Consumer Internet of Things
is the network of consumer devices used in various end-applications,
such as smart homes, healthcare, and consumer electronics. The consumer
IoT market is estimated to be valued USD 46.8 billion by 2018 and is
projected to reach USD 104.4 billion by 2023, at a CAGR of 17.39% during
2018–2023.
The growth of the consumer IoT market
can be attributed to the growing number of internet users and adoption
of smart devices, increasing awareness about fitness and rise in
disposable incomes in developing economies, consumer preference for
increased convenience and better lifestyle, increasing significance of
home monitoring from remote locations, and government regulations for
security of IoT devices.
The
consumer IoT market is witnessing many technological advancements. The
companies’ emphasis on launching comprehensive IoT solutions for their
customers is likely to drive the consumer IoT market. For example, in
February 2018, Qualcomm Technologies announced IoT development kits
based on the QCA4020 and QCA4024 SoCs. The kits are designed for IoT
applications such as smart cities, toys, home control and automation,
appliances, networking, and home entertainment. The kits provide
interoperability among diverse IoT devices including popular wireless
standards, protocols and communication frameworks, and easy connectivity
to various cloud and application services.
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The
consumer IoT market for solutions is expected to grow at the fastest
CAGR during the forecast period. The solution segment consists of
software and platform. With the increase in the number of connected
devices, the volume of data is also proliferating. Such huge data
volumes are driving the market for data management software. By
implementing the IoT data management software, businesses are aiming to
get a competitive edge with predictive analytics, as well as optimize
their business operations. Moreover, the high number of interconnected
devices controlling physical infrastructure and increased connectivity,
which makes these devices and their networks more vulnerable to
cyberattacks, is leading to the surge in demand for highly sophisticated
security solutions in the IoT market.
The
market for home automation is expected to grow at the highest CAGR from
2018 to 2024. The increasing demand of home monitoring in remote
locations as well as the growing adoption of home automation devices in
applications such as security, and HVAC and energy management, among
others, have been the key factors driving the growth of the consumer IoT
market for home automation. Further, the rising demand among customers
for better and convenient lifestyle and increased internet penetration
in smart devices also contribute to market growth.
APAC
is expected to register the highest CAGR in the global consumer IoT
market from 2018 to 2024. The increasing reach of internet across
residential spaces, high consumer base, rapid urbanization, increasing
disposable income, and improving IT infrastructure are a few of the key
determinants supplementing the growth of the consumer IoT market in
APAC. China, India, and Japan are making heavy investments in R&D to
encourage the adoption of IoT; this would boost the demand for IoT
hardware and software solutions in the future. China, as part of its 13th
5-year plan for economic and social development (2016–2020), has been
promoting the development of infrastructure, service platforms, and
major applications of IoT. Additionally, many international industry
giants aim to expand their footprints in India; for instance, in October
2017, Vodafone (UK) announced its plan of launching NB-IoT in the
country. The company focusses on the consumer IoT space in the country
as part of the growth strategy for its IoT business.
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