Authored By: Sarah
24 Aug 2024

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

The Consumer IOT Market is segmented by Type (Wireless and Wired), End-user (Home automation, Consumer electronics, Wearable devices, and Healthcare), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 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. There are several companies that are contributing to the market as per this report. Rising smart home integration .

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

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Why is North America forecasted to hold the largest regional market size 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.

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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

According to Technavio, the global Consumer IoT market is classified under the broader umbrella of the Technology Hardware, Storage, and Peripherals market within the IT sector. This market encompasses manufacturers of various technology hardware, including cellular phones, personal computers, servers, electronic computer components, and peripherals. Additionally, it covers data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other related peripherals. The market size is determined by the revenue generated from the sales of these hardware devices, equipment, and components. Key growth drivers for the Technology Hardware, Storage, and Peripherals market include increasing demand for advanced technology products, the proliferation of IoT devices, and continuous innovation in technology. - The Consumer IOT Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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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