IoT devices market to grow at 43% CAGR
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.
The reports sees the smart home connecting 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.
Further, the demand for wearable technology in fitness and sports is another trend that has 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 report estimates that the smart lighting system segment will 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.
The Americas currently dominate this market in terms of revenue shares and is expected to reach close to 49% by 2019.
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