Dublin, Nov. 06, 2024 (GLOBE NEWSWIRE) -- The "Consumer IoT Market Report and Forecast 2024-2032" report has been added to ResearchAndMarkets.com's offering.
According to this report, the consumer IoT market size reached a value of USD 252 billion in 2023. Aided by the increasing adoption of smart devices and the growing applications of IoT technology in various sectors, the market is projected to further grow at a CAGR of 11.3% between 2024 and 2032 to reach a value of USD 660.97 billion by 2032. 
The increasing adoption of smart devices is driving the market growth. With the rapid advancement of technology and the growing availability of affordable smart devices, there has been a significant rise in the number of connected devices used by consumers. Smart devices, such as smartphones, smartwatches, and smart speakers, have become integral parts of modern lifestyles, offering convenience and enhanced user experiences. Additionally, the rising trend of smart homes, equipped with IoT-enabled devices, such as smart thermostats, smart lighting, and smart security systems, is further propelling the demand for consumer IoT solutions.
The expanding applications of IoT technology in various sectors also play a significant role in propelling the market. In the healthcare sector, consumer IoT devices, such as wearable fitness trackers and smart health monitors, enable individuals to monitor their health and fitness levels in real time. In the automotive sector, connected cars with IoT capabilities offer enhanced safety, navigation, and entertainment features. The growing demand for IoT solutions across these sectors is boosting the market growth.
Moreover, advancements in IoT technology are driving innovation and development in the market. The introduction of new IoT devices with advanced features, such as artificial intelligence (AI), machine learning (ML), and augmented reality (AR), has enhanced the functionality and performance of consumer IoT solutions. These advancements enable the development of innovative IoT products with improved connectivity, data analytics, and user experiences. The growing adoption of advanced IoT technologies is consequently driving up the consumer IoT market share.
The growing focus on data security and privacy is also contributing to the market growth. With the increasing number of connected devices and the vast amount of data generated by IoT devices, there is a significant need for robust data security and privacy measures. IoT solution providers are developing advanced security technologies to protect user data and ensure secure communication between devices. The rising demand for secure and reliable IoT solutions is driving the adoption of consumer IoT devices.
As per the consumer IoT market analysis, the regulatory environment plays a crucial role in shaping the consumer IoT market. Governments and regulatory bodies across the world are actively supporting the development and deployment of IoT technologies. Various regulations and standards, such as the General Data Protection Regulation (GDPR) in Europe and the IoT Cybersecurity Improvement Act in the United States, are promoting the use of secure and compliant IoT devices. These regulatory efforts are providing a favorable environment for the growth of the consumer IoT market.
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global consumer IoT market. Some of the major players explored in the report are as follows:
- IBM Corporation
- Amazon Web Services, Inc.
- Intel Corporation
- Hewlett Packard Enterprise Development L.P.
- Microsoft Corporation
- Schneider Electric SE
- TE Connectivity Ltd.
- Texas Instruments Incorporated
- NXP Semiconductors N.V.
- Infineon Technologies AG
Key Attributes
| Report Attribute | Details |
| No. of Pages | 217 |
| Forecast Period | 2024-2032 |
| Estimated Market Value (USD) in 2024 | $280.69 Billion |
| Forecasted Market Value (USD) by 2032 | $660.97 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
Key Topics Covered
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Consumer IoT Market Analysis
8.1 Key Industry Highlights
8.2 Global Consumer IoT Historical Market (2018-2023)
8.3 Global Consumer IoT Market Forecast (2024-2032)
8.4 Global Consumer IoT Market by Offering
8.5 Global Consumer IoT Market by Connectivity
8.6 Global Consumer IoT Market by Application
8.7 Global Consumer IoT Market by Region
9 North America Consumer IoT Market Analysis
9.1 United States of America
9.2 Canada
10 Europe Consumer IoT Market Analysis
10.1 United Kingdom
10.2 Germany
10.3 France
10.4 Italy
10.5 Others
11 Asia Pacific Consumer IoT Market Analysis
11.1 China
11.2 Japan
11.3 India
11.4 ASEAN
11.5 Australia
11.6 Others
12 Latin America Consumer IoT Market Analysis
12.1 Brazil
12.2 Argentina
12.3 Mexico
12.4 Others
13 Middle East and Africa Consumer IoT Market Analysis
13.1 Saudi Arabia
13.2 United Arab Emirates
13.3 Nigeria
13.4 South Africa
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.2 Porter's Five Forces Analysis
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
16 Key Trends and Developments in the Market
For more information about this report visit https://www.researchandmarkets.com/r/8msi6t
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