Global Consumer Internet of Things (IoT) Market, By Type (Hardware, Solutions, Services), Node Component (Processor, Sensor, Connectivity IC, Memory Device, and 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) – Industry Trends and Forecast to 2029
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.
Global Consumer Internet of Things (IoT) Market was valued at USD 55.19 billion in 2021 and is expected to reach USD 287.15 billion by 2029, registering a CAGR of 17.93% during the forecast period of 2022-2029. Home Automation accounts for the largest end-use segment owing to the rise in demand for home monitoring in remote locations. 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 also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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 example, 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.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Hardware, Solutions, Services), Node Component (Processor, Sensor, Connectivity IC, Memory Device, and 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)
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Countries Covered
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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.
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Market Players Covered
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Qualcomm Technologies Inc. (US), Texas Instruments Incorporated (US), NXP Semiconductors (Netherlands), Intel Corporation (US), STMicroelectronics (Switzerland), IBM Corporation (US), GENERAL ELECTRIC (US), Symantec Corporation (US), TE Connectivity (Switzerland), Schneider Electric (France), Cisco (US), Amazon Inc. (US), Apple Inc. (US), Google (US), LG Electronics (South Korea), SAMSUNG (South Korea), Sony Corporation (Japan), Microsoft (US), AT&T Intellectual Property (US), Honeywell International Inc. (US), and Hewlett Packard Enterprise Development LP. (US), among others
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Market Opportunities
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Consumer Internet of Things (IoT) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Internet Penetration
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.
- Emergence of 5G
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.
- Use 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
Furthermore, government funding in research and development related to IoT extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, favorable government regulations to promote green buildings will further expand the market.
Restraints/Challenges
On the other hand, concerns regarding breach in data security and data privacy, and high power consumption by connected devices are expected to obstruct market growth. Also, lack of common protocols and communication standards, and risks of device malfunctioning are projected to challenge the consumer internet of things (IoT) market in the forecast period of 2022-2029.
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 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.
COVID-19 Impact on Consumer Internet of Things (IoT) Market
The COVID-19 had a negative impact on the consumer internet of things (IoT) market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand consumer internet of things (IoT) market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the consumer internet of things (IoT) market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Consumer Internet of Things (IoT) Market Scope and Market Size
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 meager 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 country, 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 rise in demand of smart appliances among consumers and rising initiative from the tech –giants within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increase in construction of smart city project in the region.
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 like down-stream and upstream 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
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. (US)
- Texas Instruments Incorporated (US)
- NXP Semiconductors (Netherlands)
- Intel Corporation (US)
- STMicroelectronics (Switzerland)
- IBM Corporation (US)
- GENERAL ELECTRIC (US)
- Symantec Corporation (US)
- TE Connectivity (Switzerland)
- Schneider Electric (France)
- Cisco (US)
- Amazon Inc. (US)
- Apple Inc. (US)
- Google (US)
- LG Electronics (South Korea)
- SAMSUNG (South Korea)
- Sony Corporation (Japan)
- Microsoft (US)
- AT&T Intellectual Property (US)
- Honeywell International Inc. (US)
- Hewlett Packard Enterprise Development LP. (US)
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