Consumer IoT is a broad concept that refers to a variety of internet-connected individual devices such as mobile phones, wearable devices, fashion accessories, and electronic gadgets. In terms of devices and applications, the internet of things differs from consumer IoTs. The internet-connected home appliances allow humans to reduce their workload. Amazon Echo and Google Home, for example, have become a hotspot for smart home devices and their vocal style assistants by providing convenience across homes.
According to a market report published by Bizwit Research & Consulting, LLP, Global Consumer IoT market is valued approximately USD 49040.2 Million in 2020 and is anticipated to grow with a healthy growth rate of nearly 21.25% over the forecast period 2021-2027.
The key factors driving the demand for global consumer IoT market during the forecasted period are growing number of internet users and adoption of smart devices, increasing use of IoT in fitness industry and government initiatives for security of IoT devices. However, Incidents of breach in data security and data privacy is likely to impede the market growth. Whereas, Government Funding in Research and Development Related to IoT, Rise in disposable income and consumer spendings would create a lucrative growth opportunity for global consumer IoT market for the forecasted period.
Several governments are also funding the research and developmental activities related to IoT. The main research topics are alleviating processing and storage issue, improved efficiency in energy management, development of new microcontrollers, reducing bandwidth used by IoT devices. Enhanced funding for research and development in IoT is expected to boost the market growth for consumer IoT over the forecasted period. For instance, according to the Indian government, in 2020, the Indian government project of developing 100 smart cities to have investments in IoT. On February 2020, the United States department of energy (DOE) office of electricity has announced allocation of USD 6.7 million in funding for four university lead projects for designing and developing approaches to integrate Internet of Things technologies.
Global Consumer IoT Market Size study, by Offerings (Node Components, Network Infrastructure, Solutions and Services) by End-Use Application (Wearable Devices, Consumer Electronics, Healthcare, Home Automation, Automotive) and Regional Forecasts 2021-2027
The total market revenue is calculated based on revenue generated through the sales of various components and software solution for Consumer IoT products. else (repair and Maintenance services) are excluded from the report. Major companies covered under the report are Qualcomm Incorporated, Texas Instruments Incorporated, NXP Semiconductors N.V., Intel Corporation, STMicroelectronics, International Business Machines Corporation, General Electric, Broadcom, Cisco Systems, Inc., Amazon.com, Inc. and other popular regional players across various countries are also considered for revenue calculation.
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