Consumer IoT Market Forecasts to 2030 - Global Analysis By Type, By Connectivity, By Application and By Geography

According to Stratistics MRC, the Global Consumer IoT Market is accounted for $109.7 billion in 2023 and is expected to reach $308.3 billion by 2030 growing at a CAGR of 15.9% during the forecast period. The consumer Internet of Things (IoT) market is an ecosystem of interconnected smart devices and gadgets designed for personal use. These devices, such as smart thermostats, fitness trackers, and voice-controlled speakers, leverage internet connectivity and data exchange to enhance convenience, efficiency, and functionality in everyday life. Consumers benefit from greater control over their homes, improved health monitoring, and streamlined daily tasks.

According to the Department of Telecommunications (DoT) 2018 National Digital Communication Policy (NDCP), an eco-system for 5 billion connected devices will be created by 2022.

Market Dynamics:

Driver:

Increasing home automation

The proliferation of smart devices and systems, homeowners are increasingly seeking ways to enhance convenience, security, and energy efficiency within their living spaces. Home automation allows for seamless control and monitoring of lighting, heating, security cameras, and appliances through smartphones and voice assistants. This not only simplifies daily routines but also offers energy savings and heightened security, making it an attractive proposition for consumers. As a result, the Consumer IoT market is propelled forward by the growing desire to create smart, interconnected homes that cater to modern lifestyles.

Restraint:

Breach in data security and data privacy

As the number of interconnected devices grows, so does the potential vulnerability of personal and sensitive data. Instances of unauthorized access, hacking, or data leaks can erode consumer trust, deter adoption, and lead to legal and financial repercussions for companies. Privacy concerns also persist, as consumers worry about the collection and misuse of their personal information by IoT devices and service providers. Addressing these challenges through robust security measures, data encryption, and transparent data handling practices is imperative to sustain the growth and credibility of the Consumer IoT market.

Opportunity:

Impact of 5G and increased cellular networks

5G's ultra-fast speeds, lower latency, and increased bandwidth provide the ideal infrastructure for IoT devices to operate more efficiently and reliably. This enables a broader range of IoT applications, from augmented reality experiences to real-time remote monitoring, to become more accessible and practical for consumers. Moreover, the wider coverage and improved connectivity offered by expanded cellular networks make it easier to connect and manage IoT devices in remote or underserved areas, opening up new markets and possibilities for consumer-oriented IoT solutions.

Threat:

Government regulations, security and privacy of data and interoperability concerns

Stringent regulations are needed to ensure the safety and reliability of IoT devices, but they can also stifle innovation and hinder market growth if not carefully balanced. Security and privacy breaches, which have become increasingly common, erode consumer trust and raise concerns about data vulnerability. Additionally, the lack of interoperability standards can result in a fragmented ecosystem where devices from different manufacturers struggle to work together seamlessly, limiting the full potential of IoT. Addressing these challenges is crucial for the sustained growth and success of the Consumer IoT market.

COVID-19 Impact:

The COVID-19 pandemic had a negative impact on the Consumer IoT market in several ways. Supply chain disruptions, factory closures, and delays in manufacturing components hindered the production and availability of IoT devices. Economic uncertainties led to reduced consumer spending, causing a slowdown in IoT adoption, particularly for non-essential devices. Additionally, the pandemic heightened concerns about cybersecurity and privacy, which prompted consumers to be more cautious about adopting new connected technologies. However, the pandemic also highlighted the importance of remote monitoring and automation, which could drive future growth in sectors like healthcare and home automation as the world adapts to the new normal.

The wireless segment is expected to be the largest during the forecast period

It is anticipated that the segment for wireless would increase profitably enabling seamless connectivity and communication among a multitude of smart devices. Wi-Fi, Bluetooth, Zigbee, and cellular networks like 4G and 5G provide the means for devices to exchange data and interact with each other, smartphones, and the internet. This wireless connectivity not only offers convenience and flexibility to consumers but also enables the proliferation of IoT in various applications, from smart homes and wearable devices to connected cars and healthcare solutions. The evolution of wireless protocols and the expansion of network infrastructure continue to drive the growth and potential of consumer IoT offerings worldwide.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. IoT-enabled healthcare devices, such as wearable fitness trackers, remote patient monitoring systems, and smart health appliances, empower individuals to take proactive control of their well-being. These devices collect real-time health data, which can be shared with healthcare professionals for more accurate diagnoses and personalized treatment plans. This not only improves patient outcomes but also reduces healthcare costs. Moreover, the adoption of telehealth solutions further emphasizes the pivotal role of consumer IoT in delivering convenient, efficient, and accessible healthcare services to individuals in their homes.

Region with largest share:

During the forecast period, it is expected that the North America Consumer IoT market will continue to hold a majority of the market share characterized by its robust adoption and innovation. The region's tech-savvy consumers have readily embraced smart devices, such as home automation systems, connected appliances, and wearable gadgets. High disposable incomes, a strong focus on convenience, and a culture of early technology adoption have fueled the growth of IoT in North America. Moreover, the presence of major tech companies, innovative start-ups, and substantial investments in IoT research and development contribute to the region's leadership in this market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, The region's large and diverse population, coupled with increasing urbanization and a rising middle class, presents a vast consumer base eager to adopt IoT technologies. Governments in countries like China and India are also promoting digitalization and smart city initiatives, further accelerating IoT adoption. Additionally, the presence of manufacturing powerhouses in Asia and the Pacific ensures a steady supply of IoT devices. As a result, Asia Pacific not only represents a substantial market for consumer IoT but also a hotbed of innovation, attracting both domestic and international IoT players.

Key players in the market:

Some of the key players in Consumer IoT market include: Siemens AG, Sony Corporation, Infineon Technologies, STMicroelectronics, Honeywell International Inc., Intel Corporation, International Business Machines Corporation (IBM), LG Electronics, Microsoft Corporation, Cisco Systems, Inc., Hewlett Packard Enterprise (HPE), Apple Inc., AT&T Inc., NXP Semiconductors, Qorvo Inc., Schneider Electric SE, Symantec Corporation and TE Connectivity Ltd.

Key Developments:

In May 2023, Skylo Technologies, Non-Terrestrial Network (NTN) service operator, and Monogoto, the Cloud-based cellular network provider, signed an agreement to provide an affordable and accessible solution for NB-IoT Satellite connectivity for asset tracking products. Integrating the same hardware for both terrestrial and satellite communication will help expand connectivity to areas that were earlier not accessible, and regular software updates will be provided due to the throughput of the terrestrial networks.

In Feb 2023, Canadian-based IoT company, Eleven-x, will help North America municipal parking with the smart parking system that will monitor parking spots and provide real-time data on availability. This will reduce congestion in the area and optimize parking enforcement, further improving urban mobility.

In Jan 2023, Alliot Technologies and Vodafone UK partnered to provide NB-IoT connectivity throughout the UK. Vodafone's Network will significantly boost Alliot's offering with scale, innovation, and efficiency. Through this partnership, Alliot will invest in the latest technology to ensure an excellent experience for its customers. This will establish them as the UK's only NB-IoT connectivity provider.

Types Covered:

• Hardware
• Software
• Service

Connectivities Covered:

• Wired
• Wireless

Applications Covered:

• Consumer Electronics
• Automotive
• Healthcare
• Wearable Devices
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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