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Artificial Intelligence is fastest growing segment fueling the growth of IoT Devices Market

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naufan003
Artificial Intelligence is fastest growing segment fueling the growth of IoT Devices Market

The global IoT Devices Market is estimated to be valued at US$ 120.25 Mn or Million in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

IoT devices refers to any physical objects embedded with sensor and software which allows communication and computation. IoT devices help in monitoring, collecting data and controlling other devices remotely. These devices provide advantages like efficiency, convenience, cost reduction and increased productivity.

Market key trends:

One of the key trends in the IoT devices market is the growing adoption of artificial intelligence. With the integration of AI technologies, IoT devices are becoming more intelligent. AI allows IoT devices to learn from data, identify patterns and make decisions with minimal human intervention. AI improves the functioning of IoT devices making them more autonomous. It also helps in monitoring equipment performance, predicting failures and automating processes more efficiently. The use of AI has made IoT systems more powerful and useful across various sectors.

Segment Analysis

The global IoT devices market can be segmented into hardware, software & services. The hardware segment is further divided into sensors, actuators, microcontrollers, and network interfaces. The hardware segment dominated the market in 2023 due to increasing demand for hardware components such as sensors, RFID tags, and microcontrollers from various industries to monitor and collect data. The software & services segment is expected to witness lucrative growth during the forecast period due to growing need to process and analyze huge volumes of data generated by IoT devices.

Key Takeaways

- The Global Iot Devices Market Size is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing demand for improved operational efficiency, safety, and better management across various industries.

- Regional analysis - North America dominated the global IoT devices market in 2023, accounting for over 35% share. However, Asia Pacific is expected to grow at the fastest pace during the forecast period, owing to rapid digitalization and industrialization in emerging countries like China and India.

- Key players operating in the IoT devices market are Robert Bosch GmbH, Apple Inc., Amazon Inc., ABB Limited, Sony Corporation, Cisco Systems Inc., Vuzix Corporation, Google Inc. (Alphabet), Siemens AG, Samsung Electronics Co. Limited, and LG Electronics. Key players are focusing on developing advanced and innovative IoT devices to gain a competitive advantage in the market.


Read more: https://www.ukwebwire.com/iot-devices-market-size-forecast/

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