Westford USA, June 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Consumer IoT Market will attain a value of USD 266.68 Billion by 2031, with a CAGR of 5.07% over the forecast period (2024-2031). The emergence is powered by the increased internet penetration, growing customer demand for linking products, and rapid technological advancements. The Consumer IoT industry has experienced substantial growth in recent years and is still developing quickly. This increase is as a result of more use of smart home appliances and smartphones as well as the availability of broadband internet connection within the sector. The continuous growth of 5G networks has also drove the increase in numbers IoT devices, that enable quicker and more reliable communication between devices.
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- Figures – 78
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 component, Network Infrastructure, Solution, Services, 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 |
Demand for Smart Home Devices and Wearables Allows Hardware Offering to Hold Dominant Stance
Hardware offerings lead the global consumer IoT market as they perform an essential role that facilitates a connection among smart devices. Dominating factors include the increase in requirement for wearables, connected appliances, and smart home equipment, which in turn, drive research and production of IoT hardware so as to meet the needs of customers who are seeking increased convenience or additional capabilities.
Demand for Smart Home Technologies Allowing Home Automation to Emerge as Fastest Growing Segment
Smart home technologies are the increasingly in demand and they have led to home automation having a priority in the global consumer IoT market. Home automation penetration of IoT solutions can be attributed to factors including but not limited to; consumer desires for integrated home systems, high levels of disposable income and technological advances.
Tech Giants have Invested Significantly in Developing and Promoting IoT Products Allows North America to Dominate
North America is home to digital titans like Google, Amazon, Apple, and Microsoft, which have invested considerably in creating and promoting IoT technologies. This numerous enterprise have come up with several IoT device ecosystems that are very easy to access and use, thus increasing its usage by general public. North America's entrepreneurial nature has also played a major role in promoting the emergence of companies that deal specifically with IoT solutions. This has seen the entry of many innovative entrepreneurs who develop particular IoT devices targeted at fulfilling unique customer demands thus widening the variety of items in the market.
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Consumer IoT Market Insight
Drivers:
- Next Wave of 5G in Consumer IoT
- Increase in Wireless Smart Sensor Use
- Emergence of Fifth Generation of Cellular Mobile Communications
Restraints:
- Data Leaks in Digital Space
- Outdated Software and Inadequate Upgrades
- High Cost Associated with Implementation
Prominent Players in Global Consumer IoT Market
- STMicroelectronics N.V. (Switzerland)
- Texas Instruments Incorporated (US)
- Schneider Electric SE (France)
- AT&T Inc. (US)
- Sony Corporation (Japan)
- Alphabet Inc. (US)
- Amazon.com, Inc. (US)
- TE Connectivity Ltd. (Switzerland)
- General Electric (GE) (US)
- Intel Corporation (US)
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Key Questions Answered in Global Consumer IoT Market Report
- How much is the global consumer IoT market likely to be worth by 2031, and what is the predicted compound annual growth rate (CAGR) for this market?
- What factors contribute to the hardware offering's dominance in the global consumer IoT market?
- In what ways have North American tech behemoths aided in the region's ascendancy in the consumer Internet of Things space?
This report provides the following insights:
- Analysis of key drivers (5G to quicken Consumer IoT market growth, enhance performance & dependability of linked devices, accelerates the development of linked auto networks and operational efficiency in healthcare systems), restraints (Risk of cyberattacks rising, flaws are always being introduced in consumer IoT and there is frequently no clear procedure in place for security upgrades), opportunities (Development of miniaturized, low-cost & power-efficient sensors, collecting data from the physical world and provide personalized experiences to consumers), and challenges (Necessity for data protection & privacy and replicating design flows) influencing the growth of consumer IoT market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the consumer IoT market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the consumer IoT market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Internet Of Things (IoT) Market
Global IoT In Healthcare Market
Global Industrial Internet Of Things (IIoT) 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.
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