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

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). 

The spike in internet saturation, the upsurge in disposable income, and the rise in research and development initiatives on IoT products and services are all signs of the market's promising trend. Based on SkyQuest analysis, we found that the governments and private companies all across globe are continuously improving the level of access to the internet which, in turn, enables the deployment of a tremendous high-speed connectivity infrastructure for IOT operations. People's material wellbeing is rising, leading to the desire for bettering lifestyles, which in turn increases the number of voice assistants e.g. Amazon Echo and Google Home.

Based on an in-depth study by SkyQuest, we found that in year 2023, US$ 805 billion were spent on the Internet of Things (IoT) technology which shows a year-on-year increase in the investment which is expected to drive the market over the forecast year. Our study also reveals that the increasing use of consumer gadgets such as smartwatches may point to burgeoning consumer's interests. The major players are disclosing their extensive R&D plans, which is predicted to open more windows for the market to advance. Nonetheless, the cyber threats and security issues are particularly noteworthy impediments. Given the increasing digitalisation cyber-attacks and data breaches are on a steady rise.

However, with the amount of personal information, which is collected through these Hi-Tech products and services, consumers are getting much more sensitive about the privacy repercussions. In addition, the devices experience issues apart from the internet connectivity, for example, they malfunction during power outages which makes them non-functional. Moreover, the internet scarcity in some of the local region can be a big challenge to the market development. Hence, these factors are expected to restrain market's development.

Market Snapshot - 2024-2031

Global Market Size

USD 182.62 Billion

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 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), Connectivity IC (Wired, Wireless (Cellular Network, Wi-Fi, ANT+, Bluetooth, Bluetooth Smart/Bluetooth Low Energy (BLE), satellite network, Zigbee, Other), Memory Device (Flash, Dram), Logic Device. 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 region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. 

Consumer IoT Market Analysis by Node Component 

The leading segment in the IoT market based on node component is typically the connectivity IC due to the increasing adoption of cellular network in the IoT devices. Cellular networks, ranging from 4G LTE to future 5G, boast wide-scale coverage, high data rates, and dependability – certain key factors for a plethora of IoT applications. Cellular technology ensures connectivity not only for digitalization in urban areas but also in rural and remote locations where other communication infrastructure may be scarce. Furthermore, mobile networks allow for mobility while the IoT devices are in motion and this is supposed to be used in applications such as fleets management, transportation, and tracking devices. The quest for 5G networks is to bring more power to cellular networks by making ultra-low latency, massive device connectivity, and network slicing available for purely customized IoT services. It can guarantee cellular networks to dominate the niche of IoT market. 

The fastest-growing segment in the IoT market based on node component is the satellite network segment. Growing popularity of grid-based satellite networks is cunning because of their capability of providing communication capability in regions where conventional mobile networks are not available or unsustainable. Nowadays, remote sensing, environmental monitoring, asset tracking and other applications, which are essential in companies like agriculture, maritime, oil and gas and logistics, are often based on satellite IoT solutions. Presently, the growing digital inclusion and connectivity in the underserved regions as well as the rising demand for resilient and reliable communication solutions is having a lead role in the rapid development of this market. The fact that satellite technology is growing and becoming even more available is one of the reasons why the satellite network segment is going to move forward on the IoT market with its already fast-paced growth. 

Consumer IoT Market Analysis by End-Use  

Based on end-use, the market is segmented into wearable payments devices, consumer electronics, healthcare, home automation and others. Wearable devices lead the end-use segment in the IoT consumer market due to their widespread adoption and diverse range of applications. These wearable products, including smartwatches, fitness trackers, and augmented reality glasses, offer custom experiences and real-time insights which are upon trend with increases in health, fitness and connectivity. Wearables offer easy access to health metrics, activity tracking and messages but they empower users to track their wellness and stay connected as they travel. Also, new sensor technologies, longer battery life, and innovative designs have contributed to the creation of wearables that fit seamlessly into users' daily lives with various features. Furthermore, the wireless devices in the IoT used in healthcare, sports, and various industries are boosting the popularity of wearables, which become the leading category among consumer IoT devices. 

Consumer electronics emerges as the fastest-growing segment in the IoT consumer market. The expansion of smart devices along with the growing number of connected gadgets like smart TVs, smart speakers and connected appliances gives rise to the consumers' thirst for more and more functionality, connectivity and versatility in their digital lifestyle. Furthermore, continuous technology development covering artificial intelligence, voice recognition, and edge computing pushes the boundaries of consumer electronics that improve its capability as well as expand its applicability. Moreover, the growing consumer awareness of the advantages that IoT offers, in tandem with the falling costs and enhance more than the smart devices, promote the expansion of the consumer electronics area in the IoT market.

Global Consumer IoT Market By End-Use Application

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Consumer IoT Market Regional Insights

North America stands out as the leading region in the IoT consumer market. North America is estimated to have one of the most mature communication/data infrastructures and broad internet coverage across the country which has a great potential of adopting IoT. The proximity is the primary reason as technology is a key driver of innovation and the Tech giants dominate the region like Google, Amazon, and Apple, to name few with their wide range of IoT devices and services they provide. North America is a pioneer in the adoption of IoT is reshaping various industrial and consumer sectors throughout the region. The 5G adoption in the region is high, and a total of 108 million 5G connections have been laid by Q3 2022. The autonomous 5G deployments that are underway will drive the market for IoT as a whole. Also, the positive regulatory framework with the encouragement of the government for innovative endeavours is the other factor adding fuel to the expansion of the IoT consumer market in North America. To summarize everything previously stated, these components compiled have a positive impact on North America's dominance in the global IoT consumer market.

Asia Pacific emerges as the fastest-growing region in the IoT consumer market. The fast urbanization and the growth of per capita income in countries like China, India, and South Korea result in the investment for smart home gadgets, wearables, and the increasing data among the populations of the growing middle class. Not only does the region benefit from having an advanced manufacturing community, which enables production of the IoT devices at a low cost, but also it allows the creation of devices at scale. Alongside this, APAC excels in technological innovation where countries like Japan and China are investing highly for developing IoT innovation. Moreover, positive governmental policies and specific directives aimed at input promotion of adolescence of the ICT and the development of smart cities inflate owner demand in the region.

Global Consumer IoT Market By Region
  • Largest
  • Fastest

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Consumer IoT Market Dynamics

Consumer IoT Market Drivers 

The Rise in Internet Penetration Rate Across the Globe. 

  • The rise in internet penetration across the globe serves as a significant driver for the growth of the IoT consumer market. In the past 10–15 years, the rate has increased to an extent in developed regions, including North America and Europe. As more people gain access to the internet, the potential user base for IoT devices expands exponentially. Increased internet penetration facilitates seamless connectivity, enabling IoT devices to communicate and exchange data efficiently. This connectivity fuels the adoption of smart home devices, wearable technology, and other IoT products by providing the necessary infrastructure for their operation. Moreover, broader internet access encourages the development of IoT solutions tailored to diverse demographics and geographic regions.  

Emergence of Fifth Generation of Cellular Mobile Communications 

  • The emergence of 5G cellular mobile communications represents a pivotal driver for the global IoT consumer market. 5G technology offers significantly faster data speeds, lower latency and increased network capacity. This enables more efficient communication between IoT devices, unlocking new possibilities for real-time applications and services. With 5G, IoT devices can transmit and receive data quicker, enabling seamless integration into various consumer environments, from smart homes to connected vehicles. Additionally, the enhanced reliability and network slicing capabilities of 5G facilitate the deployment of mission critical IoT solutions in industries such as healthcare, manufacturing, and transportation. 

Advent of Fifth Generation of Cellular Mobile Communications. 

  • The emergence of the fifth generation of cellular mobile communications, 5G, is a transformative driver for the global IoT consumer market. 5G offers unprecedented speed and increased network capacity, revolutionizing the way IoT devices communicate and function. This technology enables seamless connectivity for a wide array of IoT devices, from smart home appliances to wearable gadgets and connected vehicles. With 5G's capabilities, IoT devices can transmit and process data faster and more efficiently, unlocking new possibilities for real-time applications and services. Moreover, the reliability and scalability of 5G networks facilitate the deployment of large-scale IoT deployments, fostering innovation and driving market growth. 

Consumer IoT Market Restraints 

High Cost Associated with Implementation 

  • The high cost associated with implementation serves as a significant restraint for the global IoT consumer market. Deploying IoT solutions often requires substantial investments in hardware, software, connectivity infrastructure, and implementation services. For consumers, the upfront cost of purchasing IoT devices and systems can be prohibitive, leading to slower adoption rates, particularly in price-sensitive markets. Additionally, ongoing expenses related to maintenance, data management, and cybersecurity further contribute to the total cost of ownership. The high cost of implementation poses a barrier to entry for both consumers and businesses, limiting the scalability and widespread adoption of IoT solutions. Addressing cost concerns through advancements in technology, standardization, and economies of scale is essential to overcoming this restraint and unlocking the full potential of the IoT consumer market. 

Complexity and User Experience Issues 

  • Complexity and user experience issues represent significant restraints in the global IoT consumer market. The complexity of setting up and managing IoT devices, coupled with inconsistent user interfaces and interactions, often leads to frustration and dissatisfaction among consumers. Poorly designed user experiences hinder adoption rates and limit the potential of IoT technology to seamlessly integrate into daily life. Additionally, the lack of standardization in user interfaces and interactions exacerbates usability challenges, making it difficult for consumers to navigate and control IoT ecosystems effectively. Addressing these issues requires a focus on simplifying setup processes, improving user interfaces, and enhancing overall usability to create seamless and intuitive experiences for consumers interacting with IoT devices. 

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Consumer IoT Market Competitive Landscape

The general competitive landscape in the IoT consumer 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 April 2024, Infineon has introduced its next-generation PSOC Edge, designed to enhance AI capabilities in IoT, consumer, and industrial technologies. This advancement is expected to significantly accelerate the company's growth by positioning Infineon at the forefront of AI-driven innovation. By enabling smarter, more efficient IoT devices and application.
  • In March 2024, SEALSQ Corp announced the latest advancements in IoT certification at the Connectivity Standards Alliance (CSA) Member event in Singapore. These advancements feature an all-in-one solution for consumer IoT device makers to achieve the new Product Security Verified Mark. This development will likely accelerate the company's growth by positioning SEALSQ as a leader in IoT security, meeting increasing market demands for secure, certified IoT devices, and enhancing trust and adoption among consumers and manufacturers.  
  • In February 2024 Ceva's introduction of its next-generation low-power ultra-wideband IP for FiRa 2.0, which offers highly accurate and reliable wireless ranging capabilities, is set to significantly accelerate the company's growth. This innovative solution addresses the increasing demand for precise and dependable connectivity in both consumer and industrial IoT applications. By enhancing the performance and efficiency of wireless communication, Ceva positions itself as a key player in the IoT market, attracting a broader customer base and driving revenue growth through the adoption of advanced IoT technologies.

Consumer IoT Key Market Trends

  • Advancements in Sensor Technology: Advancements in sensor technology present key opportunities for the global IoT consumer market. These advancements enable the development of IoT devices with enhanced capabilities for monitoring, measuring, and responding to various conditions and user behaviours. With sensors becoming more affordable and accessible, there is a growing opportunity to create personalized and context aware IoT solutions that provide valuable insights and experiences tailored to individual preferences and needs. With advancements in sensor technology, devices can now gather information on temperature, humidity, motion and more. This data can be utilized to automate tasks, optimize energy usage, and provide personalized experiences to consumers. 
  • Convenience and Efficiency: Convenience and efficiency represent significant opportunities in the global IoT consumer market. IoT devices offer unprecedented levels of convenience by automating routine tasks, streamlining processes, and providing remote access and control. For consumers, this translates to enhanced productivity, time savings, and improved quality of life. Additionally, IoT solutions optimize resource usage and energy efficiency, contributing to cost savings and environmental sustainability. By focusing on convenience and efficiency, IoT providers can drive greater adoption and loyalty among consumers seeking simplified and optimized lifestyles.

Consumer IoT Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global consumer IoT market analysis, the IoT consumer 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 IoT 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. Also, as the competitive landscape hints about competitors such as Google, Amazon, and Apple, as well as a series of new start-ups and niche players creating a situation of innovation and competitiveness in the market is not hidden too.  

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
  • Node Component
    • 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), Connectivity IC (Wired, Wireless (Satellite Network, Cellular Network, Wi-Fi, ANT+, Bluetooth, Bluetooth Smart/Bluetooth Low Energy (BLE), Zigbee, Other), Memory Device (Flash, Dram), and Logic Device
  • Network Infrastructure
    • Server (Tower Server, Rack Server, Blade Server, Others), Storage, Ethernet Switch and Routing, Gateway
  • Solution
    • Software (Real-Time Streaming Analytics, Security Solution, Data Management, Others), Platform (Device Management, Application Management, and Network Management)
  • Services
    • Professional Services (Deployment and Integration Service, Support and Maintenance, Others), and Managed Services
  • End-Use Application
    • 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)
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
  • 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) 
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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
  • 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
  • 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
  • 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(%)

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.

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FAQs

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). 

The general competitive landscape in the IoT consumer 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.  '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) '

The rise in internet penetration across the globe serves as a significant driver for the growth of the IoT consumer market. In the past 10–15 years, the rate has increased to an extent in developed regions, including North America and Europe. As more people gain access to the internet, the potential user base for IoT devices expands exponentially. Increased internet penetration facilitates seamless connectivity, enabling IoT devices to communicate and exchange data efficiently. This connectivity fuels the adoption of smart home devices, wearable technology, and other IoT products by providing the necessary infrastructure for their operation. Moreover, broader internet access encourages the development of IoT solutions tailored to diverse demographics and geographic regions.  

Advancements in Sensor Technology: Advancements in sensor technology present key opportunities for the global IoT consumer market. These advancements enable the development of IoT devices with enhanced capabilities for monitoring, measuring, and responding to various conditions and user behaviours. With sensors becoming more affordable and accessible, there is a growing opportunity to create personalized and context aware IoT solutions that provide valuable insights and experiences tailored to individual preferences and needs. With advancements in sensor technology, devices can now gather information on temperature, humidity, motion and more. This data can be utilized to automate tasks, optimize energy usage, and provide personalized experiences to consumers. 

North America stands out as the leading region in the IoT consumer market. North America is estimated to have one of the most mature communication/data infrastructures and broad internet coverage across the country which has a great potential of adopting IoT. The proximity is the primary reason as technology is a key driver of innovation and the Tech giants dominate the region like Google, Amazon, and Apple, to name few with their wide range of IoT devices and services they provide. North America is a pioneer in the adoption of IoT is reshaping various industrial and consumer sectors throughout the region. The 5G adoption in the region is high, and a total of 108 million 5G connections have been laid by Q3 2022. The autonomous 5G deployments that are underway will drive the market for IoT as a whole. Also, the positive regulatory framework with the encouragement of the government for innovative endeavours is the other factor adding fuel to the expansion of the IoT consumer market in North America. To summarize everything previously stated, these components compiled have a positive impact on North America's dominance in the global IoT consumer market.

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