Consumer IoT Market Current Trends and Restraints Forecast To 2031

The global consumer IoT market revenue was US$ 80.39 billion in 2021. The global consumer IoT market revenue is forecast to reach US$ 292.85 billion by 2030, growing at a compound annual growth rate (CAGR) of 14% during the forecast period from 2022-2030.

Consumer IoT refers to internet-connected gadgets made for consumers, such as wearables, smartphones, smart homes, and others that gather and share information. Consumer IoT applications include home security and smart homes, personal healthcare, wearable technology, and asset tracking, among others.

Factors Influencing Market Growth

Factors such as smart device adoption and the growing number of internet users will drive the growth of the global consumer IoT market.

Increasing fitness awareness and rising disposable incomes in developing economies boost the overall consumer IoT market growth.Download free sample of this report :-https://www.quadintel.com/request-sample/consumer-iot-market-1/QI040

The increased risk of data breaches associated with consumer IoT is a negative factor for the global market growth.

IoT-related government funding and more favorable government regulations are forecast to create lucrative opportunities for the global consumer IoT industry.

Impact Analysis of COVID-19

COVID-19 pandemic had positively impacted the global consumer IoT market.

As a result of the pandemic, consumers gravitated toward contactless payment methods, which created a huge market opportunity for intelligent products enabled by artificial intelligence (AI) and machine learning. As a result, people were also concerned with minimizing physical contact and maximizing contactless interactions in order to reduce the risk of infection.

As a result of partial and complete lockdown imposed by the government, several companies had to shut down due to lack of labor and shortage of raw materials. Furthermore, the demand from application sectors like consumer electronics, home automation, and automotive declined.

The market is forecast to recover after COVID-19 as market players review their strategies to maintain their daily operations and devise new strategies to address challenges.

Regional Insights

North America held dominance in the global consumer IoT market and is forecast to remain dominant during the forecast period. As a result, there is a higher disposable income in the area than in some other regions, and the region has quickly adopted the latest technology. Further, an increase in investments and R&D in the segment is forecast to boost the market growth.

Asia Pacific is forecast to register the highest CAGR during the forecast period. Honeywell International Inc., Siemens AG, and Intel Corporation are among the leading manufacturers of IoT products for consumers focusing on more technologically advanced, more secure products and solutions in the region. Thus, driving the growth of the regional market.

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Leading Competitors

The leading prominent companies profiled in the global consumer IoT market are:

Cisco Systems, Incorporated
Honeywell International Incorporated
Infineon Technologies AG
Intel Corporation
International Business Machines Corporation (IBM)
Microsoft Corporation
NXP Semiconductors N.V.
Siemens AG
STMicroelectronics
TE Connectivity Limited
Other Prominent Players

Scope of the Report

The global consumer IoT market segmentation focuses on Offering, Connectivity, End User, and Region.

Segmentation based on Offering

Hardware
Processor
Microcontroller (MUC)
Microprocessor (MPU)
Digital Signal Processor (DSP)
Application Processor
Network infrastructure
Server
Storage
Others
Sensors
Others
Software
Services

Segmentation based on Connectivity

Wired
Wireless
Wi-Fi
Bluetooth
ZigBee
Others

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Segmentation based on End-User

Home Automation
Consumer Electronics
Automotive
Healthcare
Others

Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

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