Consumer IoT Market

Global Consumer IoT Market Size (2024 to 2029)

The global consumer IoT market is foreseen to progress from its initial value of USD 114.54 billion in 2023 to an estimated value of USD 301.12 billion by 2029, registering a CAGR of 17.48% over the conjecture period.

Consumer IoT is a broad term used to refer to a variety of personal devices, such as smartphones, wearable devices, fashion items, and home appliances connected to the Internet. The consumer Internet of Things (IoT) differs from the Internet of Things primarily in the type of devices and the applications for which it is used.

The consumer Internet of Things is no longer a new thing. Technology has the capacity to transform every corner of the world. From home to office, drawer to shoe cabinet, the consumer Internet of Things has changed the way we do our daily work. Adding sensors and other features to products is now normal. Better control of products, better business insights, tracking of resources, streamlining of operations, and better interaction with people, systems and environments are some of the benefits of IoT for consumers. In short, the consumer Internet of Things is useful to both the homeowner looking for a connected life and the business owner who wants to run their office. The utility is helpful in increasing the comfort and lifestyle of each person.

Current Scenario of the Global Consumer IoT Market

Growing penetration of consumer internet and the adoption of smart devices are likely to drive the growth of the global consumer IoT market. The growing awareness of fitness coupled with rising disposable income in developing economies are some of the key factors which are also positively increasing the growth of this market. Growing consumer preferences for improved lifestyle and greater convenience are likely to be driving the developments in the global consumer IoT market in the near future.

MARKET TRENDS

The global consumer IoT market is expected to experience significant growth owing to the increasing adoption during the forecast period. The increasing number of internet users is likely due to the increase in disposable income and lifestyle in developing and developed economies bodes well for the growth of the global consumer IoT market in the near future. The growth of network infrastructure is also foreseen to accelerate the expansion of the global consumer IoT market in the predicted period.

The rise of connected devices and the increasing number of internet penetrations are likely other factors that are positively supporting the growth of the global consumer IoT device. Rapid use of connecting devices is expected to generate a large volume of data, which is another factor driving market growth for the foreseeable future.

A diverse set of smart devices coupled with embedded sensors to develop the fabric and unstructured data of the global consumer IoT market is another key factor that is expected to drive the growth of the global consumer IoT market in coming years.

MARKET DRIVERS

The growing number of Internet users and the growing adoption of smart devices and multimedia are expected to drive market growth. Greater comfort and ease of living with conventional IoT is also likely to drive market growth. With the increase in the number of connected devices, the consumer IoT service provider is launching various custom services. Key executives are putting more emphasis on wireless technologies to meet growing demand. The growing adoption of IoT for consumers around the world is increasing the volume of data. These huge volumes of data are one of the factors likely to drive the global consumer IoT market in the near future.

MARKET RESTRAINTS

Data privacy risks and breaches associated with consumer IoT are supposed to restrain market growth High power consumption of connected devices is also foreseen to slow market growth.

Impact of Covid-19 on the Global Consumer IoT Market

Covid-19 pandemic has resulted in an adverse effect on both the society and the economy. There are also strong indications that many technologies will experience accelerated adoption in the years to come, as people become more digital by adopting technology while working from home.

REPORT COVERAGE

REGIONAL ANALYSIS

Geographically, North America is likely to experience significant growth during the evaluation period. Another factor likely to drive the growth of the global consumer IoT market is the increasing demand for end-user devices. Another trend that is positively driving growth in this region is the growing demand and use of these applications. Also, the growth of this market in this region depends mainly on the increasing number of chronic cases and the increasing number of diabetes cases and the simple procedure of the conventional IoT market in the near future. The surge in the implementation of smart connected devices and augmented digitization are supposed to fuel the developments in the North American market.

KEY PLAYERS IN THE GLOBAL CONSUMER IoT MARKET

Some of the main competitors currently working in the global consumer IoT market are Qualcomm Technologies Inc., Texas Instruments Incorporated, NXP Semiconductors, Intel Corporation, STMicroelectronics, IBM Corporation, General Electric, Symantec Corporation, TE Connectivity, Schneider Electric, Cisco, Amazon.com Inc., Apple Inc., Google, LG Electronics, Samsung, Sony Corporation, Microsoft, AT&T Intellectual Property, Honeywell International Inc., Hewlett Packard Enterprise Development LP., and others.

RECENT HAPPENINGS IN THE GLOBAL CONSUMER IoT MARKET

• In February 2018, Qualcomm Technologies Inc. published the launch of its novel Internet of Things (IoT) development kits that are based on the QCA4020 and QCA4024 systems on a chip (SoC).

• In April 2018, TE Connectivity launched sensor and connectivity solutions for the global automotive industry. Sensor solutions enable autonomous driving and mobility.

• In January 2018, IBM announced a strategic partnership with Salesforce (US), the world leader in customer relationship management (CRM). The partnership will bring together IBM Cloud and Watson services with Salesforce Quip and Salesforce Service Cloud Einstein to enable businesses to collaborate and connect more effectively with their customers.

DETAILED SEGMENTATION OF THE GLOBAL CONSUMER IoT MARKET INCLUDED IN THIS REPORT

This research report on the global consumer IoT market has been segmented and sub-segmented based on the node component, network infrastructure, solution and service, and end user.

By Node Component

• Processor

• Sensor

• Connectivity IC

• Memory Device

• Logical Device

By Network Infrastructure

• Server

• Storage Room

• Ethernet Switch and Routing

• Bridge

By Solution and Service

• Platform and Software Solution

• Professional and Managed Services

By End-User

• Portable Devices

• Consumer Electronics

• Healthcare

• Home Automation

• Automotive

• Information and Entertainment On Board

• Traffic Management

By Region

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus