The Top 3 Emerging Market Trends in IoT Devices
On the latest report of Technavio, it was concluded that the Internet of Things (IoT) devices market worldwide has some expected key trends to affect the market from 2015 to 2019.
The IoT devices market in the world is expected to grow from $7 billion in 2014 to up to $45 billion in 2019, with an increase of a compound annual growth rate (CAGR) of nearly 44 percent. This calculation is based on six products such as smart refrigerators, smart watches, smart air conditioners, smart lighting, and smart glasses.
The Lead Research Analyst for Computing Devices at Technavio, Navin Rajendra said, “The global IoT devices market is at its nascent stage, so very high growth is expected in the coming years. Technological advancements and changing consumer lifestyles will lead to the high adoption of IoT devices.”
Here are the top three emerging trends in the IoT devices market in the world:
* Increased channel partnering – Smart thermostat vendors are currently developing and creating devices that are user-friendly in terms of installation. Also, they are trying to broaden their market partnerships in order to further and improve their product sales and get an additional market share. Based on the report of Technavio, HVAC service providers and utility companies are going for commercial partnerships with smart thermostat providers to develop mutual benefit. For HVAC service providers, they can use the data gained from the smart thermostats to determine needed services and to conduct predictive maintenance schedules. For the utility companies, it is advantageous because they can use the data from the smart thermostats to develop consumer awareness and to retain peak load demand.
*High demand for fitness devices – Because of an increase in health awareness among individual consumers, the demand for wearable technology in sports and fitness has increased rapidly. Rajendra said, “A number of professional sports people use high-end wearable devices to accurately measure their physical activities. This is an important trend as several fitness device manufacturers are entering the smart watches market and are combining both of the technologies. Smart watches could be the perfect solution for a user that prefers a single device that can perform several functions.”
*Crowdfunding – This method has been used by some vendors to gain capital for their projects and it has given the market advantage in various ways. Some of its benefits include increasing awareness among potential customers, encouraging new vendors to enter and invest in the market, and allowing vendors to expect the demand for their products, communicate with the customers and include them in the product development phase that can help the vendors develop and create the right products for their target market.
Technavio is a leading market research company with global coverage and its research and analysis focuses on emerging market trends in order to aid businesses to determine market opportunities and create effective methods to advance their position in the market.