USD 182.62 Billion
Consumer IoT Market Size, Share, Growth Analysis, By Node Component(Processor, Sensor, Connectivity IC, Memory Device, Logic Device), Network Infrastructure, Solutions, Services, End-Use Application(Wearables, Consumer Electronics, Healthcare, Automotive, Home Automation), and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2229 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
207
|Figures:
78
Consumer IoT Market Insights
Global Consumer IoT Market size was valued at USD 182.62 Billion in 2022 and is poised to grow from USD 189.97 Billion in 2023 to USD 266.68 billion by 2031, growing at a CAGR of 5.07% in the forecast period (2024-2031).
IoT is the basis for digital transformation around the world, helping to transform many consumer, industrial, government and security applications. Although IT spending decreases in 2022, it is expected to increase by 2023. IoT will increase this IT spending by about 19% by 2023, according to a report by IoT Analytics provides internally the use of IoT helps manage scarce labor and accelerates digital transformation processes.
The combination of 5G and Internet of Things (IoT) can bring more and more sustainable data consumption across industries. 83% of organizations improved their productivity by introducing IoT technology.
IoT is transforming the healthcare industry with innovations such as robotic surgeons and smart hospitals taking patient care to the next level. IoT devices using sensor data help monitor health status, provide early diagnosis, treat patients, and more. For example, the Apple Smartwatch, which runs on an IoT platform, has been integrated with Fall Detection System and Emergency Call services to help save lives in time.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wearable Devices
Fastest Growth
Consumer Electronics
Growth Rate
5.07% CAGR
Global Consumer IoT Market ($ Bn)
Country Share for North America Region (%)
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Consumer IoT Market Segmental Analysis
The global consumer IoT market is segmented by node component, network infrastructure, solution, services, end-use, connectivity technology application, and region. Based on node component, the market can be segmented into Processor (Microcontroller (MUC), Microprocessor (MPU), Digital Signal Processor (DSP), Application Processor (AP)), Sensor (Accelerometers, Inertial Measurement Units (IMUS), Heart Rate Sensors, Pressure Sensors, Temperature Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Humidity Sensors, and Others. Based on Network Infrastructure, the market is segmented into Server (Tower Server, Rack Server, Blade Server, Others), Storage, Ethernet Switch and Routing, Gateway). Based on solution, the market is segmented into Software (Real-Time Streaming Analytics, Security Solution, Data Management, Others), Platform (Device Management, Application Management, Network Management). Based on services, the market is segmented into Professional Services (Deployment and Integration Service, Support and Maintenance, Others), Managed Services. Based on end-use application, the market is segmented Wearable Devices (Activity Monitors, Smart Watches, Smart Glasses, Others), Consumer Electronics (Smart Light, Smart TV, Smart Washing Machine, Smart Dryer, Smart Refrigerator, Smart Oven, Smart Cooktop, Smart Cooker, Others), Healthcare (Heart Rate Monitor, Blood Pressure Monitor, Blood Glucose Meter, Continuous Glucose Monitor, Pulse Oximeter, Automated External Defibrillator, Programmable Syringe Pump, Wearable Injector, Others) Home Automation (Occupancy Sensors, Daylight Sensors, Smart Thermostats, IP Cameras, Smart Meters, Smart Locks, Others), Automotive (Connected Cars, Ultrasonic Sensors, In-Car Infotainment, Traffic Management, Others). Based on application, the market is segmented into Consumer Electronics, Wearable. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa.
Analysis by Connectivity Technology
The wireless connectivity technology segment is expected to record the fastest growth rate of more than 13.60% from 2023 to 2030, owing to the greater scalability offered by these networks. They do not require hardware installations and can be extended with ease. Most wireless sensors comprise nodes that can be extended by adding extra nodes whenever required. In addition, they are more cost-effective as their prices have reduced due to the ongoing advancements in wireless technology and an increasing number of manufacturers.
The wired connectivity technology segment also accounted for a significant revenue share in 2023 and will expand further at a steady pace as this mode of connectivity is still very popular among consumers. The wired network typically employs ethernet for network connectivity, making them highly reliable. They are less likely to observe dropped connections. Moreover, they offer a greater data transmission speed as they are not affected by the distance and placement of devices. In addition, wired networks are more secure as they are deployed with a LAN firewall.
Analysis by Application
Consumer electronics is the dominant segment in the market due to increasing consumer trend to integrate smart consumer electronics. In residential areas with technologies such as sensors, digital assistants, advanced networking and the advent of cloud computing have made home productivity possible in everyday life. 15% of households are likely to have smart home devices installed by 2023.
The wearable segment is expected to register the fastest CAGR from 2024 to 2031 due to increase in internet penetration, increase in disposable income and decrease in selling price of these devices. Furthermore, wearable devices offer many benefits to healthcare professionals as well as patients as they assist in glucose monitoring, hand hygiene monitoring, heart rate monitoring. In Parkinson's disease monitoring, help in depression monitoring etc. The growing adoption of consumer IoT wearable devices for health monitoring is therefore expected to provide lucrative growth opportunities for the market.
Global Consumer IoT Market By Application
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Consumer IoT Market Regional Insights
North America is the dominant region and is expected to grow significantly during the forecast period. 45% of Americans already use smartwatches like Fitbits and Apple Watches, 69% of respondents want to use fitness trackers for health insurance discounts. Asia-Pacific substantial CAGR from 2024 to 2031.
Asia pacific is the fastest growing region in the market. According to data released by the China Trade and Industry Research Institute for 2021, the consumer IoT market in China expanded from $40.96 billion in 2016 to $91.08 billion in 2021. Government started building cities a smart infrastructure to generate long-term sustainable returns, it is anticipated to drive the growth of the market. The regional market is estimated to grow significantly during the forecast period.
Global Consumer IoT Market By Geography
- Largest
- Fastest
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Consumer IoT Market Dynamics
Consumer IoT Market Drivers
Rise of Smart Home Adoption: Transforming Habitats
- The increasing popularity of smart home devices is a major driver of the consumer IoT market. Consumers are increasingly adopting smart thermostats, lighting systems, security cameras and home assistants to improve comfort, security and energy efficiency in their homes. This trend is driving the demand for IoT solutions significantly.
Advances In Communication Technology Increases Device Integration
- Advances in connectivity technologies such as 5G, Wi-Fi 6, and Bluetooth Low Energy (BLE) enable seamless integration and communication between IoT devices. Improved connectivity for performance and reliability of consumer IoT devices is great and makes them acceptable in a variety of applications.
Restraints
Privacy and Security Issues: Protecting Consumer Data
- The proliferation of connected devices raises serious privacy and security concerns. Flaws in IoT devices can lead to data breaches and unauthorized access, leaving consumers scared. Ensuring strong safety measures is essential to address these concerns and increase adoption.
High Initial Cost
- The initial high costs associated with purchasing and installing IoT devices can be a deterrent for many buyers. Although prices are slowly falling, cost remains prohibitive, especially for those considering extensive smart home systems or high-end IoT devices.
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Consumer IoT Market Competitive Landscape
The general competitive landscape in the consumer IoT market is characterized by a diverse array of players ranging from tech giants to niche startups, each vying for market share and differentiation. Major players that include companies like (Amazon: small business), Apple, Samsung, and Microsoft lead the industry with the ecosystems of IoT that encompass the devices, platforms, and services. The businesses use their strong brands, rich resources, as well as their well-established customer bases to compete and invent. Another core category of players is startups and small businesses, which add up with homogeneous specific solutions for definite verticals or specific markets. The competition intensify as there are businesses that are offering seamless connectivity; good user experience and innovative applications they all backed up by sensor technology among others, artificial intelligence and the connectivity infrastructures Strategic partnerships, acquisitions and collaboration are the main strategies used for the purpose of internal and external product innovation, enhancing capabilities and growing market opportunities as the dynamic and evolving nature of the market persists.
Consumer IoT Market Top Player’s Company Profiles
- Google (Alphabet Inc.) (US)
- Amazon (US)
- Apple Inc. (US)
- Samsung Electronics (South Korea)
- Microsoft Corporation (US)
- Huawei Technologies Co., Ltd. (China)
- IBM Corporation (US)
- Cisco Systems, Inc. (US)
- Intel Corporation (US)
- Qualcomm Incorporated (US)
- General Electric (GE) (US)
- Honeywell International Inc. (US)
- Sony Corporation (Japan)
- LG Electronics Inc. (South Korea)
- Siemens AG (Germany)
- Bosch Group (Germany)
- Panasonic Corporation (Japan)
- Oracle Corporation (US)
- Dell Technologies Inc. (US)
- Schneider Electric SE (France)
Consumer IoT Market Recent Developments
- In March 2023, Non-terrestrial network (NTN) service provider Skylo Technologies and cloud-based cellular network provider Monogoto sign an agreement to provide affordable and flexible solutions for NB-IoT satellite connectivity. It will help extend connectivity to different regions, with regular software updates due to the mobility of the terrestrial network.
- In December 2022, Alliat Technologies partners with Vodafone UK to deliver NB-IoT connectivity across the UK. Vodafone’s network will significantly enhance Elliott’s offering through scale, innovation and efficiency. Through this partnership, Elliott will invest in cutting-edge technology to provide its customers with the best possible experience. This will position them as the UK’s only NB IoT network.
- In February 2023, Taoglas partnered with Westbase.io, an IoT distributor, to offer 4G/5G and other IoT solutions to their customers in the European region. The partnership will provide customers with high-performance, reliable solutions in manufacturing, logistics, emergency services, smart cities, connected health, and other demanding applications. The highly sophisticated Taoglas antennas, together with the Westbase network, provide the most advanced RF and antenna technology for industrial customers.
Consumer IoT Key Market Trends
- Integrating AI and Machine Learning: Driving Smarter Connections: Integrating AI and machine learning into consumer and IoT devices is a key market trend. This integration allows devices to learn from user behavior, deliver a personalized experience, and improve over time. From smart speakers that recognize voice commands to customized thermostats, AI-powered IoT devices are transforming customer experience and driving market growth.
Consumer IoT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the consumer IoT market presents a dynamic landscape characterized by diverse component segments, technological advancements, end-user applications, regional variations and competitive dynamics. The segmental analysis of the components which contribute to the adoption of the market, indicates the key role both hardware and software play, as the hardware plays a foundational role, and the software serves a critical and expert role of the services. Nevertheless, the technology matrix demonstrates that the wireless solutions continue their dominance being determined by their flexibility, scalability, and wide adoption mainly, while wired technology is gaining much traction proving its reliability and performance superiority. The long-tail analysis identifies specific market segments including wearable household electronics, healthcare and others with consumers having different culture and demand preferences. On one hand, regional perspectives show that North American is one of the major driving forces but on another side, Asia is the fastest growing region owing to urbanization, rising disposable incomes as well as the role of technology.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 182.62 Billion |
| Market size value in 2031 | USD 266.68 billion |
| Growth Rate | 5.07% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Consumer IoT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Consumer IoT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Consumer IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Consumer IoT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Consumer IoT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Consumer IoT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Consumer IoT Market Report Snapshots
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