IT devices market is anticipated to grow at a CAGR of 9.1% during the forecast period (2024-2031). The IT devices market is a broad term that encompasses a wide range of devices used for information processing, communication, and entertainment. This includes everything from traditional computers and laptops to smartphones, tablets, wearables, and even smart home devices. The market growth is driven by several factors which include, increasing demand for connected devices, such as smartphones and smart home devices, and the rising popularity of cloud computing and other online services.

Market Dynamics

Increasing Demand for Smart IT Devices

The increasing demand for connectivity, communication, and entertainment is continuously growing in the smartphone and wearable market. Features like faster processors, better cameras, and health-tracking capabilities contribute to the increasing sales of wearables globally. Also, The integration of everyday objects with internet connectivity creates new device categories and expands the market. Additionally, manufacturers are increasingly offering devices at competitive price points, making them more accessible to a wider consumer base, especially in emerging markets. According to Gitnux, Samsung sold approximately 157 million smartphones worldwide in 2021.

Technological Advancements in the IT Devices Market

Integration of AI and ML into devices like smartphones, laptops, and smart speakers enhances functionality and creates new user experiences, and Innovative display technologies like foldable screens offer new form factors and user experiences, attracting consumer interest and market expansion and driving market growth. Also,  Emerging VR and AR technologies require specialized devices, creating new market segments and opportunities for innovation. Additionally, One of the most notable impacts of AI on mobile phone development is the creation of highly personalized user experiences. As AI algorithms become more sophisticated, they can learn user behaviors, preferences, and habits, tailoring the device’s functionalities accordingly. From predicting the apps a user might open at a specific time to adjusting display settings based on individual preferences, AI transforms the mobile phone into an intuitive companion that anticipates and adapts to the user’s needs.

Market Segmentation

Our in-depth analysis of the global IT Devices market includes the following segments by end-user and type of IT Devices:

• Based on product type, the market is sub-segmented into computers & laptops, mobile devices, and other devices.

• Based on the operating systems, the market is sub-segmented into Windows, MACOS, IOS, Android, and others.

• Others include Linux.

• Based on the end-users, the market is divided into Consumer and Enterprise.

Mobile Devices is Projected to Emerge as the Largest Segment

Among the product types, the mobile device sub-segment is expected to grow significantly in the forecasting period.  Smartphones have become increasingly affordable and accessible, especially in developing nations. The segmental growth is attributed to several factors which include, rising disposable income across developing countries, better telecommunications infrastructure, more reasonably priced smartphones, and regular product releases. For instance, in November 2023, Strong sales growth at Huawei helped power an 11% rise in China's total smartphone shipments data from research firm Counterpoint showed, indicating signs of recovery in its lagging mobile market. Huawei was a major contributor, with its sales surging 83%, a note from the firm showed. According to the Counterpoint data, Xiaomi (1810. HK), opened a new tab that also saw a 33% increase in smartphone sales in October 2023. 

Regional Outlook

The global IT Devices market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). 

North America is the Fastest Growing IT Devices Market

• Increasing use of laptops and mobile devices in the region.
• Increasing focus on cloud-based solutions has contributed significantly to the IT Devices market growth. 

Global IT Devices Market Growth by Region 2024-2031

Asia-Pacific Holds Major Market Share

The Asia-Pacific region is expanding its telecom industry and the region's quickly increasing population is expected to fuel growth in the Asia-Pacific IT device market. The demand for tech products like laptops, tablets, and smartphones increased in the Asia-Pacific region due to the rising presence of IT companies in countries including China, Japan, and India. China is the biggest smartphone manufacturer globally and had the highest revenue in the phone segment for the last year. For instance, in September 2023, Huawei, China’s rival to Apple in smartphones and the world’s leading provider of telecoms infrastructure, is out in the vanguard of Beijing’s drive for self-reliance in technology. Huawei’s new high-speed smartphones, which appeared to show that China can swerve around US efforts to block its access to cutting-edge technology, the company unveiled its latest tablets, smartwatches, and earphones supported by a homegrown challenger to Bluetooth and Wi-Fi, global standards in wireless communication. 

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global IT devices market include ABB Ltd., Apple Inc., Cisco Systems, Dell Technologies Inc., Eaton Corp, Honeywell International Inc., Landis Gyr Inc., Lenovo Group Ltd., and Microsoft Corp., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in November 2023, L&T Technology Services collaborated with Nvidia Corporation, to create software-defined architectures aimed at enhancing image quality and scalability for endoscopic medical devices. This architecture provides a flexible platform for various applications and real-time decision-making tools within the medical industry.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global IT devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.