WESTFORD, Mass., July 8, 2024 /PRNewswire/ -- According
to SkyQuest, the global Consumer IoT Market size was
valued at USD 182.62 Billion in 2022
and is poised to grow from USD 189.97
Billion in 2023 to USD 266.68
billion by 2031, growing at a CAGR of 5.07% in the forecast
period (2024-2031).
The growth of the global consumer IoT market will be driven by
more internet users and uptake of smart devices. Additionally,
rising disposable incomes in emerging economies and increased
awareness of fitness contribute to the total market growth.
Nonetheless, a significant barrier to the worldwide consumer IoT
market is the rising risk of data breaches related to IoT devices.
The consumer IoT market, on the other hand, is anticipated to
benefit greatly from expanding government financing for IoT-related
R&D and favorable policies that support green buildings.
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Consumer IoT Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$189.97
Billion
|
Estimated Value by
2031
|
$266.68
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.07%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Node Application,
Network Infrastructure, Solution, Service and End-Use
Application
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Data Visualization and
Analytics in Consumer IoT Market
|
Key Market
Opportunities
|
Advancements in Sensor
Technology
|
Key Market
Drivers
|
Next Wave of 5G in
Consumer IoT
|
Segments covered in Consumer IoT Market are as
follows:
- Node Component
- Processor (Microcontroller (MUC), Microprocessor (MPU), Digital
Signal Processor (DSP), Application Processor (AP)), Sensor
(Accelerometers, Inertial Measurement Units (IMUS), Heart Rate
Sensors, Pressure Sensors, Temperature Sensors, Blood Glucose
Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors,
Humidity Sensors, and Others), Connectivity IC (Wired, Wireless
(Satellite Network, Cellular Network, Wi-Fi, ANT+, Bluetooth,
Bluetooth Smart/Bluetooth Low Energy (BLE), Zigbee, Other), Memory
Device (Flash, Dram), and Logic Device
- Network Infrastructure
- Server (Tower Server, Rack Server, Blade Server, Others),
Storage, Ethernet Switch and Routing, Gateway
- Solution
- Software (Real-Time Streaming Analytics, Security Solution,
Data Management, Others), Platform (Device Management, Application
Management, and Network Management)
- Services
- Professional Services (Deployment and Integration Service,
Support and Maintenance, Others), and Managed Services
- End-Use Application
- Wearable Devices (Activity Monitors, Smart Watches, Smart
Glasses, Others), Consumer Electronics (Smart Light, Smart TV,
Smart Washing Machine, Smart Dryer, Smart Refrigerator, Smart Oven,
Smart Cooktop, Smart Cooker, Others), Healthcare (Heart Rate
Monitor, Blood Pressure Monitor, Blood Glucose Meter, Continuous
Glucose Monitor, Pulse Oximeter, Automated External Defibrillator,
Programmable Syringe Pump, Wearable Injector, Others), Home
Automation (Occupancy Sensors, Daylight Sensors, Smart Thermostats,
IP Cameras, Smart Meters, Smart Locks, Others), Automotive
(Connected Cars, Ultrasonic Sensors, In-Car Infotainment, Traffic
Management, Others)
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Exploring Node Components and Their Crucial Role in Enabling
Interconnected Solutions
Node components are gadgets used in the context of the
international consumer IoT market to facilitate communication in
IoT networks. Node components are very vital since they form the
basis of the Internet of Things networks that supply reliable
connectivity and data transfer services. By providing a variety of
linked and varied consumer IoT solutions, their integration
promotes the growth of IoT applications in smart cities,
residences, and other areas.
In the global consumer IoT market, the connection IC (Integrated
Circuit) is a crucial part of nodes that facilitates smooth
communication between IoT devices. It makes systems more effective,
and it aids in compatibility when transferring information across
various networks. The true worth of this IC comes from the fact
that it can be utilized in numerous IoT application domains such as
wearables, smart home devices; and connected appliances.
The global consumer IoT industry relies on satellite networks as
important gateways that give universal connectivity, particularly
in remote and underdeveloped areas where traditional networks may
not be adequate. Crucially global coverage presents an opportunity
for IoT devices such as asset trackers and environmental sensors
securely to transmit data across long distances, thus promoting use
of IoT in fields such as environmental monitoring, logistics, and
agriculture.
Crucial Role of End-Use Scenarios in Shaping Consumer IoT
Adoption and Innovation Landscape
The end-use scenarios such as wearable health monitors, smart
home systems and connected appliances represent the actual purposes
fulfilled by consumer IoT devices. Knowing them is vital for
invention promotion, market creation and the sequence of
custom-made remedies, all of which contribute to expansion and
global penetration of consumer IoT technology.
Wearables—products like smartwatches, fitness trackers, and
health monitors—occupy an important end-use segment in the global
consumer IoT market, as they provide information about users, which
makes their life more convenient and helps them maintain health
easily. This category primarily encourages market growth since it
meets the customer demand for wearables-enhanced health-related
items that can be integrated into everyday life seamlessly.
The consumer electronics industry globally will benefit from the
adoption of IoT by end users who use products extensively, such as
smart TV's, smart speakers, connected appliances etc. This is due
to making usage of IoT connectivity to enhance usability
convenience and functionality. The market is expanding rapidly as
these items integrate IoT features with everyday objects thus
converting them into smart devices that suit the lifestyle choices
of consumers.
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Market Growth Anchored by Internet Expansion, Smart Device
Adoption, and Emerging Economy Prosperity
Exponential growth is poised ahead for the global consumer IOT
market due to increasing internet penetration, smart device
adoption and rising incomes in emerging economies. This sector is
supported by strong governmental support and nature conscious
building projects even though cyber threats are still an issue.
Smooth communication and the extension of the Internet of Things to
numerous industries are achievable thanks to satellite networks,
connectivity ICs, and node components. At the same time, with an
eye on customization in health monitoring as well as wider personal
comfort through the Internet of Things integration., end-user
markets like consumer electronics and wearables are being made more
robust.
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market
Narrowband-IoT (NB-IoT) Market
Internet of Things (IoT) in Smart Cities Market
Internet of Things (IoT) Professional Services Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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