[209 Pages Report] The consumer IoT market is estimated to reach USD 104.4 billion by 2023 from USD 46.8 billion by 2018, at a CAGR of 17.39% during 2018–2023.
A
few of the major driving factors for the growth of this market include
the growing number of internet users and adoption of smart devices,
increasing awareness about fitness and rise in disposable incomes in
developing economies, and consumer preference for increased convenience
and better lifestyle.
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Market for solutions to grow at fastest CAGR during forecast period
The
consumer IoT market for solutions is expected to grow at the highest
CAGR during 2018–2023. The solution segment consists of software and
platform. With the increase in the number of connected devices, the
volume of data is also proliferating. These 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.
Home automation to hold largest share of consumer IoT market by 2023
Home
automation is expected to hold the largest share of the consumer IoT
market by 2023. The increasing demand for 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 lifestyles, and increased internet penetration
in smart devices also contribute to the market growth.
cNorth America to account for largest market size during forecast period
North
America is the major revenue generating region in the consumer IoT
market. The increasing demand for smart devices from consumer
electronics, wearable, and home automation applications have led to the
growth of the consumer IoT market in this region. Moreover, the growth
of the market in this region is also driven by the increasing health
consciousness due to growing incidences of chronic diseases and number
of diabetes patients, and ease of use of medical devices. The increasing
adoption of smart connected devices and rapid digitalization across
various consumer end-use applications have further fueled the growth of
IoT in North America.
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Key Market Players
The
companies profiled in this report are Qualcomm Incorporated (US), Texas
Instruments Incorporated (US), NXP Semiconductors N.V. (Netherlands),
Intel Corporation (US), STMicroelectronics N.V. (Switzerland),
International Business Machines Corporation (IBM) (US), General Electric
(GE) (US), Symantec Corporation (US), TE Connectivity Ltd.
(Switzerland), Schneider Electric SE (France), Cisco Systems, Inc. (US),
Amazon.com, Inc. (US), Apple Inc. (US), Alphabet Inc. (US), LG
Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South
Korea), Sony Corporation (Japan), Microsoft Corporation (US), AT&T
Inc. (US), Honeywell International Inc. (US), and Hewlett Packard
Enterprise Company (HPE) (US).
Qualcomm
is one of the leading players in the wireless connectivity segment. The
company designs, manufactures, and markets digital communication
products and services based on code-division multiple access (CDMA),
orthogonal frequency-division multiple access (OFDMA), and other
technologies. The company has made high investments in R&D and is
involved in continuous developments in wireless technologies.
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