IoT Development Kit Market

IoT Development Kit Market Outlook (2022 to 2032)

[309 Pages Report] The IoT development kit market is anticipated to reach USD 30,725.5 million in 2032, up from USD 6,221.3 million in 2022, rising at a CAGR of 17.3% during the forecast period of 2022 to 2032. Previously, the demand for IoT development kits increased at a CAGR of 14.2% from 2017 to 2021.

The IoT development kit is a completely pre-programmed prototype kit that gives developers access to all of the hardware and software building blocks required for deploying, assessing, and creating the residential, medical, and industrial internet of things application. IoT development kits are utilized in a number of industries, including smart cities, industrial automation, mHealth solutions, and medical monitoring.

Sensors, actuators, clouds, and front-end modules may all be tested with an IoT development kit. The developer can operate the system remotely, get alerts before they occur based on specification-defined triggers, and keep track of its functioning. As a result, the market for IoT development kits is expected to rise, which will increase end-user demand for these kits.

Report Attribute	Details
IoT Development Kit Market Historical Growth Rate (2017 to 2021)	14.2%
IoT Development Kit Market Value (2022)	USD 6,221.3 million
IoT Development Kit Market Anticipated Forecast Value (2032)	USD 30,725.5 million
IoT Development Kit Market Projected Growth Rate (2022 to 2032)	17.3%

Market is Booming Due to the Rising Demand for IoT Remote Monitoring System

The IoT development kits market is expanding as a result of the growing need for IoT remote monitoring systems for predictive maintenance and reducing operational costs. In addition, it is anticipated that in the upcoming years, the demand for IoT development kits would be affected by the expanding usage of connected devices, the development of wireless technologies, the increasing use of IoT devices, and the modernization of infrastructure. Systems for control and automation that are IoT-enabled aid service delivery for enterprises, remote employees, and manufacturing.

The use of IoT development kits, on the other hand, is growing in telemedicine to support healthcare professionals in monitoring their patients, accessing the data, and providing therapy from a distance utilizing smart devices. The IoT sensors keep an eye on a number of building-related factors, environmental conditions, and system energy usage. As a result of the IoT sensors' numerous benefits, there is a growing market for IoT remote monitoring systems, which is boosting the expansion of the IoT development kit industry.

Many IoT Development Kits offer Cloud Connectivity is Likely to Provide Growth Opportunities

Many IoT development kits have cloud connectivity, either to a general-purpose cloud platform from Microsoft, Google, Amazon, or IBM or to an IoT-specific cloud platform like Medium One or Particle. When data is stored and processed locally, on a storage device nearby an IoT device, or at the network's edge, cloud infrastructure is becoming increasingly often used in IoT design. The data are delivered to the cloud after being sorted and processed on edge, which lowers network strain and enables quicker operation of an IoT device. Many of these cloud services provide free or inexpensive solutions to connect a few devices.

Presence of Key Market Players in this Region is Influencing the North American IoT Kit Development Market

Currently, North America is the market leader, expected to hold almost 35.6% of the market in 2022. The consumer electronics sector of this region is booming, which is fueling the need for IoT development kits. Due to the presence of several prominent players, North America is anticipated to maintain its lead in the IoT development kit market over the forecast period.

The North American IoT development kit market has expanded as a result of rising internet usage in countries with developing technology as well as the expanding use of wireless sensors and networks in key end-use industries like healthcare, retail, consumer electronics, industrial, automotive, and transportation. The market is also expanding as a result of increased research and development (R&D) in the IoT space for new and enhanced technologies, as well as an increase in consumer demand for better lifestyle options.

Government Initiatives are Pushing the European IoT Development Kit Expansion

With roughly 24.1% of the market, Europe is the second-largest market share holder. Since IoT devices are being used more widely there, the region is predicted to develop rapidly throughout the projection period.

Additionally, the market is likely to expand in the area as more IoT sensors are being adopted by sectors including automotive, food and beverage, transportation, and others for monitoring. Together with important stakeholders, the European Commission has been working hard to create the ideal European IoT ecosystem and has started a dedicated cluster of R&D initiatives to address security and privacy concerns and promote confidence in IoT solutions.

Startups are Focusing on Inventions Concerning Cloud Connectivity to be Different from the Lead Players

To manage the zettabytes of data generated by tiny, omnipresent IoT devices, cloud connection is becoming an increasingly essential component of the IoT. Using sensors, analogue and electrical devices, and connection modules, startups are producing IoT development kits that offer a whole solution for cloud connectivity.

Example:

• In August 2022, based on its RA6M5 and RX65N MCUs, Renesas created two cloud kits, CK-RA6M5 and CK-RX65N. The Renesas software packages Flexible Software Package and RX Driver Package, as well as a variety of cloud connectivity options, serve as the foundation for the cloud kits' full software suite. Cloud agnosticism characterizes the general applications enabled by the CK-RAM5 and CK-RX65N.
• In July 2022, Neoverse Arm is undertaken by Google Cloud. Customers of Google Cloud and developers have access to Tau T2A VMs, which use the Ampere Altra CPU and are based on the Arm Neoverse N1 core and offer the advantages of being inexpensive, energy-efficient, and performant. In addition to providing ultra-low power machine learning (ML) at the edge with tinyML, enhancing Android user interfaces, and creating a cleaner cloud with Tau T2A VMs, the long-standing partnership between Arm and Google Cloud also aims to raise the bar for security from the edge to the cloud.

Large Enterprises are concentrating on Inventions to Provide Unique Experience to the End-users

IoT solutions for infrastructure, applications, and security provide new experiences and drive better operations using data gathered at the Intelligent Edge. Large corporations are focusing on developers that wish to create Internet of Things devices. In addition to the industry-standard hardware components needed to swiftly prototype a wireless IoT system from scratch, this kit also contains the software frameworks, network stacks, and cloud connectivity capabilities necessary to safely connect and authenticate devices to the cloud.

Example:

• In December 2020, AWS unveiled the AWS IoT EduKit, a simple tool for learning how to create IoT applications utilizing AWS services through a prescribed learning process. AWS IoT EduKit combines a reference hardware kit with a set of simple-to-follow instructions and sample code to assist developers, from novices to seasoned engineers and professionals, in gaining practical experience creating end-to-end IoT applications. The reference hardware kit from M5Stack, an AWS partner, is where developers can get started. The kit contains a security chip from Microchip for preserving the hardware root of trust and is driven by an Espressif ESP32 microcontroller.
• In December 2019, IoT Developer Kit from Intel was presented. This product has a complete software stack with an operating system, drivers, SDKs, tools, libraries, and samples built on prevalidated and approved Intel® architecture. The system can handle several distinct items simultaneously.
• In February 2019, Google released the SDK for Cloud IoT Devices. It is a fresh method for connecting embedded IoT devices to Google Cloud IoT Core. In order to securely connect, provision, and manage devices with Cloud IoT Core, developers may use the Cloud IoT Device SDK, which is made up of client libraries built in Embedded C. The kit is intended for energy- and space-constrained applications, such as Wi-Fi smart home devices with limited flash ROM or battery-operated cellular devices that serve as asset trackers.

Key Players

• Google
• Amazon AWS
• Microsoft Azure
• ARM
• Broadcom
• Gemalto
• Intel
• Others

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 17.3% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2017 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Billion and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Component, Application, Region
Regions Covered	North America; Latin America; The Asia Pacific; Middle East and Africa; Europe
Key Countries Profiled	The USA, Canada, Brazil, Argentina, Germany, The United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC, South Africa
Key Companies Profiled	Google; Amazon AWS; Microsoft Azure; ARM; Broadcom; Gemalto; Intel; Others.
Customization	Available Upon Request

IoT Development Kit Market: - Segmentation

By Component:

• Hardware
  • Sensors
  • Actuators
  • Power Supplies
  • Expansion Board
  • Others
• Software

By Application:

• Smart Cities
• Healthcare IT
• Building Automation
• Others

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa (MEA)
• Europe

Frequently Asked Questions

What is the Growth Outlook for the IoT Development Kit Market?

The global IoT development kit market is expected to progress at a CAGR of 17.3% (2022 to 2032).

Which Region is Anticipated to Embrace the Maximum Share in the Global IoT Development Kit Market?

With almost 35.6% market share in 2022, North America is expected to hold the highest share in the global IoT development kit market.

What is the Future of the IoT Development Kit Market?

Global IoT development kit market is predicted to account for USD 30,725.5 million by 2032.