Technologies Inc.

  • Amazon

  • Ecobee


  • Google LLC

  • Honeywell International Inc.

  • Motorola Mobility LLC

  • Nest Labs

  • Pebble

  • Sony Corporation

Browse the full “IoT Devices Market By Size, Share, Growth Analysis Report – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report https://www.fnfresearch.com/iot-devices-market

IoT Devices Market: Segmentation Analysis

The global IoT devices market is segregated based on the devices, product type, application, and region. Based on the devices, the market is segregated into the processor, connectivity IC, and sensor. In 2021, the connectivity IC segment dominated the global IoT devices market. Based on the product type, the market is segregated into the fitness & heart rate monitor, connected cars, thermostats, refrigerators, radar, glasses, lighting systems, smart Bluetooth trackers, and door locks. In 2021, the lighting system category dominated the global IoT devices market. Based on application, the market is segregated into building & home automation, connected health, BFSI, energy & utilities, logistics, transportation, and manufacturing. In 2021, the manufacturing category dominated the global IoT devices market.

Regional Dominance:

The global IoT devices market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America, where the United States and Canada dominate the IoT device market, will hold the greatest market share in 2021. In North America, there is expected to be a rise in smart connected devices, early adoption of innovative technologies, and significant R&D spending. The dominance is due to infrastructure upgrades and widespread adoption of the most recent technology. The presence of well-known industry leaders and their huge customer base is essential for enabling the North American market to grow steadily.

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Key questions answered in this report:

  • What is the market size and growth rate forecast for IoT Devices industry?

  • What are the main driving factors propelling the IoT Devices Market forward?

  • What are the leading companies in the IoT Devices Industry?

  • What segments does the IoT Devices Market cover?

Report Scope:

Report Attribute


Market Size in 2021

USD 1,529.50 Million

Projected Market Size in 2028

USD 2724.42 Million

CAGR Growth Rate

10.10% CAGR

Base Year


Forecast Years


Key Market Players

LG Electronics Inc., Radio Thermostat Company of America, Qualcomm Technologies Inc., Amazon, Ecobee, SAMSUNG, Google LLC, Honeywell International Inc., Motorola Mobility LLC, Nest Labs, Pebble, Sony Corporation., and Others

Key Segment

By Devices, Product Type, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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The global IoT Devices market is segmented as follows:

By Devices:

  • Processor

  • Connectivity IC

  • Sensor

By Product Type:

By Application

By Region

  • North America

  • Europe

    • France

    • The UK

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Southeast Asia

  • The Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

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Key Offerings:

  • Market Size, Trends, & Forecast by Revenue | 2022−2028

  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

  • Market Segmentation – A detailed analysis by Devices, Product Type, Application, and Region

  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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