Consumer IoT Market Analysis | 2023-2029

“The Consumer IoT Market was estimated at US$ 88.64 billion in 2022 and is expected to grow at an impressive CAGR of 12.7% during 2023-2028 to reach US$ 205.3 billion by 2029.”

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Market Dynamics

Introduction

Consumer IoT refers to the integration of Internet of Things (IoT) technology into consumer products and devices. It encompasses a wide range of smart devices and appliances, such as smartphones, smart home devices (e.g., smart thermostats, smart lights, and smart locks), wearable technology (e.g., fitness trackers and smartwatches), and other internet-connected consumer electronics. The aim of Consumer IoT is to make daily life more convenient, efficient, and connected by allowing consumers to control and monitor their devices remotely and receive real-time updates and alerts.

With sensors, wireless connectivity, and data analysis, Consumer IoT devices can interact with each other and with the cloud, enabling users to access information and services through the internet. This allows consumers to automate many of their daily tasks, such as adjusting the temperature in their home or monitoring their fitness levels, without having to physically interact with the devices. Additionally, Consumer IoT can provide a more personalized experience for users by using data to learn their habits and preferences and adapt accordingly.

However, consumer IoT also raises concerns about privacy and security. As these devices collect and exchange large amounts of personal data, it's important for manufacturers and users to ensure that the data is protected and that the devices are secure from cyberattacks. Despite these challenges, the consumer IoT market continues to grow and expand, as more and more consumers adopt smart devices and look for ways to simplify and improve their lives.

Market Drivers

The consumer IoT market is expanding for various reasons. Firstly, the number of internet users and the adoption of smart devices have significantly increased. Secondly, people are becoming more health conscious, leading to a rise in awareness about fitness, and an increase in disposable incomes in developing economies is contributing to this growth as well. Finally, consumers are looking for ways to make their lives more convenient and improve their overall lifestyle, which has resulted in a preference for smart devices and IoT technology.

The integration of consumer IoT devices into our daily lives has accelerated rapidly in recent years. A prime illustration of this trend is Amazon's Echo device, equipped with Alexa, the company's voice assistant. This device is compatible with a wide range of smart home appliances and has become a prime example of the growing demand for such technology.

In the coming years, the market for Consumer IoT is expected to see significant growth due to this increasing demand. Additionally, the increasing use of personal wearables for health monitoring is another factor driving the growth of this industry.

The role of Consumer IoT applications in enhancing personal healthcare is significant. IoT wearables are used to transmit important health data to both patients and their doctors, allowing for better and more informed healthcare decisions. Additionally, Consumer IoT is increasingly being utilized in the world of sports.

Devices that track heart rate, sleep patterns, blood sugar levels, and other vital signs are helping to drive the growth of the Consumer IoT industry. These devices are having a positive impact on overall industry statistics and helping to improve the health and well-being of users.

Segments Analysis

Component Insights

“The Consumer IoT market is predicted to experience the highest growth rate during the period 2022 to 2029.”

This growth is attributed to the solutions segment, which encompasses software and platforms. With an increasing number of connected devices, the volume of data being generated is also growing. This abundance of data is driving the demand for data management software, which businesses are using to gain a competitive advantage through predictive analytics and improve their operations.

Furthermore, the high number of interconnected devices controlling physical infrastructure and their increased connectivity also make these devices and networks more susceptible to cyberattacks, leading to an increase in demand for advanced security solutions in the Consumer IoT market.

Connectivity Technology Insights

“The wireless connectivity technology segment is forecasted to grow at a rapid pace, with a projected growth rate of over 13% from 2022 to 2029.”

This growth is due to the flexibility offered by these networks, as they do not require hardware installations and can easily be expanded without any constraints. Most wireless sensors are made up of nodes that can be augmented by adding additional nodes as needed. Furthermore, their cost-effectiveness has increased as advancements in wireless technology and a growing number of manufacturers have led to a decrease in prices.

The wired connectivity technology segment also accounted for a substantial share of revenue in 2022 and will continue to grow steadily. This mode of connectivity remains very popular among consumers. Wired networks commonly use Ethernet for network connectivity, making them highly dependable and less prone to dropped connections. Additionally, they offer faster data transmission speeds as they are not affected by the distance and placement of devices. Wired networks are also considered more secure as they are deployed with a local area network firewall.

Regional Insights

“North America is the leading region in generating revenue for the consumer IoT market.”

The growing demand for smart devices in the consumer electronics, wearable, and home automation industries has contributed to the growth of the consumer IoT market in this region. Additionally, the rise in health consciousness due to the growing incidence of chronic diseases and the number of diabetes patients, along with the ease of use of medical devices, has also driven the market growth. The growing adoption of smart connected devices and swift digitization across various consumer end-use applications have further fueled the growth of IoT in North America.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the global consumer IoT market (arranged alphabetically).

• Amazon
• Apple
• AT&T
• Cisco Systems
• GE
• Google
• Honeywell
• HPE
• IBM
• Intel
• LG Electronics
• Microsoft
• NXP Semiconductors
• Qualcomm
• Samsung Electronics
• Schneider Electric
• Sony
• STMicroelectronics
• Symantec
• TE Connectivity
• Texas Instruments

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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Recent Market News & Developments

• In January 2023, TDK announced a collaboration with Texas Instruments on the new i3 Micro Module, the world’s first sensor module that contains in-built edge AI and wireless mesh connectivity.

• In November 2022, STMicroelectronics launched a new enhanced 6-axis IMU with embedded sensor fusion and AI.

• In October 2022, Infineon Technologies launched a new IoT sensors platform, called XENSIV connected sensor kit.

• In July 2022, TE Connectivity opened a new larger manufacturing facility in Hermosillo, Mexico, to grow its Data and Devices business unit.

• In July 2022, TE Connectivity acquired Linx Technologies, a renowned RF components supplier in IoT markets.