IoT Devices Market to Grow at 43% CAGR through 2019
The global market for IoT devices is positively influenced by factors like the changing consumers’ lifestyle and growing preference for technologically advanced products, which results in its profound CAGR of more than 43% by 2019. An IoT devices market report by ReportsnReports.com says recent increases in the number of smart homes is a major driver that influences growth in this market during 2015-2019.
According to the report, Global IoT Devices Market 2015-2019, smart homes are becoming very popular. A smart home connects domestic appliances such as lighting systems, heating modules, AC units, television sets, computers, entertainment systems, security devices, and camera systems using electronic communication units such as smartphones and connected tablets via the Internet. Since smart homes offer the user complete operational control over appliances, their augmented demand during the forecast period is expected to result in this market’s impressive growth by 2019.
The demand for wearable technology in fitness and sports is one of the trends that have been increasing rapidly because of an increase in health awareness among individual consumers. Many users are buying smart fitness devices in the form of wristbands and armbands to keep a check on their physical fitness.
The global IoT devices market research analyst has estimated the smart lighting system segment to account for more than 45% of the total market share by 2019. The growing focus on energy consumption and the introduction of strict government policies pertaining to energy consumption are the major growth impelling factors in this segment during the forecast period.
On the other side, the report states that low awareness among consumers is a major challenge that needs to be addressed by the vendors.
Geographical Segmentation of the IoT Devices Market
The Americas currently dominate this market in terms of revenue shares and is expected to reach close to 49% by 2019.
Competitive Landscape and Key Vendors
The leading vendors in the IoT devices market are: Carrier Corp., Ecobee, Honeywell International Inc., Ingersoll-Rand plc, Nest Labs, LG, Motorola, Pebble, Samsung, Sony, AGC Group, DuPont, PPG Industries and Saint-Gobain.
Other Prominent Vendors in the market include: Computime, Emerson, Energate, Radio Thermostat Company of America, Venstar, Garmin, Martian, Mota, Qualcomm, 3M, ASG, AutoGlass, Balcony Systems, BASF, Bayer, Cardinal Glass Industries, Carlex, ChromoGenics, Citala, Corning, Domoticware, Dow Chemical, Garware Suncontrol, Gentex, Gesimat, GKN Group, GlasNovations, Heliotrope Technologies, Hitachi Chemicals, ICE AV, Innovative Glass, InvisiShade, Kinestral Technologies, LTI Smart Glass, NeoView Kolon, Nippon Sheet Glass, Pleotint, Polytronix, Pulp Studio, Ravenbrick, Scienstry, Sekisui Chemical, Smartglass International, Solutia, SPD Control Systems, Switch Materials, US e-Chromic, VELUX, View, and Xinology.