Portland,OR, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global consumer IoT market garnered $70.52 billion in 2020, and is expected to reach $292.83 billion by 2030, witnessing a CAGR of 13.9% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in demand for connected and wearable devices, rise in usage of IoT devices in the automotive sector, and surge in availability of wireless platforms drive the growth of the global consumer IoT market. However, data privacy and security-related concerns restrain the market growth. On the other hand, increase in demand for IoT devices for development of smart cities presents opportunities in the next few years.
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Covid-19 Scenario:
- The Covid-19 pandemic impacted the electronics and semiconductors sector with lockdown measures, lack of workforce, and disruptions in the supply chain across the globe. This impacted the production activities of consumer IoT devices.
- The demand from applications sectors such as consumer electronics, home automation, and automotive decreased considerably due to partial or complete stoppage of production activities during the lockdown. However, the demand would recover post-lockdown.
- Market players have been reassessing their strategies to maintain daily activities and adopting different strategies to overcome challenges such as manufacturing interruption and interruption in Chinese parts exports.
The report offers detailed segmentation of the global consumer IoT market based on offering, connectivity, end user, and region.
Based on offering, the hardware segment held the highest share in 2020, accounting for nearly two-thirds of the total share, and is projected to continue its leadership status during the forecast period. However, the software segment is estimated to register the highest CAGR of 15.1% from 2021 to 2030.
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Based on end user, the home automation segment accounted for the highest share in 2020, contributing to nearly one-third of the global consumer IoT market, and is estimated to continue its dominant share in terms of revenue during the forecast period. However, the automotive segment is projected to manifest the highest CAGR of 15.8% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, accounting for more than one-third of the total share, and is expected to continue its lead position by 2030. However, Asia-Pacific is expected to portray the largest CAGR of 16.3% during the forecast period.
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Leading players of the global consumer IoT market analyzed in the research include Cisco Systems, Inc., Infineon Technologies, Honeywell International Inc., International Business Machines Corporation (IBM), Intel Corporation, NXP Semiconductors, Microsoft Corporation, STMicroelectronics, Siemens AG, and TE Connectivity Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
