Rising Number of Smart Homes Will Drive the Global Connected Devices Market Through 2020, Says Technavio – Business Wire (press release)
In this report, Technavio
covers the market outlook and growth prospects of the global
connected devices market for 2016-2020. Based on product
platforms, the market is divided into the different segments, including
computing devices, media players, wireless printers, smart meters,
wearables, smart cameras, smart thermostats, smart locks, smart home
appliances, and connected bulbs.
Technavio’s research study segments the global connected devices market
into the following regions:
Americas: Largest connected devices market
In 2015, the Americas was the largest market for connected devices,
accounting for almost 46% of the overall market share. Technavio’s
report states that rapid advances in technology and changing consumer
preferences regarding the use of electronic devices are the main factors
contributing to market growth in this region.
The US accounts for the majority of the connected devices market in the
Americas. This growth is attributed to the implementation of the Green
Buildings Act. This act covers the public, private, and non-profit
sectors and aims to increase the energy efficiency and sustainability of
buildings. The use of connected devices has reduced annual energy
consumption in many countries.
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Some of the top manufacturing companies for connected devices such as
Nest Labs, Honeywell, and Apple are headquartered in the Americas.
APAC region to expand their market share over 76% by 2020
The connected devices market in the APAC region is still in a nascent
stage, but is expected to grow substantially over the next four years.
Countries such as Japan, China, and South Korea have the market
potential to support the sale of IoT devices in the future. Connected
devices will find many uses in the upcoming smart homes planned or under
construction in these countries. Smart thermostats and smart home
appliances will likely find a ready market in these areas. In fact,
several Chinese manufacturers are expected to establish a market
presence during the forecast period, providing devices like smartwatches
at a lower cost.
“APAC will post the highest growth rate in the global market during the
forecast period, as the region will host the majority of smartphone,
tablet, and PC owners. However, the contribution of the Americas and
EMEA will decline due to the maturity of the computing device market in
these regions,” according to Sunil Kumar Singh, Technavio’s lead analyst
from the computing
devices research team.
Demand for smart ACs and smart thermostats fueling EMEA’s growth
In 2015, EMEA accounted for over 26% market share of the global
connected devices market. Change in climatic condition and unseasonal
temperature variations are the two main factors generating demand for
smart ACs and smart thermostats in the region.
Meanwhile, the rising trend of smart homes is another major factor
driving the demand for connected devices across Europe. Nearly 90% of
the world’s smart homes are in Western Europe and the US. In Europe,
countries such as the UK, the Netherlands, and Germany will grow to be
market leaders in the future, but high initial device prices may
restrain the adoption of connected devices in some segments of the
market. Western Europe is also emerging as a major revenue contributor
to the connected devices market in EMEA.
Browse Related Reports:
Home Appliance Market in the US 2015-2019
Industrial IoT Market: Research report 2015-2019
IoT Devices Market 2015-2019
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Technavio is a leading global technology research and advisory company.
The company develops over 2000 pieces of research every year, covering
more than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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