Market Synopsis
The global internet of things (IoT) in consumer electronics market will touch USD 124 billion at a healthy 24.16% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Consumer IoT is a wide term used to refer to different personal devices such as home appliances, fashion products, smartphones, and wearables that are connected to the internet.
Various factors are propelling the global Iot In Consumer Electronics Market share. According to the recent MRFR report, such factors include the increase in cloud computing, rise in the use of tablets and smartphones, developments in IoT security, rise in internet users, increasing adoption of smart devices, rise in disposable income, and growing awareness about fitness. Additional factors adding market growth include the preference of consumers for better lifestyle and increased convenience, declining prices of such products, and comfort provided by connected consumer products.
On the contrary, lack of standardization, privacy concern, and the impact of the on-going COVID-19 outbreak are factors that may deter the global IoT in consumer electronics market growth over the forecast period.
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Key Players
The Iot In Consumer Electronics Market reflects a potential future owing to the existence of several powerful players having worldwide presence. Mergers & acquisitions, brand reinforcement, and innovation remain the prominent trends for the key players. The competition is mainly driven by the reputation, services, and pricing parameters. As the demand for IoT based smart-home gadgets increases, the scope for new players to enter the market reaches new heights. This opportunity opens up considerable revenue potential for the manufacturers.
At present, the global IoT In Consumer Electronics Market has been dominated by players such as Intel (US), IBM (US), Particle.io (US), Gainspan (US), Qualcomm Technologies (US), Apple Inc. (US), Silicon Laboratories (US), Libelium Comunicaciones (Spain), Lantronix, Inc. (US), ARM Holdings Plc., (UK), Texas Instruments (US), Symantec (US), PTC (US), Hewlett Packard Enterprise (US), Amazon Web Services (US), STMicroelectronics (Switzerland), Ayla Networks (US), Cisco Systems (US), Losant IoT (US), Pepper (US), and Notion (US).
IoT in Consumer Electronics Market – Segments
The MRFR report highlights an inclusive segmental analysis of the global IoT in consumer electronics market based on connectivity, deployment, and product.
By product, the global IoT in consumer electronics market is segmented into dishwashers, washing machines, printers, laptops, kitchen appliances, wearable devices, smartphones, smart TV, and others.
By deployment, the global IoT in consumer electronics market is segmented into on-cloud and on-premise.
By connectivity, the global IoT in consumer electronics market is segmented into zigbee, Zwave, Wi-Fi, Bluetooth, NFC, and others.
IoT in Consumer Electronics Market – Regional Analysis
By region, the global IoT in consumer electronics market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The presence of leading technology-based companies, increasing adoption of smart home automation, growing demand for smart devices from home automation applications, wearable, and consumer electronics, rising health consciousness for rising cases of chronic diseases such as diabetes, easy use of medical devices, rapid digitalization, and growing adoption of smart connected devices are adding to the global IoT in consumer electronics market growth in the region.
The global IoT in consumer electronics market in the APAC region is predicted to have healthy growth over the forecast period. Increasing consumer base among smartphones and wearable, high investments in home automation solutions, and technological developments related to IoT are adding to the global IoT in consumer electronics market growth in the region.
The global IoT in consumer electronics market in Europe is predicted to have sound growth over the forecast period. Increasing adoption of smart home applications and connected devices such as smart doors, smart locks, security cameras, smart lighting, smart thermostats, and voice assistants, and rising penetration of high-speed internet is adding to the global IoT in consumer electronics market growth in the region.
The global IoT in consumer electronics market in the RoW is predicted to have steady growth over the forecast period.
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Intended Audience
- Distributors and retailers
- Research organizations
- Technology standard organizations, forums, alliances, and associations
- Technology investors
- Operating system (OS) vendors
- Content providers
- Software providers
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