Global Internet of Things (IoT) Connected Devices Market is booming owing to rise in joint ventures of key players

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IoT connected devices are a significant part of the communication and IT industry throughout the world. The IoT connected devices are a part of communication networks and cloud technologies. These devices constitute unique IP addresses that can be used to exchange and communicative data effectively.

The breakthrough value created by IoT connected devices in numerous verticals is the key contributor for the global IoT connected devices market growth. The technology offers real time insights into company assets that enable organizations to decrease operational expenses, unnecessary servicing, and unplanned downtime. In 2018, Microsoft announced USD 5 billion investment in IoT technology to in order to build an easy-to-use platform for its target audience. In June 2020, Microsoft acquired CyberX. The former firm aims to expand its existing Azure IoT security capabilities and extend to current devices together with those used in operational technology, infrastructure scenarios, and industrial IoT.

Internet of Things (IoT) Connected Devices

Such promising activities done by key players fuels the growth of the IoT connected devices market. Other prominent factors comprise of technological developments, strategic alliances, new product launches, and increasing awareness of IoT & cloud technologies. The IoT ecosystem has several drawbacks such as concerns regarding security, data privacy, and integrity. Since all the connected devices comprise of highly confidential data there is a huge concern regarding the loss or misuse of such information by third parties. Data exploitation in several other analytic fields is indirectly limiting the growth of the market to a certain extent.

The global IoT connected devices market is separated based on device type, end use, and region. The device type segment consists of sensor, RFID, industrial robotics, distributed control system, condition monitoring, smart meter, smart beacon, yield monitoring, electronic shelf label, and camera. Based on the end use, the global IoT connected devices market is divided into manufacturing, energy, gas & oil, metal & mining, retail, healthcare, transportation, agriculture, and others.

Geographically, Asia Pacific region is expected to dominate the global IoT connected devices market. Influencing factors include high cloud spending by maximum players and incorporating advanced analytics in most processes. Moreover, the North American region held a substantial share owing to the presence of major players in countries like the US. The growth in the European region is credited to the increasing research activities and funding & investment opportunities employed by the key players operating in European countries. On the other hand, a steady rise in the adoption of IoT in countries such as UAE, Saudi Arabia, South Africa, and Brazil, is projected to boost the growth of the IoT connected devices market in the Middle East, African, and Latin American regions.

The global IoT connected devices market is extremely competitive and constitutes several players such as Cisco, Honeywell, Intel, GE, IBM, Rockwell Automation, ABB, Siemens, Bosch, Huawei, Kuka, Dassault Systemes, Texas Instruments, ARM, PTC, and NEC, among others. In August 2021, AT&T and Cisco launched 5G network capabilities to enhance performance for IoT applications across the US. Both the organizations are strong players in the IoT connected devices industry, and currently manage millions of connected devices that cover manufacturing, transportation, utilities, retail, healthcare industries and public sector coupled with public safety on FirstNet, built with AT&T, with the help of AT&T’s 4G LTE and low-power IoT cellular networks.

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