According to a new market report pertaining to the global wireless connected devices market by Transparency Market Research, the global wireless connected devices market is projected to reach a volume of 5 billion units by 2027.
The wireless connected devices market is projected to expand at a CAGR of ~8% from 2019 to 2027.
The report says that the growth of the wireless connected devices market can be attributed to increasing innovations and technological advancements. Over the forecast period, the market in the Middle East & Africa is anticipated to grow rapidly in the global wireless connected devices market, at a CAGR of ~12%.
In terms of the number of units, the market is dominated by the Asia Pacific, followed by North America. In the wireless connected devices market, computing/communication devices stood at ~1.6 billion units in 2017, which is expected to reach ~2.8 billion units by 2027, expanding at a CAGR of ~6% during the forecast period.
- Rising Adoption of Wireless Connected Devices Technologies – Numerous types of wireless technologies enable devices to send data without cables. Different wireless technologies can be implemented in hardware products for Machine to Machine (M2M) communication and the Internet of Things (IoT). The introduction of technologies such as Bluetooth, ZigBee, LoRa, Zwave, and Wi-Fi, in the U.S., is projected to drive the wireless connected devices market during the forecast period, as the use of Bluetooth technology is expanding and the use of Bluetooth for data transfer is increasing. This is propelling the growth of the wireless connected devices market across the globe.
- Increasing Competitiveness in Gaming Space – Increasing technology advancements in the gaming industry have led to increased competition in the gaming market. Companies have started investing in advanced technology and hardware systems to provide an advanced gaming experience to end-users. Sectors such as gaming and media & entertainment are at the forefront of adopting technological advancements compared to other end-use sectors. End users are increasingly seeking experiences in virtual surroundings in different applications due to current advancements in technology in both, AR and VR.