Internet of Things

IoT Market Will Grow To 1.3B+ By 2021

The global Internet of Things devices market is expected to grow at a CAGR of around 4 percent from 2017 to 2021, according to a new report from market research firm Technavio.

In a press release highlighting the new report, Technavio said the global IoT devices market size is forecast to reach $1.37 billion by 2021 with the growth drivers including enhanced convenience, improved decision-making, cost benefits and remote access capabilities.

According to Technavio, IoT devices fall into a slew of categories, including computing devices, smart media players, wireless printers, smart meters, smart wearables, smart cameras, smart home appliances, smart locks, connected bulbs and smart thermostats.

In the case of computing devices, which is one of the top three segments, Technavio said it represents more than 81 percent of the overall revenue generation for the Internet of Things devices market. “Smartphones, tablets, PCs and portable PCs are the key computing devices which have adopted the Internet of Things from this segment,” said Chetan Mohan, one of the lead analysts at Technavio for computing devices research. The report noted that smartphones are by far the most popular choice for users of computing devices, due to their ease of use and availability of the devices at affordable prices. Tablets are the next most adopted devices, driven by the mobility, connectivity and superior performance that they offer, said Technavio.

As for the smart media players market, the research firm said the product segment is the second-largest and is expected to be valued at $143.4 billion by 2021, marking a CAGR of more than 6 percent. Set-top boxes, smart TVs and gaming consoles are the main offerings in this segment. As for wireless printers, Technavio had this to say: “The wireless printers segment of the Internet of Things devices market is expected to reach 159.4 million units by 2021. The market segment is expected to grow because of the advances in printing technology and the increased demand for wireless laser and inkjet printers.”

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