International.
Technavio's latest report on the global Internet of Things (IoT) devices market provides an analysis of the key trends expected to impact the market between 2015 and 2019.
The global IoT device market is projected to grow from US$7 billion in 2014 to US$45 billion by 2019, increasing at a compound annual growth rate (CAGR) of nearly 44%. The market is calculated on the basis of six products. They are air conditioning, refrigerators, thermostats, watches, glasses, and smart lighting.
The top three emerging trends in the global IoT device market are:
- Increased partnership channels: According to Technavio, companies and HVAC service providers are building business partnerships with smart thermostat suppliers to gain mutual benefit. HVAC service providers use data collected from smart thermostats to calculate service requirements and deploy predictive maintenance programs.
The high demand for fitness equipment: The demand for wearable technology in fitness and in sport in general has grown rapidly due to an increase in health awareness of individual consumers.
- Crowdfunding: Several vendors have used crowdfunding to raise capital for their projects. This has benefited the market in several ways. First of all, it increases awareness among potential customers. Secondly, it encourages new suppliers to enter the market, which will increase competition and lower prices. Third, it allows suppliers to anticipate demand for their products, directly with potential buyers, and involves them in the product development phase. This can help suppliers build the right products for the market.
