How much is the Consumer IOT Market market worth?
According to the report, global demand for consumer IoT market was valued at approximately USD 52.76 Billion in 2019 and is expected to generate revenue of around USD 188.24 Billion by end of 2027, growing at a CAGR of around 17.2% between 2020 and 2027.
What is Consumer IOT Market?
Consumer IoT is a broad term used to refer to a variety of personal devices like wearables, smart phones, fashion products, and home appliances that are connected to the internet. Consumer IoT differs from the Internet of Things primarily in terms of the type of computer used and its applications.
The growth of the IoT consumer market can be attributed to the increased awareness about health, rising number of Internet users, the adoption of smart devices, increased disposable incomes in emerging economies, and increased customer demand for convenience and healthier lifestyles, raising value of remote home surveillance, and government safety regulations. The growing number of interconnected devices monitoring physical infrastructure and rising networking, which makes these networks and their devices more susceptible to data breaching, thus contributing to an increase in demand for highly advanced security solutions in the IoT industry. In addition, with the increase in the number of connected devices, the volume of data is also increasing. Such large amounts of data are driving the data management software market. By introducing the IoT data management platform, businesses are trying to achieve a competitive advantage with predictive analytics and to improve their business operations thus boosting consume IoT market.
What are Consumer IOT Market market’s key drivers?
- Growing Number of Internet Users and Adoption of Smart Devices
- Increasing Awareness About Fitness and Rise in Disposable Incomes in Developing
Economies
- Consumer Preference for Increased Convenience and Better Lifestyle
- Increasing Significance of Home Monitoring From Remote Locations
- Government Regulations for Security of IoT Devices
Segmentation Analysis:
How much market share of Consumer IOT Market was held by Software segment in 2019?
The global market for the consumer IoT is segmented into offering, end user, component, and region. Based on component, the market for consumer IoT is segmented into software, hardware, and services. The software market is further divided into real-time streaming analytics, data management, remote monitoring, security solution, and network bandwidth management. The hardware market is further segmented into application management, device management, and network management. The services segment is further divided into professional services, and managed services. The software segment accounted for almost 46% share of the market in 2019. As the number of connected devices is increasing, the amount of data is also increasing. These large data volumes are driving the data management software market. By introducing IoT data management tools, businesses seek to gain a competitive advantage with predictive analytics as well as to improve their business operations. Moreover, the growing number of interconnected devices that control the increasing networking and physical infrastructure has made these networks and their devices more susceptible to cyber attacks, thus contributing to an increase in demand for highly sophisticated security solutions in the consumer IoT industry.
How much market share of Consumer IOT Market was held by home automation segment in 2019?
Based on offering, the market is categorized into node component, network infrastructure, and others. The node component market segment is further classified into memory device, processor, sensor, and others. The network infrastructure segment is further divided into server, ethernet switch and routing, and gateway. The node component segment held major share of the market in 2019. The goal and objective of the IT network is to protect data safely and confidentially. Companies such as Cisco systems are seeking to establish an approach that incorporates physical and cyber security offerings for the safety of workers and the defense of the entire network.
On the basis of end user, the global market for consumer IoT is segmented into consumer electronics, wearable devices, home automation, healthcare, automotives, and others. The home automation segment accounted for almost 27% share of the market in 2019. The rise in demand for home monitoring form remote locations, and growing adoption of home automation devices in applications like HVAC, defense, and energy management have been key factors driving the growth of the IoT user market for home automation.
Regional Analysis:
Which region is predicted to have the largest share in the Consumer IOT Market market?
Geographically, the market is classified into Middle East & Africa, Asia Pacific, Europe, North America, and Latin America. North America held almost 41% of the market in 2019. The increasing demand for smart devices from consumer electronics, wearables and home automation applications has led to the growth of the consumer IoT market in this area. However, the growth of the market in this area is also driven by rise in health awareness due to the growing incidence of chronic diseases and the number of patients with diabetes and the ease of use of medical devices
Which are the prominent Consumer IOT Market Key Players across the globe?
Major players in consumer IoT market are LG Electronics, Inc. (South Korea), Texas Instruments Incorporated (U.S.), Amazon.com, Inc. (U.S.), AT&T, Inc. (U.S.), TE Connectivity Ltd. (Switzerland), Sony Corporation (Japan), NXP Semiconductors N.V. (Netherland), STMicroelectronics N.V (Switzerland), Apple, Inc. (U.S.), and Intel Corporation (U.S.) among others. The company has made substantial investments in R&D and is active in the continuous growth of wireless technologies. For the IoT consumer market, companies are developing new chipsets to meet the growing demand of consumers. Texas Instruments is also one of the world’s largest semiconductor firms. The business has a broad geographic footprint and a strong R&D capability. Large product range and the ability to shape strategic alliances and partnerships have made the company one of the key players in this market.
Table of Contents (TOC)
1. Global Consumer IOT Market Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter’s Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global Consumer IOT Market Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global Consumer IOT Market Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Rest of North America
7.2. Europe
7.2.1. Europe Regional Market Size and Trend Analysis
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Italy
7.2.1.5. Spain
7.2.1.6. Russia
7.2.1.7. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
7.3.1.1. China
7.3.1.2. Japan
7.3.1.3. India
7.3.1.4. Australia
7.3.1.5. Southeast Asia
7.3.1.6. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
7.4.1.1. Brazil
7.4.1.2. Mexico
7.4.1.3. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
7.5.1.1. Saudi Arabia
7.5.1.2. South Africa
7.5.1.3. UAE
7.5.1.4. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments
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