The Consumer IoT Market is expected to grow from USD 46.8 billion by 2018 to USD 104.4 billion by 2023, at a CAGR of 17.39%.
The growing number of internet users and adoption of smart devices, increased awareness about fitness and rise in disposable incomes in developing economies, consumer preference for increased convenience and a better lifestyle, increasing importance of home monitoring from remote locations, and government regulations for IoT device security are just a few of the major driving factors for the market's growth.
Request More Details:
Network infrastructure to hold largest share of consumer IoT market during forecast period
During the period 2018-2023, network infrastructure is predicted to hold the highest share of the consumer IoT market.
The proliferation of linked gadgets and consumer internet usage is generating massive amounts of data. Structured or unstructured IoT data is generated by a broad group of smart devices with sensors. As a result, high-capacity and high-speed storage are required. Because the generated data may be evaluated to provide useful insights, intelligent storage models are increasingly replacing traditional storage systems, necessitating the use of high-capacity, high-speed storage.
Home automation to hold largest share of consumer IoT market during forecast period
Home automation is expected to hold the largest share of consumer IoT market based on end-use application by 2023. The increasing demand of 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.
North America to hold largest size of consumer IoT market during forecast period
By 2018, North America is estimated to hold the greatest share of the market. The consumer IoT market in this region has grown due to increased demand for smart devices from end-use applications such as consumer electronics, wearables, and home automation. Furthermore, increased health consciousness as a result of rising prevalence of chronic diseases and the number of diabetic patients, as well as the simplicity of use of medical equipment, are driving market expansion in the region.
The fast digitalization of numerous consumer end-use applications, as well as the increasing use of smart connected devices, has spurred the expansion of IoT in North America.
Ask for PDF @
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).