Home Automation to Hold the Largest Share of Consumer IoT Market

The Consumer IoT Market is expected to grow from USD 46.8 billion by 2018 to USD 104.4 billion by 2023, at a CAGR of 17.39%. 

 

Consumer preferences for increased convenience and a better lifestyle, growing importance of home monitoring from remote locations, and government regulations for IoT device security are only a few of the major driving factors for the market's growth.

 

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Network infrastructure to hold largest share of consumer IoT market during forecast period 

During the period 2018-2023, network infrastructure is predicted to hold the highest share of the consumer IoT market. The proliferation of linked gadgets and consumer internet usage is generating massive amounts of data. Structured or unstructured IoT data is generated by a broad group of smart devices with sensors. As a result, high-capacity and high-speed storage are required. Because the generated data may be evaluated to provide useful insights, intelligent storage models are increasingly replacing traditional storage systems, necessitating the use of high-capacity, high-speed storage.

 

Home automation to hold largest share of consumer IoT market during forecast period 

By 2023, home automation is predicted to account for the greatest proportion of the consumer IoT market by end-use application. The growing acceptance of home automation devices in applications such as security, HVAC, and energy management, among others, have been important factors driving the growth of the consumer IoT market for home automation.

 

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North America to hold largest size of consumer IoT market during forecast period 

By 2018, North America is estimated to hold the greatest share of the market. The consumer IoT market in this region has grown due to increased demand for smart devices from end-use applications such as consumer electronics, wearables, and home automation. Furthermore, increased health consciousness as a result of rising prevalence of chronic diseases and the number of diabetic patients, as well as the simplicity of use of medical equipment, are driving market expansion in the region.

The fast digitalization of numerous consumer end-use applications, as well as the increasing use of smart connected devices, has spurred the expansion of IoT in North America.