Information and Communication Technology Consumer IoT Market is projected to grow up to 27% CAGR during the forecasting period 2021...

Consumer IoT Market is projected to grow up to 27% CAGR during the forecasting period 2021-2027.

Consumer Internet of Things is no longer a new concept. Every nook and cranny of the world has the potential to be transformed by technological advancements. Consumer IoT has altered the way we go about our daily lives, from the home to the office, from the coat pocket to the shoe rack. Adding sensors and other features to products has become commonplace in recent years. Increased product control, better business insights, resource tracking, business streamlining, and improved interaction with people, systems, and environments are just a few of the benefits of the Internet of Things for consumers.

Technology such as the Internet of Things (IoT) has emerged as a critical component of customer activities, enabling people to replace their current preferences with newer and more up-to-date ones. Another area of application that is seeing fast development is the use of smart house technology. Smart homes are becoming more popular.As the number of connected devices continues to grow, providers of consumer Internet of Things services are offering a variety of customised services. Top executives are placing more emphasis on wireless technology in order to meet the increasing demand. The growing use of consumer IoT devices across the world is increasing the amount of data being generated. One reason that is expected to boost the global consumer IoT market in the coming years is the massive amount of data that is being generated.

The demand for consumer wearables such as smartwatches has also increased, which is a positive development. It is expected that increased R&D by the main important players would drive the market even more in the future. It is expected that these elements will encourage expansion. The cyber-threat and security concerns, on the other hand, are expected to put a damper on the industry. With the rise of digitization has come an increase in cyber-threats and the need for more cyber-security measures. There have been a growing number of data breaches and cyber-attacks in current history.

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Key Driving Factors: An increase in the desire for home surveillance from distant places is being seen.

The worldwide smart home automation market is projected to expand as a result of the simplicity with which smart home automation systems can be operated remotely and in real time, which has led to a rise in the growth and penetration of smart home automation. The growing urban and elderly populations have necessitated the incorporation of smart home automation concepts in order to solve the problems that have arisen. Furthermore, the rising popularity of smartphones, as well as the ease with which people may access the internet, are anticipated to drive demand development in the foreseeable future. As automation becomes more prevalent in the security, lighting, energy management, and smart kitchen sectors, the consumer Internet of Things industry is expected to undergo a paradigm shift in its development.

Key driving factors: 

The market is witnessing significant growth.

The increasing number of internet users and the widespread usage of smart devices are two important factors driving the consumer Internet of Things industry. Since these services and products gather a great deal of information about users' consumption patterns, financial information, and other personal information, many customers are growing suspicious of these goods and are unsure whether or not they want to disclose information about them. Furthermore, since these gadgets may only function in the presence of an internet connection, they can be of little or no use in the event of a power outage or other disaster. We expect that the lack of internet penetration in some nations would further limit the market's growth. It is expected that these variables would serve as growth deterrents.

This report offers the major market player’s profiles, such as Qualcomm Incorporated (US), Texas Instruments Incorporated (US), NXP Semiconductors N.V. (Netherlands), Intel Corporation (US), STMicroelectronics N.V. (Switzerland), International Business Machines Corporation (IBM) (US), General Electric (GE) (US), Symantec Corporation (US), TE Connectivity Ltd. (Switzerland), Schneider Electric SE (France), Cisco Systems, Inc. (US),, Inc. (US), Apple Inc. (US), Alphabet Inc. (US), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Microsoft Corporation (US), AT&T Inc. (US), Honeywell International Inc. (US), and Hewlett Packard Enterprise Company (HPE) (US). 

Based on application: 

Home automation, consumer wearables, consumer electronics, healthcare, and automotive are some of the segments that the market is divided into based on application. The Home Automation sector is expected to account for the majority of market share in the future. This may be due to a rise in internet penetration, which has been accompanied by the availability of high-speed internet. The widespread use of voice assistants and smart home equipment has fuelled the growth of the industry even further.

The consumer IoT Market report has been categorized as below

By Type

  • Hardware

  • Solutions

  • Services

By Application

  • Home Automation

  • consumer Wearables

  • Consumer Electronics

  • Healthcare

  • Automotive

By Node Components

  • Processor

  • Sensor

  • Connectivity IC

  • Memory Device

  • Logic Device

By End users 

  • Connectivity Management

  • Wearable Devices

  • Consumer Electronics

  • Healthcare,

  • Home Automation,

  • Automotive

  • Others

Based on regions:

       North America

●       Europe

●       Asia Pacific

●       Rest of World

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Published Date : September-2021