Smart Connected Devices Market

ID: MRFR/SEM/4213-HCR

100 Pages

Shubham Munde

September 2025

Smart Connected Devices Market Research Report Information By Product (Smartphones, Smart Watch, Smart Glasses, Wireless Printers, Smart Meters, Smart Cameras, Connected Bulbs, Smart Locks), End User (Industrial, Commercial, Residential)- Industry Forecast Till 2032

Smart Connected Devices Market Infographic

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Summary Table of Contents Segmentation Infographic

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Smart Connected Devices Market Summary

As per Market Research Future Analysis, the Smart Connected Devices Market was valued at USD 21.5 billion in 2023 and is projected to grow from USD 26.1 billion in 2024 to USD 123.4 billion by 2032, with a CAGR of 21.4% during the forecast period. The market is driven by increasing demand for IoT and cloud-based platforms, alongside technological advancements that enhance energy efficiency and comfort. However, challenges such as the complexity of system upgrades and budget constraints may hinder growth. The APAC region is expected to lead market expansion, supported by government initiatives and investments in smart connected systems.

Key Market Trends & Highlights

The Smart Connected Devices Market is experiencing rapid growth driven by technological advancements and increasing consumer demand.

Market Size in 2023: USD 21.5 billion
Projected Market Size by 2032: USD 123.4 billion
CAGR from 2024 to 2032: 21.4%
APAC region expected to grow at the highest rate during the forecast period

Smart Connected Devices Market

CAGR

21.4%

Market Size & Forecast

2023 Market Size	USD 21.5 billion
2024 Market Size	USD 26.1 billion
2032 Market Size	USD 123.4 billion

Major Players

Intel Corporation, Broadcom Corporation, Texas Instruments, ABB Ltd, Google, Amazon

Smart Connected Devices Market Drivers

Rising Consumer Demand for Smart Devices

The Global Smart Connected Devices Market Industry experiences a notable surge in consumer demand for smart devices, driven by the increasing integration of technology into daily life. In 2024, the market is projected to reach 26.1 USD Billion, reflecting a growing preference for devices that enhance convenience and connectivity. Consumers are increasingly seeking smart home devices, wearables, and connected appliances that offer seamless integration with their lifestyles. This trend indicates a shift towards a more connected living environment, where devices communicate and collaborate, thereby improving user experience and efficiency.

Key Companies in the Smart Connected Devices Market market include

Industry Developments

Amazon:

September 28, 2023- Launched "Astro," a home robot offering security, companionship, and entertainment features.

February 8, 2024- Partnered with Qualcomm to develop edge computing solutions for smart devices.

Google:

July 28, 2023- Unveiled the Pixel Buds Pro with improved noise cancellation and multipoint connectivity.

January 4, 2024- Announced advancements in its Matter smart home platform.

Intended Audience

Potential Market Investors

Smart Connected Device Manufacturers And Vendors

Enterprises, Business and Corporate Entities

Research And Development Institutions

Company Headquarters

Management and Marketing Systems

Government and Public Entities

Members of Public Associations Functioning for the Benefit of Established Companies

Startups

Future Outlook

Smart Connected Devices Market Future Outlook

The Smart Connected Devices Market is poised for robust growth at 21.42% CAGR from 2024 to 2035, driven by advancements in IoT, AI integration, and consumer demand for automation.

New opportunities lie in:

Develop AI-driven analytics platforms for enhanced device interoperability.
Invest in sustainable materials for eco-friendly smart devices.
Create subscription models for software updates and device management services.

By 2035, the Smart Connected Devices Market is expected to achieve substantial growth, reflecting evolving consumer preferences and technological advancements.

Market Segmentation

Smart Connected Devices Module Outlook

Hardware
APM software & platform
Service

Smart Connected Devices Industry Outlook

Automotive & Transportation
Energy & Power
Healthcare
Smart Agriculture
Factory Automation
Others (Metal & Mining, Food & beverage, and Textile)
Americas
Europe
APAC
RoW
Intel Corporation (U.S.)
iSolution international Pvt. Ltd ( Philippines)
Broadcom Corporation (U.S.)
OMCS International (U.S.)
Freescale Semiconductor, Inc. (U.S.)
Maintenance Assistant Inc. (U.S.)
ARM holding plc (U.K.)
Bentley systems incorporated (U.S.)
Texas Instruments (U.S.)
Cypress Semiconductor (U.S.)
ABB Ltd (Switzerland)
Rockwell Automation (U.S.)
NXP Semiconductor (Netherlands)
September 28, 2023- Launched "Astro," a home robot offering security, companionship, and entertainment features.
February 8, 2024- Partnered with Qualcomm to develop edge computing solutions for smart devices.
July 28, 2023- Unveiled the Pixel Buds Pro with improved noise cancellation and multipoint connectivity.
January 4, 2024- Announced advancements in its Matter smart home platform.
Potential Market Investors
Smart Connected Device Manufacturers And Vendors
Enterprises, Business and Corporate Entities
Research And Development Institutions
Company Headquarters
Management and Marketing Systems
Government and Public Entities
Members of Public Associations Functioning for the Benefit of Established Companies
Startups

Report Scope

Report Attribute/Metric	Details
Market Size 2032	123.4 Billion
CAGR	21.4%
Base Year	2023
Forecast Period	2024-2032
Historical Data	2018 and 2022
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Module, Industry and Geography
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Sony Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Motorola Solutions Inc. (U.S.), Nokia Networks (Finland), LG Corporation (South Korea), Hewlett-Packard (U.S.), HTC Corporation (Taiwan), Apple Inc. (U.S.), Dell Inc. (U.S.), Gionee Communication Equipment Co. Ltd (China), Micromax Informatics (India), Videocon Industries Ltd. (India), Acer Inc. (Taiwan), Lenovo Group Ltd. (Hong Kong), Blackberry Ltd. (Canada), and ZTE Corporation (China)
Key Market Opportunities	The growth of the market in North America is attributed to technological advancements and increased adoption of smart connected devices across various industry verticals.
Key Market Drivers	· Major factors driving the growth of smart connected devices market include the growing demand for smartphones, tablets, and other smart devices and growing popularity of bringing your own device.· Increasing demand for mobile smart connected devices is expected to drive the growth of the global smart connected devices market.

Market Highlights

Author

Shubham Munde

Research Analyst Level II

With a technical background in information technology & semiconductors, Shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. He is the POC for our clients, for their consulting projects running under the ICT/Semiconductor domain. Shubham holds a Bachelor’s in Information and Technology and a Master of Business Administration (MBA). Shubham has executed over 150 research projects for our clients under the brand name Market Research Future in the last 2 years. His core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. He is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. He has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. He has worked on the projects of top tech brands such as IBM, Google, Microsoft, AWS, Meta, Oracle, Cisco Systems, Samsung, Accenture, VMware, Schneider Electric, Dell, HP, Ericsson, and so many others. He has worked on Metaverse, Web 3.0, Zero-Trust security, cyber-security, blockchain, quantum computing, robotics, 5G technology, High-Performance computing, data centers, AI, automation, IT equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.

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FAQs

What are the major tailwinds pushing the growth of the global smart connected devices market?

Growing demand for smart devices, such as smartphones, tablets and BYOD trend are the major tailwinds pushing the growth of the global smart connected devices market.

Which is the major segment in the global smart connected devices market?

Smart locks by product is the largest segment in the global smart connected devices market.

Who are the top players in the global smart connected devices market?

Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), Motorola Solutions Inc. (U.S.), LG Corporation (South Korea), Nokia Networks (Finland), Hewlett- Packard (U.S.), Apple Inc. (U.S.), HTC Corporation (Taiwan), Dell Inc. (U.S.), Micromax Informatics (India), Gionee Communication Equipment Co. Ltd (China), Videocon Industries Ltd. (India), Lenovo Group Ltd. (Hong Kong), Acer Inc. (Taiwan), ZTE Corporation (China), and Blackberry Ltd. (Canada), are some of the top players operating in the global smart connected devices market.

Smart Connected Devices Market Research Report - Forecast to 2032 Infographic

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