IT Devices Market Trends

Growth Drivers

• Innovations in wearable devices: The advancements in wearable sensors also known as next-gen sensors such as biological, psychological, and motion sensing are positively influencing the IT devices market growth. The miniaturization of electric circuits, integration of real-time GPS tracking system, and applicability of accelerometers are leading to the development of advanced wearable devices. Wearable device’s ability to track physical activities such as step counts, heart rate monitoring, and other movement patterns is increasing their importance in health management, ultimately uplifting their demand growth. Many medical device manufacturers are integrating smart sensors into their devices to introduce advanced products. The market for smart wearable sensors is anticipated to be valued at USD 258.8 billion in 2025.
• Rising adoption of remote jobs: The rise in hybrid and remote work models is increasing the demand for IT devices such as laptops, webcams, batteries, and other related devices.  For remote work, reliable access to cloud platforms is necessary, this need for seamless and robust connectivity is driving high demand for advanced IT devices. Currently, 1 in 5 employees are working remotely, and by 2025 around 32.6 million American employees are expected to be working in the remote model.

Challenges

• High costs of advanced IT products: The development of advanced IT products requires high investments in research and development, which increases the overall product costs. Small companies that run on limited budgets often fail to install advanced IT devices due to their high costs. Also, consumers in poor regions cannot access advanced IT equipment due to their low spending power.
• Intense competition challenging profit growth: The rising emergence of companies in the IT devices market is leading to aggressive competition and creating a significant challenge for existing market players. This is also leading to price wars resulting in reduced profit margins. Companies may need to invest more in product improvement, marketing, and promotional discounts to stand out in the crowd but this can lead to eroding profitability.