ReportCrux Market Research has published a new report titled “Consumer IoT Market by Component (Software [Real-Time Streaming Analytics, Data Management, Remote Monitoring, Security Solution, and Network Bandwidth Management], Hardware [Application Management, Device Management, and Network Management], and Services [Professional Services, and Managed Services]);
by Offering (Node Component [Memory Device, Processor, Sensor, and Others], Network Infrastructure [Ethernet Switch and Routing, Server, and Gateway], and Others); by End User (Consumer Electronics, Wearable Devices, Home Automation, Healthcare, Automotives, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027″.
Consumer IoT Market Size
Consumer IoT Market is estimated to grow from USD 52.76 Billion in 2019 to USD 188.24 Billion by 2027, at a CAGR of 17.2% during 2020-2027
With the rise in the number of connected devices, a range of customized services are introduced by the IoT customer service provider. Top leaders are putting more emphasis on wireless technology to quench rising demand. The amount of data is growing due to the rising adoption of user IoT across the globe thus propelling consumer IoT market.
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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.
Consumer IoT Companies
Here are the best Consumer IoT Market Companies Analysis
- LG Electronics, Inc.
- Texas Instruments Incorporated
- Amazon.com, Inc.
- AT&T, Inc.
- TE Connectivity Ltd.
- Sony Corporation
- NXP Semiconductors N.V.
- STMicroelectronics N.V
- Apple, Inc.
- Intel Corporation
North America held almost 41% Share of the overall market.
Region the market is classified into Middle East & Africa, Asia Pacific, Europe, North America, and Latin America. he 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.
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.
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.
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.
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 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.
Consumer IoT Market Segmentation
- Real-Time Streaming Analytics
- Data Management
- Remote Monitoring
- Security Solution
- Network Bandwidth Management
- Application Management
- Device Management
- Network Management
- Professional Services
- Managed Services
- Node Component
- Memory Device
- Network Infrastructure
- Ethernet Switch and Routing
By End User
- Consumer Electronics
- Wearable Devices
- Home Automation
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
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Table of Content:
1.1. Market Introduction
2. Research Methodology
2.1. Research Methodology
2.2. Research Models
2.3. Data Sources
3. Executive Summary and Snapshot
4. Global Consumer IoT Market Price and Cost Trend Analysis
4.1. PriceTrend Analysis
5. Market Growth Attractiveness Analysis
6. COVID-19 Impact Analysis on Industry
6.1. Restrictions due to COVID-19
6.2. Demand-side Constraints
6.3. Supply-side Constraints
7. Post COVID-19 Industry Dynamics
8. Post COVID-19 Industry Recovery Path Analysis
9. Industrial Chain, Sourcing Strategy and Downstream Buyers
9.1. Upstream Raw Materials Sourcing
9.2. Industrial Chain Analysis
9.3. Downstream Buyers
10. Market Dynamics and Industry Analysis
10.2. Market Drivers
10.2.1. Growing Number of Internet Users and Adoption of Smart Devices
10.2.2. Consumer Preference for Increased Convenience and Better Lifestyle
10.2.3. Government Regulations for Security of IoT Devices
10.2.4. Increasing Significance of Home Monitoring From Remote Locations
10.3. Market Restraint
10.3.1. Breach in Data Security and Data Privacy
10.3.2. Lack of Common Protocols and Communication Standards
10.4. Market Opportunity
10.4.1. Government Funding in Research and Development Related to IoT
10.4.2. Favourable Government Regulations to Promote Green Buildings
10.5. Porter’s Five Forces Analysis
11. Trending Insights on Current Market Scenario
11.1. Current Market Trends
11.2. SWOT Analysis
11.3. PESTEL Analysis
11.4. Technology Trend Analysis
12. Competitive Share Analysis
12.1. Company Share Analysis
12.2. Strategic Developments
12.3. Supplier Benchmarking
13. Global Consumer IoT Market: Component Segment Analysis
14. Global Consumer IoT Market: Offering Segment Analysis
15. Global Consumer IoT Market: End User Segment Analysis
16. Global Consumer IoT Market: Regional Analysis
16.1. Regional Overview
16.2. North America
16.2.3. Rest of North America
16.3.7. Rest of Europe
16.4. Asia Pacific
16.4.5. Southeast Asia
16.4.6. Rest of Asia Pacific
16.5. Latin America
16.5.3. Rest of Latin America
16.6. Middle East and Africa
16.6.1. Saudi Arabia
16.6.2. South Africa
16.6.4. Rest of Middle East and Africa
17. Company Profiles
18. Report Conclusion
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