Authored By: Sarah
11 Jul 2024

 Consumer IOT Market Size to grow by USD 127.18 billion between 2024-2028

According to a research report “ Consumer IOT Market” by Type (Wireless, Wired) End-user (Home automation, Consumer electronics, Wearable devices, Healthcare) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 127.18 billion, at a CAGR of  13.14% during the forecast period. In the consumer IoT market, smart wearables have emerged as a popular choice for individuals seeking advanced health monitoring and connectivity. These devices, including fitness trackers and smartwatches, provide features such as heart rate tracking, sleep analysis, step counting, and workout monitoring to help consumers monitor and enhance their fitness levels and overall well-being. Additionally, wearables offer the convenience of accessing notifications, calls, messages, and other smartphone functionalities directly from the wrist, making it easier for consumers to stay connected while on the move without having to frequently check their phones. Continuous technological advancements have resulted in improved battery life, enhanced sensors for accurate health tracking, sleeker designs, and seamless integration with other IoT devices, further increasing their appeal to consumers.

Browse market data tables, figures, and in-depth TOC on “Consumer IOT Market” by Type (Wireless, Wired) End-user (Home automation, Consumer electronics, Wearable devices, Healthcare) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Wireless segment is projected to dominate the market size in 2024

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By End-user, Home automation  segment is expected to hold the largest market size for the year 2024

In the Consumer IoT market, suppliers of foundational components, such as sensors, chips, and connectivity modules, face moderate bargaining power due to the availability of multiple sources. However, those offering proprietary or specialized technologies, like advanced software or unique hardware, possess greater influence due to their distinctive offerings. This equates to a moderately concentrated supplier landscape in 2023, with this trend anticipated to persist throughout the forecast period.

North America is forecasted to hold the largest market size by region in 2024

In North America, the IoT market is experiencing robust growth due to the region's advanced connectivity infrastructure and tech-savvy population. High-speed Internet, 5G network rollouts, and enhanced cellular connectivity enable seamless communication between IoT devices, fostering their adoption. Regulatory initiatives, such as the California Consumer Privacy Act (CCPA) and ongoing discussions regarding IoT security standards, challenge companies to prioritize user privacy and security, thereby building consumer trust and confidence in IoT technology. This regulatory focus, while complex to navigate, ultimately contributes to the expansion of the IoT market in North America.

The Consumer IOT Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Amazon.com Inc.
  • Apple Inc.
  • AT and T Inc.
  • Broadcom Inc.
  • Cisco Systems Inc.
  • Hewlett Packard Enterprise Co.
  • Honeywell International Inc.
  • Intel Corp.
  • International Business Machines Corp.
  • LG Corp.
  • Microsoft Corp.
  • NXP Semiconductors NV
  • Qorvo Inc.
  • Qualcomm Inc.
  • Samsung Electronics Co. Ltd.
  • Schneider Electric SE
  • Sony Group Corp.
  • STMicroelectronics International N.V.
  • TE Connectivity Ltd.
  • Texas Instruments Inc.
.

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Research Analysis Overview

The Consumer IoT (Internet of Things) market is experiencing exponential growth as more and more businesses and individuals embrace the use of connected devices for improved business operations and enhanced lifestyle convenience. Predictive analytics and data management software are key components of this interconnected system, allowing businesses to gain valuable insights from consumer data collected by smart devices. In developing economies, the IoT is transforming industries from agriculture to healthcare, offering new opportunities for growth. Connected devices, from fitness trackers to smart home appliances, are increasingly popular among internet users, with wireless technologies and microcontrollers enabling seamless communication between digital objects. However, with the increasing adoption of the IoT comes new challenges, including data security and privacy concerns. Protocols and security measures are essential to prevent data breaches and cyberattacks. Connected doorbells and smart thermostats are just the tip of the iceberg when it comes to the vast array of consumer IoT devices. As the market continues to evolve, it's crucial that businesses and individuals prioritize security and data protection while reaping the benefits of this technologically advanced interconnected system.

Market Research Overview

The Consumer IoT market is experiencing rapid growth as more and more physical objects become digitally connected. Salesforce Quip, with its data management software, is a key player in this market, providing solutions for home entertainment, networking, and business operations. IoT development kits from semiconductor companies like Texas Instruments and TE Connectivity enable the creation of interconnected devices, from home automation applications to medical devices for diabetes patients and chronic disease management. Home entertainment and home automation are major sectors, with smart devices such as connected doorbells, smart thermostats, and home monitoring systems becoming increasingly popular. The market also includes mobility solutions like autonomous driving and wearable devices like fitness trackers, smart glasses, and smartwatches. Networking and connectivity technologies like Wi-Fi, Zigbee, Bluetooth, and Ethernet are essential for the IoT ecosystem. Strategic collaborations between key companies and smart city projects are driving regional opportunities. However, concerns around data security and privacy are major challenges, with cyberattacks and data breaches a growing concern. The market covers a wide range of applications, from home appliances and machines to gadgets and sensors. Technological developments like machine learning and artificial intelligence are enabling predictive analytics and real-time streaming management. The market is expected to continue growing, with increasing demand driven by factors like health consciousness, lifestyle, and convenience, particularly in developing economies. Report coverage includes historical data, forecasts, and deliverables like managed services, support & maintenance, implementation services, and professional services. CE marking and remote monitoring are important considerations for healthcare applications, while average selling prices, disposable incomes, and internet penetration are key factors influencing consumer adoption. Wireless wearable biosensors and personal healthcare devices are also gaining popularity. Innovative offerings from key companies like SmartThings, with its services and app, are driving the market forward. Smart city projects, smart home solutions, and smart wearables are transforming industries and improving quality of life. The future of the Consumer IoT market is bright, with exponential growth expected as more and more physical objects become interconnected digital devices.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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