Consumer IoT Market to Grow $188.24 Billion by 2027: at 17.2% CAGR

ReportCrux Market Research has published a new report titled “Consumer IoT Market by Component (Software [Real-Time Streaming Analytics, Data Management, Remote Monitoring, Security Solution, and Network Bandwidth Management], Hardware [Application Management, Device Management, and Network Management], and Services [Professional Services, and Managed Services]); by Offering (Node Component [Memory Device, Processor, Sensor, and Others], Network Infrastructure [Ethernet Switch and Routing, Server, and Gateway], and Others); by End User (Consumer Electronics, Wearable Devices, Home Automation, Healthcare, Automotives, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

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Market Size 2019-2027:

According to the report, global demand for consumer IoT market was valued at approximately USD 52.76 Billion in 2019 and is expected to generate revenue of around USD 188.24 Billion by end of 2027, growing at a CAGR of around 17.2% between 2020 and 2027.

Market Analysis and Overview: Global Consumer IoT Market

Consumer IoT is a broad term used to refer to a variety of personal devices like wearables, smart phones, fashion products, and home appliances that are connected to the internet. Consumer IoT differs from the Internet of Things primarily in terms of the type of computer used and its applications.

The growth of the IoT consumer market can be attributed to the increased awareness about health, rising number of Internet users, the adoption of smart devices, increased disposable incomes in emerging economies, and increased customer demand for convenience and healthier lifestyles, raising value of remote home surveillance, and government safety regulations. The growing number of interconnected devices monitoring physical infrastructure and rising networking, which makes these networks and their devices more susceptible to data breaching, thus contributing to an increase in demand for highly advanced security solutions in the IoT industry. In addition, with the increase in the number of connected devices, the volume of data is also increasing. Such large amounts of data are driving the data management software market. By introducing the IoT data management platform, businesses are trying to achieve a competitive advantage with predictive analytics and to improve their business operations thus boosting consume IoT market.

Regional and Country-level Analysis

Geographically, the market is classified into Middle East & Africa, Asia Pacific, Europe, North America, and Latin America. North America held almost 41% of the market in 2019. The increasing demand for smart devices from consumer electronics, wearables and home automation applications has led to the growth of the consumer IoT market in this area. However, the growth of the market in this area is also driven by rise in health awareness due to the growing incidence of chronic diseases and the number of patients with diabetes and the ease of use of medical devices.

Segmentation Analysis:

The global market for the consumer IoT is segmented into offering, end user, component, and region. Based on component, the market for consumer IoT is segmented into software, hardware, and services. The software market is further divided into real-time streaming analytics, data management, remote monitoring, security solution, and network bandwidth management. The hardware market is further segmented into application management, device management, and network management. The services segment is further divided into professional services, and managed services. The software segment accounted for almost 46% share of the market in 2019. As the number of connected devices is increasing, the amount of data is also increasing. These large data volumes are driving the data management software market. By introducing IoT data management tools, businesses seek to gain a competitive advantage with predictive analytics as well as to improve their business operations. Moreover, the growing number of interconnected devices that control the increasing networking and physical infrastructure has made these networks and their devices more susceptible to cyber attacks, thus contributing to an increase in demand for highly sophisticated security solutions in the consumer IoT industry.

Based on offering, the market is categorized into node component, network infrastructure, and others. The node component market segment is further classified into memory device, processor, sensor, and others. The network infrastructure segment is further divided into server, ethernet switch and routing, and gateway. The node component segment held major share of the market in 2019. The goal and objective of the IT network is to protect data safely and confidentially. Companies such as Cisco systems are seeking to establish an approach that incorporates physical and cyber security offerings for the safety of workers and the defense of the entire network.

On the basis of end user, the global market for consumer IoT is segmented into consumer electronics, wearable devices, home automation, healthcare, automotives, and others. The home automation segment accounted for almost 27% share of the market in 2019. The rise in demand for home monitoring form remote locations, and growing adoption of home automation devices in applications like HVAC, defense, and energy management have been key factors driving the growth of the IoT user market for home automation.

TO UNDERSTAND HOW COVID-19 IMPACT IS COVERED IN THIS REPORT on Consumer IoT Market

Major Key Players of 2020 Consumer IoT Market Report:

Major players in consumer IoT market are LG Electronics, Inc. (South Korea), Texas Instruments Incorporated (U.S.), Amazon.com, Inc. (U.S.), AT&T, Inc. (U.S.), TE Connectivity Ltd. (Switzerland), Sony Corporation (Japan), NXP Semiconductors N.V. (Netherland), STMicroelectronics N.V (Switzerland), Apple, Inc. (U.S.), and Intel Corporation (U.S.) among others.

The report segments of global Consumer IoT market are as follows:

By Component

· Software

o Real-Time Streaming Analytics

o Data Management

o Remote Monitoring

o Security Solution

o Network Bandwidth Management

· Hardware

o Application Management

o Device Management

o Network Management

· Services

o Professional Services

o Managed Services

By Offering

· Node Component

o Memory Device

o Processor

o Sensor

o Others

· Network Infrastructure

o Ethernet Switch and Routing

o Server

o Gateway

· Others

By End User

· Consumer Electronics

· Wearable Devices

· Home Automation

· Healthcare

· Automotives

· Others

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The report highlights in-depth quantitative as well as qualitative insights, historical data, and market size projections till 2027. It also gives a perspective on manufacturers, associations, specific organizations, industries, companies, and suppliers that work to expand their business worldwide. Value chain analysis of the industry is explained in detail this providing a clear view of key mediators involved. The report studies the global Consumer IoT market size from the company, major regions and countries, products type, end users and applications, background information, and also predictions to 2027.

In depth competitive landscaping, recent developments by competitors and product pipelines are covered in the report. Further, the report focuses on various strategies adopted by different key stakeholders with respect to product marketing. The consumption or sales revenue, consumption market share and its growth across the applicable regions is described in detail in the report. In addition, it also studies the sales channels and strategies that are adopted by different leading manufacturers.

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