Internet of Things Market to Reach $1.37 Trillion by 2021
The global Internet of Things (IoT) device market will grow to $1.37 trillion by 2021, which is a compound annual growth rate of 4%, according to research from Technavio.
Technavio divided IoT devices into a number of segments, including computer devices, smart media players, wireless printers, smart meters, wearables, smart cameras, appliances, smart locks, connected bulbs and thermostats.
Computing devices, which are one of the top three revenue-generating product segments, will account for over 81% of the overall revenue. Smartphones, tablets, PCs and portable PCs are leading the way in this segment. Smartphones are the most popular choice, since they are easy to use and affordable.
The second largest product segment, smart media players, is expected to reach $143.4 billion in sales by 2021, which is a 6% growth rate. Smart TVs, set-top-boxes and gaming consoles are the most popular offerings, with Smart TVs being the most widely adopted device.
Rounding out the top three product segments is wireless printers. “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,” says Chetan Mohan, a Technovio analyst.
Multi-function printers (MFPs), color printers and monochrome printers will continue to rise.