Consumer IoT Market Size to Hit Around USD 616.75 Bn by 2032

Ottawa, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The increasing internet penetration, disposable income, and R&D for IoT products and services are anticipated to influence the consumer IoT market. Many governments and private companies are taking steps to increase the number of internet users, which has also resulted in high-speed internet. Internet penetration, combined with high-speed internet, has resulted in the facilities required to support the operation of IoT.

The demand for a better lifestyle has increased as disposable income has increased. As a result, voice assistants (such as Amazon Echo, Google Home, and others) and innovative home applications and equipment have seen widespread adoption. The popularity of consumer wearables, such as smartwatches, has also increased. The primary key players' increased R&D is anticipated to boost the market further.

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Key Takeaways:

• North America market has captured more than 22% of the total revenue share in 2022.
• By component, the hardware segment has garnered revenue share of 37% in 2022. 
• By component, the services segment is expected to grow at a fastest rate from 2023 and 2032.
• By connectivity technology, the wireless connectivity technology segment has held largest market share of over 12% in 2022.
• By application, the consumer electronics segment has accounted 35% of the total revenue share in 2022. However, the wearable devices segment is growing at a fastest rate from 2023 to 2032.
  
  

Impact of COVID-19 on the global consumer IoT market

COVID-19 had a significant impact on the IoT market since nearly every country chose to close all manufacturing facilities except essential commodities. The shutdown of corporate sectors around the world had a significant impact on the IoT in the consumer electronics market, as costs of chips, sensors, as well as other components required in the manufacturing of IoT devices have risen. Furthermore, post-COVID the demand for consumer IoT services has increased. The consumer IoT market is expanding because of digitalization in the production process and supply chains in food production, electronic utilities, mining, gas and oil, and transportation. Moreover, between 2020 and 2021, IoT adoption in industries increased dramatically, as the pandemic demonstrated the significance of IoT in all types of businesses. The rise in demand for automation to avoid the involvement of a maximum workforce has fueled the adoption of IoT in sectors. This is a replication of COVID-19's positive impact on the consumer IoT market, which has initiated the industry.

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Scope of the Report

Market Dynamics

Drivers

One of the major factors driving the global consumer IoT industry is the rising awareness of IoT solutions as well as the general adoption of various IoT solutions in multiple applications, which include medical devices, robotics, and software-defined production processes. Furthermore, rapid urbanization, lifestyle changes, a significant rise in the need for data centers as cloud platforms, an increase in investments, and a booming industry for connected devices all positively impact the consumer internet of things (IoT) industry. According to Ericsson, six out of ten smartphone users believe wearables have applications other than health and wellness. Consumers believe that most wearable technology innovations will become widely used after 2020. However, current wearables users believe that development is much faster.

Restraint

BotNet Attacks

A botnet is a malware that takes over a network of connected devices, allowing hackers to convey their desired scams. A Botnet can grow on a network automatically, automate an attack, and accelerate the attack for maximum impact. These attacks can be developed at a low cost to the hacker. Hackers can remotely monitor targeted devices, infecting millions of devices quickly. A botnet attack can cause a server to crash, data theft, performance degradation, and other problems. A single IoT device attack will not pose a widespread threat, but an attack on hundreds or thousands of devices can have disastrous consequences for an IoT device ecosystem. This risk of data breach and security issues is anticipated to hamper the expansion of the consumer IoT market.

Segment landscape in the global Consumer IoT Market

Component landscape in the global Consumer IoT Market

In 2022, the segment of hardware components was estimated to account for nearly 37% of total revenue. This segment includes machines, actuators, gadgets, sensors, and appliances that can convey data across networks programmed for specific applications. Technological advancements are anticipated to encourage this segmental growth during the estimated period.

The software market will expand at a rapid pace, with a double-digit compounded annual growth rate due to rising government involvement and technological advancements in the business and consumer sectors, becoming the primary contributors.

Connectivity Technology landscape in the global Consumer IoT Market

The segment of wireless connectivity technology reported a considerable revenue share in 2022 and is anticipated to continue to expand at the highest CAGR between 2023 to 2032. Wireless sensors are made up of nodes that grow by adding more nodes as needed. They do not require hardware installations and are easily extended without regard for facility obstructions.

On the other hand, the wired connectivity technology sector is expected to expand steadily. Ethernet is typically used for connectivity in wired networks, which makes them exceptionally efficient. Furthermore, wired networks are more assured because they are equipped with a LAN firewall.

Application landscape in the global Consumer IoT Market

The consumer electronics segment will account for more than 35% of total revenue in 2022. Home automation is now a reality due to technological advances like digital assistants, sensors, cloud computing, and advanced networking. Home automation is anticipated to grow steadily between 2022 to 2032. The rising demand for remote home monitoring and the increasing adoption of home automation devices in applications, including security, HVAC, and energy management, have been significant factors driving the expansion of the consumer IoT market. The adoption of devices that connect smart home applications is rising as high-speed internet penetration grows, particularly in Europe, North America, and Asia-Pacific regions. Voice assistants, smart thermostats, more innovative lighting, security cameras, smart locks, and intelligent doors are a few majorly integrated solutions.

Smart speakers are becoming increasingly popular among consumers, and this, in turn, increases demand for other connected devices that are controllable. According to Loup Ventures, by 2025, the global revenue for smart speakers is estimated to reach USD 35.5 billion. Furthermore, products like Amazon Echo and Google Home have emerged as central hubs for smart home gadgets and their voice-activated assistants by providing convenience throughout homes. Voice assistants' expanding skill sets indicate increased functionality in controlling various home operations, lighting, and temperature.

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Regional landscape in the global Consumer IoT Market

North America accounted for approximately 22% of the total share in 2022 and is estimated to grow during the forecast period. The rapid digitalization of various consumer end-use applications and the increased adoption of smart connected devices have fueled the growth of IoT in this region.

Europe is anticipated to expand at a steady rate. Germany dominates the IoT market in Europe, and Germany's industrial IoT market is likely to be the fastest growing. Germany creates cloud-based solutions and services to improve security and provide new levels of operational intelligence to governments, businesses, transportation, and communities. This will increase demand for industrial IoT products in Europe.

Key Market Players

• Alphabet, Inc.
• Cisco Systems, Inc.
• AT&T
• Amazon.com, Inc.
• Apple Inc.
• IBM Corp.
• Honeywell International Inc.
• Texas Instruments
• LG Corp.
• Microsoft
• Intel Corp.
• Schneider Electric
• Sony Corp.
• Samsung
• TE Connectivity
  
  

Segments Covered in the Report
By Component 

• Processor

• Hardware
  • Sensors
    • Temperature
    • Accelerometers
    • Pressure
    • Camera Modules
    • ECG
    • Humidity
    • Light
    • Others
  • Logic Devices
  • Memory Devices
• Software
  • Data Management
  • Security
  • Remote Monitoring
  • Others
  • Network Management
• Services

By Connectivity Technology 

• Wired
• Wireless

By Application 

• Consumer Electronics
  • Dishwasher
  • Washing Machine
  • Others
• Healthcare
  • Pulse Oximeter
  • Blood Pressure Monitor
  • Blood Glucose Meter
  • Others
• Wearable Devices
  • Body-worn Cameras
  • Smart Watch
  • Fitness Tracker
  • Smart Glasses
  • Others
• Automotive

By Geography 

• North America 
  
  

· U.S. 
· Canada 
· Mexico 

• Europe 
  
  

· UK 
· Germany 
· France 
· Italy 
· Rest of Europe 

• Asia Pacific 
  
  

· China 
· India 
· Japan 
· South Korea 
· Rest of Asia Pacific 

• LAMEA 
  
  

· South Africa 
· North Africa 
· Rest of LAMEA 

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