Global Consumer Internet of Things (IoT) Market – Industry Trends and Forecast to 2030

Consumer Internet of Things (IoT) Market Analysis and Size

Internet of things (IoT) has transformed every nook and corner of the world.  It has impacted every sector, especially consumer Internet of Things (IoT) has changed the way consumers handle day to day work. Various enterprises have incorporated several sensors and functionalities to products for enhanced resource tracking, interaction to people, and product control, among others.

Data Bridge Market Research analyses that the consumer internet of things (IoT) market which was USD 5,519.65 million in 2022, is expected to reach USD 287,15.32 million by 2030, and is expected to undergo a CAGR of 17.93% during the forecast period. This indicates that the market value. “Hardware” dominates the type segment of the consumer internet of things (IoT) market owing to the high demand of this type in the market. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Consumer Internet of Things (IoT) Market Scope and Segmentation

Market Definition

Consumer IoT (Internet of Things) is defined as a type of internet of things, with the main difference coming on the application and the devices it is used on. Internet of Things connects the different devices, networks, systems so that there is ease of communication and usage. For instance, smart house is the perfect example of consumer IoT as it incorporates all the smart devices with the same network and perfectly applies and achieves ease of communication and usage for the consumer.

Global Consumer Internet of Things (IoT) Market Dynamics

Drivers

• The Rise in the Internet Penetration Rate Across the Globe

The rise in the Internet penetration rate across the globe is one of the major factors driving the growth of consumer internet of things (IoT) market. In the past 10–15 years, the rate has increased to an extent in developed regions, including North America and Europe.

• The Emergence of Fifth Generation of Cellular Mobile Communications

The emergence of fifth generation of cellular mobile communications or 5G accelerate the market growth. The 5G networks are expected to go a long way towards enhancing the reliability and performance of connected devices.

• The Rise in the Usage of Wireless Smart Sensors

The rise in the usage of wireless smart sensors and networks further influence the market. Also, the growing IP address space and better security solutions made available through IPv6 have a positive impact on the market. Additionally, rapid urbanization, change in lifestyle, increase in necessity of data centers due to rising adoption of cloud platforms, surge in investments and growing market for connected devices positively impact the consumer internet of things (IoT) market.

Opportunities

• Advancements in Sensor Technology

The development of miniaturized, low-cost, and power-efficient sensors has been a significant driver for the consumer IoT market. Sensors play a crucial role in collecting data from the physical world and enabling devices to interact with their environment. With advancements in sensor technology, devices can now gather information on temperature, humidity, motion, light, and more. This data can be utilized to automate tasks, optimize energy usage, and provide personalized experiences to consumers.

• Convenience and Efficiency

Consumer IoT devices offer convenience and efficiency by automating various tasks and providing seamless connectivity. For instance, smart home devices enable users to control lighting, heating, and security systems remotely, enhancing comfort and security. IoT enabled wearable devices provide real-time health and fitness monitoring, allowing individuals to track their activity levels, sleep patterns, and vital signs. The convenience and efficiency offered by consumer IoT devices are key drivers for their adoption.

Restraints/Challenges

• Rising Competition

The consumer internet of things (IoT) market is highly competitive, with numerous companies offering a wide range of products. This can make it challenging for new entrants or smaller companies to gain market share and establish a strong presence.

• High Cost Associated with Implementation

The cost of consumer internet of things (IoT) systems is very high in the market. Automotive systems and payers face cost pressures, and there is a growing demand for cost-effective solutions. Manufacturers need to balance the development of innovative implants with affordability to meet market demands.

This consumer internet of things (IoT) market  report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the consumer internet of things (IoT) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In October 2021, Amazon has been expanding its range of consumer IoT devices, including Echo smart speakers powered by Alexa voice assistant. They have recently introduced new Echo models with improved sound quality, built-in smart home hubs, and displays for video calling and streaming. Amazon has also been focusing on integrating Alexa into various third-party devices, such as smart TVs, appliances, and cars, to create a seamless connected experience
• In March 2021, Google has been investing in its consumer IoT ecosystem with its Google Nest brand. They have launched new smart home devices, including Nest Hub Max, a smart display with a built-in camera, and Nest Audio, a smart speaker with improved sound quality. Google is also expanding its Works with Google Assistant program to enable interoperability between third-party smart devices and its voice assistant

Global Consumer Internet of Things (IoT) Market Scope

The consumer internet of things (IoT) market is segmented on the basis of type, node component, network infrastructure, solution, service and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Hardware
• Solutions
• Services

Node Component

• Processor
• Sensor
• Connectivity IC
• Memory Device
• Logic Device

Network Infrastructure

• Server
• Storage
• Ethernet Switch and Routing
• Gateway

Solution

• Software
• Platform

Service

• Professional Services
• Managed Services

End-Use

• Wearable Devices
• Consumer Electronics
• Healthcare
• Home Automation
• Others

Consumer Internet of Things (IoT) Market Regional Analysis/Insights

The consumer internet of things (IoT) market is analysed and market size insights and trends are provided by type, node component, network infrastructure, solution, service and end-use as referenced above.

The countries covered in the consumer internet of things (IoT) market  report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the consumer internet of things (IoT) market because of the strong base of automotive facilities, strong presence of major players in the market.

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in automotive facilities, growing research activities in the region, availability of massive untapped markets, and large population pool.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Consumer Internet of Things (IoT) Market Share Analysis

The consumer internet of things (IoT) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to consumer internet of things (IoT) market.

Some of the major players operating in the consumer internet of things (IoT) market are:

• Qualcomm Technologies Inc. (U.S.)
• Texas Instruments Incorporated (U.S.)
• NXP Semiconductors (Netherlands)
• Intel Corporation (U.S.)
• STMicroelectronics (Switzerland)
• IBM Corporation (U.S.)
• GENERAL ELECTRIC (U.S.)
• Symantec Corporation (U.S.)
• TE Connectivity (Switzerland)
• Schneider Electric (France)
• Cisco (U.S.)
• Amazon Inc. (U.S.)
• Apple Inc. (U.S.)
• Google (U.S.)
• LG Electronics (South Korea)
• SAMSUNG (South Korea)
• Sony Corporation (Japan)
• Microsoft (U.S.)
• AT&T Intellectual Property (U.S.)
• Honeywell International Inc. (U.S.)
• Hewlett Packard Enterprise Development LP. (U.S.)

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