Smart Connected Devices Market Size

Smart Connected Devices Market Overview

Smart Connected Devices Market Size was valued at USD 21.5 billion in 2023. The Smart Connected Devices Market industry is projected to grow from USD 26.1 Billion in 2024 to USD 123.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.4% during the forecast period (2024 - 2032).

The smart connected devices market is not just growing; it is accelerating. Smart connected devices are embedded with sensors and possess connectivity features, which allow exchange of data.

The target audience is demanding smart connected devices market solutions and sensor networks for energy efficiency backed with technological advancements owing to the ease and comfort offered on a large scale and thus, provide promising returns to the global market operations.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

COVID 19 Analysis

The sudden and unwelcomed arrival of the novel coronavirus pandemic has initiated different trends and alternate approaches for the global market alongside the target audience that is spread in various regions located across the globe. From opting for alternate and healthier lifestyle options to staying inside the home, the global target audience has been prioritizing their health and taking alternate means to adopt the easier, comfortable, and convenient means to live a healthier and soothing lifestyle. Technological advancements have had a huge role in helping people cope up with the loss of time and resources due to workload and deadlines by the pandemic. The arrival of the global coronavirus pandemic has introduced various healthcare concerns and hence, the target people are taking necessary steps to enhance the quality of life that is led by them. Automation systems are known to have played an important role in helping people invest in the right products and features that will enhance their homes and living standard. The global government had imposed both temporary and permanent lockdowns to reduce the positive cases and hence, the result is a reduction in the degree of fatality that has been attached to the spread of the disease on a global market scale.

The key market players of the global smart connected devices market are investing in excellent opportunities that will help in the development of the smart connected system that will increase the production and manufacturing capability of the business units during the forecast period that will be ending in 2032. Also, the government is rolling various rules and regulations that will positively impact the goal of massive demand generation for the market services and hence, has let the vendors operate at an established scale to cater to the news, thus promising profitable results.

Smart Connected Devices Market Dynamics

Market Drivers

The global smart connected devices market is likely to be witnessing an increase in the degree to which the IoT and cloud-based platforms. These are being adopted by the target audience spread in various global locations during the forecast period that will be ending in 2032. This is generating excellent growth opportunities for global expansion of the market size and growth of the smart connected devices market share. Also, the rising technological advancements for the market, have an important role to help the companies in pursuing organic and innovative strategies to render major kinds of benefits to the target audience and thus, expand the services and operations to emerge as a dominant market player in the global market competition.

Market Restraints

However, the smart connected devices market analysis predicts for the forecast period that the market is exposed to some risks that are presenting as restraints to the objectives of the global growth of the market during the forecast period that ends in 2032. Once these management and smart systems are installed, there is an increase in the difficulty degree related to the up-gradation followed by the constant requirement of automation of these systems. The replacement process is lengthy and can also, hamper the designated budget for the smart connected devices market, if required frequently. Hence, the global market players need to dissolve these issues and take better steps towards growing as per the predictions laid down during the ongoing forecast period of 2024-2032.

Technology Analysis

There is a widespread need for the development and availability of integrated security and safety systems that are largely prevalent amongst various businesses and enterprises that are expected to lead the market operations and growth during the forecast period that ends in 2032. The global markets in collaboration with the government are recognizing its role and hence, are rolling various schemes and initiatives that are related to the concept of green building and strict policies. However, to resolve, these prominent restraints and issues, the global players of the market have already deployed and are on the way to adding features to the devices as a prominent part of the smart connected. The investment and elaborated funding in these features and devices is growing because these features have been designed to track, as well as, regulate the total quantum of energy that is being deployed and put to use for the limelight and meeting the business goals and objectives. These technological advancements and contributions are projected to have pushed the target audience for deploying an array of management systems inclusive of the products and services rendered by the smart connected devices market and emerge as global leaders during the forecast period that ends in 2032.

Smart Connected Devices Market Segment Overview

To help the potential market investors make better and profitable investment decisions, the global smart connected devices market report helps in studying and analyzing the revenue potential that is held by the market segments that are functional in various global regions. The smart connected devices market has been segmented based on the following:

Smart Connected Devices Module Outlook

• Hardware


• APM software & platform


• Service

Smart Connected Devices Industry Outlook

• Automotive & Transportation


• Energy & Power


• Healthcare


• Smart Agriculture


• Factory Automation


• Others (Metal & Mining, Food & beverage, and Textile)

Smart Connected Devices Geography

• Americas


• Europe


• APAC


• RoW

Smart Connected Devices Market Regional Analysis

Based on the findings of the smart connected devices market report, the market has been segmented into the South and North Americas, the European regions, the APAC market, and the rest of the World. The smart connected assets and operations market is more prevalent in the APAC region and is expected to grow at the highest rate during the forecast period. The market growth is expanding and this trend can be attributed to the several initiatives taken up by the Government of India and many major players of smart connected assets and operations ecosystem, which help to improve the market share during the forecast period that will be ending in 2032.

Smart Connected Devices Market Key Player & Competitive Landscape

The global smart connected devices market report helps in drawing a competitive graph amongst the market players and the recent developments undertaken by them during the forecast period that will be ending in 2032. The prominent players of the global market that will help the market operations expand and help the market grow as per the predictions that have been laid for the forecast period of 2024-2032 are as follows:

• Intel Corporation (U.S.)


• iSolution international Pvt. Ltd ( Philippines)


• Broadcom Corporation (U.S.)


• OMCS International (U.S.)


• Freescale Semiconductor, Inc. (U.S.)


• Maintenance Assistant Inc. (U.S.)


• ARM holding plc (U.K.)


• Bentley systems incorporated (U.S.)


• Texas Instruments (U.S.)


• Cypress Semiconductor (U.S.)


• ABB Ltd (Switzerland)


• Rockwell Automation (U.S.)


• NXP Semiconductor (Netherlands)

Smart Connected Devices Industry Developments

Intended Audience

• Potential Market Investors


• Smart Connected Device Manufacturers And Vendors


• Enterprises, Business and Corporate Entities


• Research And Development Institutions


• Company Headquarters


• Management and Marketing Systems


• Government and Public Entities


• Members of Public Associations Functioning for the Benefit of Established Companies


• Startups

Report Overview

The global smart connected devices market report helps in discussing the market trends and predicting the growth rate and expected market valuation for the market services and operations during the forecast period that will be ending in 2032. The global market report helps in identifying the sources of revenue for both the company, the rising competitiveness amongst the competitors, and the market segments that help in depicting whether the market will grow or decline its operations during the period.