The global smart devices market is expected to reach USD 64.86 billion in 2024 and is anticipated to reach the valuation of USD 130.46 billion by 2029 and is predicted to register a CAGR of 15% during the forecast period.
Integrated security and safety systems are in high demand among numerous firms and enterprises and are predicted to lead market operations and growth during the forecast period.
Smart Devices are devices that conduct a variety of intelligent activities, such as health monitoring, people tracking, and driving instructions, among others. Aside from smart TVs, most of these wearable gadgets may be worn on the eyes, wrists, ankles, and other body parts. The majority of the goods are in the research and development stage or are in the pre-commercialization stage, and the study provides market estimates for the future based on specific assumptions. Because the majority of the goods are wearable gadgets, firms must seek government approval before selling them on the market. The effects of government regulation on market expansion also promote market growth.
Smart devices offer enhanced features such as improved display, in-house health monitoring, etc. Google, for example, is working on smart contact lenses that will monitor blood glucose levels and eventually include other capabilities, such as blood pressure monitoring. However, the items' costs are now relatively costly when compared to traditional equipment, which is a major commercial limitation. Furthermore, the commercialization of most wearable devices is projected to take a long time due to the need for additional research, which impedes market expansion.
The adoption of IoT and cloud-based platforms in the worldwide smart devices market is projected to expand. During the projected period, these are being utilized by the target population scattered across numerous global places. This results in fantastic growth opportunities for worldwide market size and increased smart device market share. Furthermore, the market's increasing technological advancements play an important role in assisting companies in pursuing organic and innovative strategies to provide major types of benefits to the target audience and, as a result, expand services and operations to emerge as a dominant market player in the global market competition.
The smart devices market report predicts that, during the forecast period, the market will be exposed to several hazards that will act as roadblocks to the global smart devices market's growth objectives. Once these management and smart systems are in place, the difficulty level associated with upgrading them rises, followed by a continuing demand for automation of these systems. The replacement process is time-consuming, and if it is necessary frequently, it can deplete the allocated budget for the smart connected devices market. As a result, worldwide market players must resolve these challenges and make greater efforts to increase in accordance with the forecasts made throughout the current forecast period.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2029 |
|
CAGR |
15% |
|
Segments Covered |
By Product Type, End-User, Industry, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Samsung Electronics Co. Ltd., Apple Inc., Google Inc., Mayo Clinic, Adafruit, Sony Corporation, Panasonic Corporation, Vuzix, General Electric Co. (GE), and others |
Because of their widespread commercial acceptance, smart TVs are the most dominant items in the market. Google Glass, on the other hand, is predicted to grow at the fastest rate because it provides many applications, such as augmented reality, GPS assistance, video recording, music playback, and so on.
Based on the end user, smart devices are being used more in the residential sector. This is because people frequently buy devices for personal use. One device is connected to the other, and this connection enhances the functionality. Thus, once a person purchases one of the many devices, he/she is pulled towards the other.
For the forecast period, the Automotive and transportation sector is predicted to dominate the smart devices market. With the launch of EVs, people want highly upgraded cars. Thus, manufacturers are trying to personalize the driving experience by linking it to smart wearable devices. However, the housing sector is also expected to witness a high growth rate.
The Asia-Pacific region has the biggest share, with a CAGR of 30.6 percent. The surge in demand in the Asia-Pacific area has also made it a hub for Western markets to outsource smart device manufacturing. In the last five years, the quickly rising emerging economies, particularly China and India in terms of both economy and infrastructure, have greatly raised the demand for smart devices.
By 2027, the Canadian market is predicted to grow by more than 4%. Over the projection period, rising investment will increase technology demand.
The rise of the German smart devices industry will be aided by rising consumer expenditure.
Apple, the world's most expensive smartphone maker, is now selling the world's smartest water bottle. The iPhone maker has launched the HidrateSpark PRO STEEL to its ever-expanding ecosystem. It includes a vacuum-insulated stainless-steel chug that keeps drinks cold for up to 24 hours.
The Xiaomi Smart Door Lock Pro is now available for pre-order in China. The smart device is compatible with Apple HomeKit, so you can unlock your door and manage the product with Siri voice commands. You can unlock your door using seven methods, including passwords, fingerprints, and NFC.
By Product Type
By End User
By Industry
By Region
Frequently Asked Questions
Privacy and security concerns pose significant challenges to the widespread adoption of smart devices globally. Issues such as data breaches, unauthorized access to personal information, and potential misuse of collected data raise apprehensions among consumers, leading to hesitancy in adopting smart technologies and prompting the need for stricter regulations and enhanced cybersecurity measures.
Artificial intelligence (AI) and machine learning (ML) are instrumental in enhancing the capabilities of smart devices, enabling them to analyze data, learn from user interactions, and adapt to user preferences over time. AI-powered features such as predictive maintenance, personalized recommendations, and natural language processing are driving innovation and differentiation in the global smart devices market.
In developing countries, challenges such as inadequate infrastructure, limited internet connectivity, high initial costs, and low consumer awareness impede the widespread adoption of smart devices. Addressing these challenges requires investment in infrastructure development, initiatives to increase digital literacy, affordability of smart devices, and tailored solutions to meet the specific needs of these markets.
The integration of smart devices in urban planning and development presents significant opportunities to create more efficient, sustainable, and livable cities. Smart infrastructure, including sensors, IoT networks, and data analytics platforms, can enhance transportation systems, optimize energy usage, improve public safety, and enhance the overall quality of life for urban residents, driving smart city initiatives globally.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region