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Global Consumer IoT Market Research Report - Segmentation By Node Component (Processor, Sensor, Connectivity IC, Memory Device, And Logic Device), Network Infrastructure (Server, Storage, Ethernet Switch & Routing, And Gateway), Solution & Service (Software & Platform Solution And Professional & Managed Services), End-User (Wearable Devices, Consumer Electronics, Healthcare, Home Automation, Automotive, In-Car Infotainment, And Traffic Management) And By Regions - Industry Trends, Size, Share, Growth, Estimations And Forecast (2022 to 2027)

Published: January, 2022
ID: 10221
Pages: 150
Formats: report pdf report excel report power bi report ppt

Consumer IoT Market Size (2022 - 2027)

The global consumer IoT market is foreseen to progress from its initial value of $ 97.50 billion in 2020 to an estimated value of $ 188.34 billion by 2026, registering a CAGR of 17.48% over the conjecture period of 2022 - 2027.

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.

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.

Recent Developments:

  • 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.

Impact of Covid-19 on 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.

Market Growth and Trends:

The global consumer IoT market is expected to experience significant growth owing to the increasing adoption during the forecast period 2020 to 2025. 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 and Restraints:

  • 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.
  • 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.

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.

CONSUMER IOT MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 – 2026

Base Year

2020

Forecast Period

2022 - 2027

CAGR

17.48%

Segments Covered

By Node Component, Network Infrastructure, Solution and Service, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

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., and Hewlett Packard Enterprise Development LP and Others.

 

Consumer IoT Market segmentation:

The mass market IoT has been subdivided into node component, network infrastructure, solution and service, and end user.

Global Consumer IoT Market - By Node Component:

  • Processor
  • Sensor
  • Connectivity IC
  • Memory Device
  • Logical Device

Global Consumer IoT Market - By Network Infrastructure:

  • Server
  • Storage Room
  • Ethernet Switch and Routing
  • Bridge

Global Consumer IoT Market - By Solution and Service:

  • Platform and Software Solution
  • Professional and Managed Services

Global Consumer IoT Market - By End-User:

  • Portable Devices
  • Consumer Electronics
  • Healthcare
  • Home Automation
  • Automotive
  • Information and Entertainment On Board
  • Traffic Management

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 market players:

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., and Hewlett Packard Enterprise Development LP.

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