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Worldwide Personal Cooling Device Market Size/Share Will Grow at 4.601% CAGR to Reach Over USD 8.32 Billion By 2030



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Phoenix, AZ, April 26, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Personal Cooling Device Market By Product Type (Handheld Cooling Device, Desk Fans, Personal Air Conditioner, And Others), By Price (Low-End And High-End), By Distribution Channel (Online And Offline), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Personal Cooling Device Market size & share in terms of revenue was valued at USD 5.81 billion in 2022 and it is expected to surpass around USD 8.32 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.601% during the forecast period 2023 to 2030.”

What is Personal Cooling Device? How big is the Personal Cooling Device Industry?

Report Overview:

The global personal cooling devices market had a value of approximately USD 5.81 billion in 2022 and is projected to reach approximately USD 8.32 billion by 2030, expanding at a compound yearly growth rate (CAGR) of approximately 4.601% between the years 2023 and 2030. The study investigates the factors that are driving growth in the global personal cooling devices market, as well as the factors that are holding the industry back, as well as the difficulties that lie ahead. In addition to this, the research investigates new possibilities that have arisen in the market for personal cooling devices.

The term “personal cooling device industry” refers to a subset of the broader “consumer electronic group” that is concerned with the development and sale of wearable devices that are intended to cool or otherwise reduce the temperature of the person who is wearing the device. These devices are known as “personal cooling devices.” These gadgets are often portable, consisting of a compact form factor, and powered by a battery.

They can also be worn on the body or positioned in close contact to the skin in order to provide cooling relief in hot or humid circumstances. Both of these options are available. Portable fans, cooling vests, neck fans, and handheld misting devices are a few examples of the types of personal cooling devices that are available. People who work in environments that are hot and humid, or who have a medical condition that causes them to experience hot flashes, both of which can cause the body to overheat, are the target customers for these products. On the other hand, in recent years, the product has also been increasingly popular among virtually anyone who want to maintain their level of comfort throughout the warmer months.

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Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
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  • Zion Market Research research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Global Personal Cooling Device Market: Growth Factors

It is anticipated that the global market for personal cooling devices will expand as a result of the rising average temperature across the globe. Recent years have seen various nations break records that had stood for over a decade for the highest temperature ever measured in the nation as a whole or in specific regions of the nation. The rise in temperature has been attributed by scientists and studies to global warming, which in turn is connected to a number of other factors such as rapid urbanization, industrialization, and the use of non-renewable sources for energy generation leading to the emission of greenhouse gases. These factors are some of the causes.

For example, in April 2023, the Guardian published an article stating that some nations in Asia had already been hit by a severe heat wave at the beginning of the summer season in the eastern section of the earth. A well-known scientist named Maximiliano Herrera, who contributed to the same paper, asserted that the high temperatures that occurred in April can be classified as the “worst April heatwave in the history of Asia.” These kinds of circumstances are anticipated to fuel demand for personal cooling devices, particularly among persons whose jobs need them to be performed in outdoor settings.

Although personal cooling devices are beneficial in lowering the overall temperature of the body and can reduce discomfort caused by rising outside temperatures, the awareness rate surrounding these devices is very low. This is despite the fact that these devices are effective in reducing the overall temperature of the body. At this time, the majority of people that make up the consumer group live in urban areas, which provide them with a greater variety of shopping and informational options. However, businesses need to devise alternative marketing strategies in order to penetrate more rural areas, many of which do not have the necessary financial standing to implement alternative methods of cooling, such as air conditioners.

The worldwide players in the personal cooling device sector may tap into a number of crucial areas, one of the most important of which is investing more resources in product innovation. They are able to keep re-inventing the product in order to make it more fit for the particular requirements of the clients who come from different regions. In addition, the product’s increased efficiency may, in the years to come, entice a greater number of customers to purchase it. In addition to this, the utilization of social medical and e-commerce platforms may also create additional prospects for higher rates of growth.

The technology that powers conventional cooling systems, such as air conditioners with big fans, is not available to the manufacturers of personal cooling devices. This indicates that the gadget has limited operation and that it is not helpful in weather conditions that are particularly severe. In addition, given that these gadgets are powered by batteries, in the event that one does not have access to a source of electrical energy, the battery may run out of power after a few hours, rendering the device useless. This is especially relevant for nations or regions that do not possess sufficient facilities or infrastructure for the generation of acceptable amounts of power.

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Report Scope

Report Attribute Details
Market Size in 2022 USD 5.81 billion
Projected Market Size in 2030 USD 8.32 billion
CAGR Growth Rate 4.601% CAGR
Base Year 2022
Forecast Years 2023-2030
Key Market Players Honeywell International Inc., Dyson Ltd., LG Electronics Inc., O2COOL LLC, Evapolar Ltd., Personal Cooling Technologies, LLC, Holmes Products Corp., Sunpentown International Inc., The Coleman Company, Inc., NewAir LLC, Symphony Limited, Havells India Ltd., De’Longhi S.p.A., Bajaj Electricals Ltd., Gree Electric Appliances Inc. of Zhuhai, Orient Electric Limited, Symphony Comfort Systems Ltd., Breezair Pty Ltd., Vornado Air LLC, Climate Wizard Pty Ltd., Fujitsu General Limited, Carrier Global Corporation, Mitsubishi Electric Corporation, Haier Group Corporation, and Panasonic Corporation
Key Segment By Product Type, By Price, By Distribution Channel, And By Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options Request customized purchase options to meet your research needs. Explore purchase options

Personal Cooling Device Market: Segmentation Analysis

The personal cooling devices market across the globe may be broken down into four distinct submarkets: product type, price, distribution channel, and geography.

Handheld cooling devices, desk fans, personal air conditioners, and other types of products make up some of the segments of the global market based on product type. The segment of the market for desk fans experienced the biggest growth in 2022 due to the fact that these fans may be utilised either at home or in offices. These more compact fans blow cool breezes, which can assist in bringing the temperature of the body down. It has the potential to make the surrounding atmosphere more pleasant, which may be to the advantage of other individuals as well. Another big contributor category was the handheld cooling device segment. These devices are typically utilised by people when they are travelling or when they are in circumstances that prevent them from having access to traditional sources of cooling. However, it is essential to keep in mind that the market is quite competitive, and customer preference for a certain product may vary depending on the circumstances under which the user resides. The hottest temperature ever recorded in India was 38.9 degrees Celsius, which occurred in the month of April 2022.

The global personal cooling devices market can be divided into two categories, based on price: low-end and high-end.

Online and offline are the two categories that make up the two distinct segments of the worldwide market. The pandemic caused the majority of individuals or purchasers to convert to digital forms of buying, which resulted in the online shopping sector of the industry experiencing the highest growth rate. Some of the primary reasons for the expansion of this market segment are the simplicity of making a purchase, the accessibility of a greater number of options, the convenience of return policies, the excellence of customer service, and the extensive use of social media marketing by businesses. In addition, because the majority of customers live in metropolitan areas, they prefer to shop through internet channels rather than the conventional brick-and-mortar shopping. According to one estimate provided by Tidio, there are around 2.14 billion people who purchase online.

The global Personal Cooling Device market is segmented as follows:

By Product Type

  • Handheld Cooling Device
  • Desk Fans
  • Personal Air Conditioner
  • Others

By Price

  • Low-End
  • High-End

By Distribution Channel

  • Online
  • Offline

Browse the full “Personal Cooling Device Market By Product Type (Handheld Cooling Device, Desk Fans, Personal Air Conditioner, And Others), By Price (Low-End And High-End), By Distribution Channel (Online And Offline), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report at

Competitive Landscape

Some of the main competitors dominating the global Personal Cooling Device market include – 

  • Honeywell International Inc.
  • Dyson Ltd.
  • LG Electronics Inc.
  • Evapolar Ltd.
  • Personal Cooling Technologies LLC
  • Holmes Products Corp.
  • Sunpentown International Inc.
  • The Coleman Company Inc.
  • NewAir LLC
  • Symphony Limited
  • Havells India Ltd.
  • De’Longhi S.p.A.
  • Bajaj Electricals Ltd.
  • Gree Electric Appliances Inc. of Zhuhai
  • Orient Electric Limited
  • Symphony Comfort Systems Ltd.
  • Breezair Pty Ltd.
  • Vornado Air LLC
  • Climate Wizard Pty Ltd.
  • Fujitsu General Limited
  • Carrier Global Corporation
  • Mitsubishi Electric Corporation
  • Haier Group Corporation
  • Panasonic Corporation

Key Insights from Primary Research:

  • As per the analysis shared by our research analyst, the global personal cooling device market is estimated to grow annually at a CAGR of around 4.601% over the forecast period (2023-2030)
  • In terms of revenue, the global personal cooling device market size was valued at around USD 5.81 billion in 2022 and is projected to reach USD 8.32 billion, by 2030.
  • The personal cooling device market is projected to grow at a significant rate due to the rising temperature across the world
  • Based on product type segmentation, desk fans was predicted to show maximum market share in the year 2022
  • Based on distribution channel segmentation, online was the leading channel in 2022

On the basis of region, Asia-Pacific was the leading revenue generator in 2022Have Any Query? Ask Our Experts:

Key questions answered in this report:

  • What is the market size and growth rate forecast for Personal Cooling Device industry?
  • What are the main driving factors propelling the Personal Cooling Device Market forward?
  • What are the leading companies in the Personal Cooling Device Industry?
  • What segments does the Personal Cooling Device Market cover?
  • How can I receive a free copy of the Personal Cooling Device Market sample report and company profiles?

Key Offerings:

  • Market Size & Forecast by Revenue | 2023−2030
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis By Product Type, By Price, By Distribution Channel, And By Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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(We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.)

Regional Analysis:

During the period covered by this estimate, the Asia-Pacific region is anticipated to record the highest growth in the personal cooling device market worldwide. Multiple variables that work to the regional industry’s advantage are projected to be the primary drivers of the growth rate in the coming years. The availability of a huge consumer database is the primary explanation behind this. Because of their status as the countries with the highest total population, India and China each have a population that is very near to 2.5 billion people. This indicates that market participants in the personal cooling device business have significant room for development in this region. In addition, as of the year 2023, Asia is experiencing the worst case of summer temperatures. Almost all places in South Asia are enduring extreme cases of heat waves, which have already caused a number of people to pass away and have caused a large number of others to become ill. In addition to this, these areas are seeing an increase in the number of individuals who have incomes that lie somewhere in the middle, which means that they are seeking for facilities that are effective while also being affordable, such as personal cooling equipment.

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Recent Developments

  • In March 2023, Symphony, an Indian multinational electronics company, announced the launch of a new range of personal cooling devices called Duet Mini. The company has announced the launch keeping in mind the changing needs of regional consumers that are currently living in soaring summer temperatures. Symphony, with its new product, is expected to tap into a new segment of consumers who have specific needs and requirements
  • In June 2022, Blaux Portable, a leading player in the industry, launched a new mini, portable air conditioner that can provide cooling effects rapidly and is designed for personal use. The new mobile AC is highly compact and lightweight without compromising its performance
  • In July 2020, Sony launched the Reon Pocket, a portable AC that can be charged using a USB-C chord

To know an additional revised 2023 list of market players, request a brochure of the report:


  • What is personal cooling device?
  • Which key factors will influence the personal cooling device market growth over 2023-2030?
  • What will be the value of the personal cooling device market during 2023-2030?
  • What will be the CAGR value of the personal cooling device market during 2023-2030?
  • Which region will contribute notably towards the personal cooling device market value?
  • Which are the major players leveraging the personal cooling device market growth?

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Artificial Intelligence

AI in Healthcare: Unveiling the Future with a 42.20% CAGR Through 2029




USA News Group Commentary
VANCOUVER, BC, April 25, 2024 /PRNewswire/ — Across several sectors the use of artificial intelligence (AI) is making a huge impact, with healthcare emerging as possibly receiving the largest boost. According to a new research report from analysts at Mordor Intelligence, the market for artificial intelligence in health care is set to explode at a CAGR of 42.20% through 2029. As the tech sector races to provide the market with solutions, several companies are emerging as leaders in aiding the healthcare sector, including Avant Technologies Inc. (OTC:AVAI), Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT), Health Catalyst, Inc. (NASDAQ:HCAT), Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), and Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX).

Recently, Avant Technologies Inc. (OTC:AVAI) strengthened its AI-powered healthcare offerings by acquiring Wired-4-Health, a company specializing in healthcare technology and data services. This addition supports Avant’s goal to create the first supercomputing network in the country. This network will offer big data and AI software companies a quicker, more potent, and more affordable computing infrastructure.
“Our strategy behind this acquisition was to enable Avant to deliver best-in-class data and system interoperability support services to the healthcare and life sciences sectors powered by AvantAI® and our high-density compute capabilities,” said Tim Lantz, CEO of Avant Technologies. “At the same time, this exciting combination significantly strengthens our financial profile, offers massive commercial growth opportunities in one of Avant’s largest target markets, and bolsters our internal customer support and R&D capabilities.”
The goal of this deal is to bring together Avant Technologies and Wired-4-Health to improve how healthcare data is shared and used. By joining forces, they can use advanced AI and powerful computing to help healthcare and life sciences organizations deal with data and system challenges more easily and effectively.
This partnership improves the way transactions are processed, analyzes health outcomes, and ensures compliance, leading to better performance, more reliable data, and a more affordable, scalable system for customers.
“In the near term, if the healthcare industry expects to succeed in lowering costs while improving quality, the deployment of advanced AI, combined with more powerful, cost- effective compute capabilities will be critical to that success,” said Angela Harris, Avant’s Chief Operating Officer. “The addition of Wired-4-Health will position Avant as a key contributor in helping healthcare organizations solve complex problems at the intersection of cost, quality, compliance and technology.”
Tech giant Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT) has also been aiding the healthcare sector, most notably with its Azure AI Health Bot, which helps create copilot experiences with healthcare safeguards. Microsoft is enhancing its Azure AI Health Bot services by adding new healthcare-specific safeguards and features, including integration with Microsoft Copilot Studio.
These upgrades allow healthcare organizations to create their own copilot experiences, with pre-built capabilities, templates, and connectors tailored to healthcare needs, supporting protocol-based workflows alongside AI-based answers, and ensuring compliance with industry standards and guidelines. Now the platform is already being put into use by big players, including by German pharma giant Roche.
“By leveraging Azure AI Health Bot to build copilot experiences for doctors, we are developing an intuitive, conversational interface that lets clinicians access and explore Roche’s clinical documentations in a more natural way and to cope with the complexity and flood of information,” said Dr. Georg Isbary of Roche Pharma Germany. “The pilot for this new user experience, powered by generative AI features and compliant with the necessary security standards, has been integrated into our systems and will be further tailored to regional market needs.”
Long-time developer in the AI and machine learning (ML) space for healthcare, Health Catalyst, Inc. (NASDAQ:HCAT) signed a multi-year partnership with SacValley MedShare, one of California’s largest and most established qualified health information organization, earlier this year. As per the deal, Health Catalyst will support SacValley’s important mission through a broad set of technology solutions, including KPI Ninja by Health Catalyst, Healthcare.AI – a Health Catalyst Data Operating System (DOSTM) Platform module, and several other application solutions and Professional Services.
“We are honored to partner with SacValley MedShare on their continued journey to advance healthcare and are confident our technology, combined with our dedicated, skilled team members, will deliver the improved efficiency and support SacValley MedShare needs to achieve its healthcare transformation goals,” said Dan Burton, CEO of Health Catalyst.
By choosing Health Catalyst’s advanced data and analytics services, SacValley will enhance its ability to share and use information. This will lead to better service for those paying for healthcare, by making it easier to share important health details. This helps in delivering top-notch reports and care for patients.
“Transforming data from movable to usable is the alchemy of insights, turning raw potential into the gold of informed decision-making, ultimately forging a path towards health equity and improved outcomes,” said John Helvey, Executive Director of SacValley MedShare. “This is the primary reason SVMS chose Health Catalyst as a transforming partner.”
Another AI player is Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), which is making it easier and cheaper for other biopharma companies to produce important biological materials and organisms by using artificial intelligence (AI). Back in February 2024, Ginkgo announced the acquisition of key assets of Reverie Labs, which has built and used AI/ML tools to accelerate drug discovery. The acquisition of Reverie’s infrastructure and software serves to help train large-scale AI foundation models, while four of Reverie’s key AI team members will also be joining Ginkgo.
Gingko followed this up through a collaboration with UK-based biotech company Prozomix, to build out the production of next generation enzyme plates for active pharmaceutical ingredient (API) manufacturing. The agreement aims to leverage Gingko’s Enzyme Services and industry-leading AI/ML models along with Prozomix’s existing enzyme libraries and deep experience manufacturing enzyme plates.
“API manufacturing is poised to greatly benefit from the latest in enzyme engineering and AI/ML enzyme models,” said Cindy Chang, Senior Director, Business Development at Ginkgo Bioworks. “We are so excited to partner with Prozomix to get enzymes into as many API routes as possible and help partners meet both their COGs savings and sustainability goals.”
Another developer helping to lead the way in AI-powered healthcare is Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), which uses AI to pick out which treatments should be tested in clinical trials, while also letting biopharma companies to use their AI tools to do so also.
Last year, Recursion lined up a $50-million collaboration with AI chipmaking giant Nvidia for AI drug discovery. Then at the beginning of 2024, Recursion presented a demonstration of LOWE (Large Language Model-Orchestrated Workflow Engine), a new software designed to perform complex drug discovery tasks using a natural language interface. The platform is powered by Recursion’s proprietary biological and chemical data, and can orchestrate experiments using Recursion’s automated wet laboratories, unleashing the power of the Recursion Operating System in an easy-to-use tool.
“For the first time, we’ve taught Large Language Models to use many of Recursion’s tools and data in the same way an expert scientist would, but much more simply and in a more scalable way,” said Chris Gibson, Ph.D., Co-founder and CEO of Recursion. “LOWE provides an exciting glimpse into what we believe the future of drug discovery will look like – a first step towards the development of autonomous ‘AI scientists’ for therapeutic discovery.”
CONTACT:USA News [email protected]
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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Artificial Intelligence

Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting




SAN DIEGO and CALGARY, AB, April 25, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the acceptance of two abstracts at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, which is taking place from May 31 – June 4, 2024, in Chicago, Illinois. Details on the abstracts and poster presentation are shown below.

Title: Phase 1/2 randomized, open-label, multicenter, Simon two-stage study of pelareorep combined with modified FOLFIRINOX +/- atezolizumab in patients with metastatic pancreatic ductal adenocarcinoma.
Presentation Type: PosterAbstract Number: TPS4203Session Title: Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and HepatobiliarySession Date and Time: June 1, 2024, 1:30 – 4:30 p.m. CTTitle: Pelareorep driven blood TIL expansion in patients with pancreatic, breast and colon cancer.Presentation Type: Online abstractAbstract Number: e14625
Abstracts will be published on the ASCO Annual Meeting website at 5:00 p.m. ET on May 23, 2024.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid and hematological malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
[email protected]
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
[email protected]

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Artificial Intelligence

Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology




WESTFORD, Mass., April 25, 2024 /PRNewswire/ — SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.

Download a detailed overview:
Browse in-depth TOC on “Internet of Things (IoT) Market”
Pages – 197Tables – 69Figures – 75Internet of Things (IoT) Market Overview:
Report Coverage
Market Revenue in 2023
$ 380.6 billion
Estimated Value by 2031
$1572.37 billion
Growth Rate
Poised to grow at a CAGR of 19.4%
Forecast Period
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component Type, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies
Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
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Internet of Things (IoT) Market Insights:
Advancements in connectivity and connected device technologies.Growing demand for Industrial IoT (IIoT) solutions.Increasing number of smart cities and development of smart infrastructure.Restraints
Lack of standardization of IoT devices and technologies.Privacy and data security issues.Interoperability challenges and complex integration scenarios.Prominent Players in Internet of Things (IoT) Market
MicrosoftCisco SystemsIntelSiemens (Germany)AWS (US)Oracle (US)Qualcomm (UK)SAP (Germany)IBM (US)Google (US)View report summary and Table of Contents (TOC):
Key Questions Answered in Internet of Things (IoT) Market Report
What are the top drivers for Internet of Things (IoT) market going forward?Who are the leading Internet of Things (IoT) market players?Where will demand for Internet of Things (IoT) be high?Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?This report provides the following insights:
Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
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