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.
Request
Free Sample Pages:
Consumer IoT 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.
North 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 adoptions of smart connected
devices and rapid digitalization across various consumer end-use applications
have further fuelled the growth of IoT in North America.
Download
FREE PDF:
Key Market Players
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).
No comments:
Post a Comment