The Consumer IoT Market was worth USD 217.2 billion in 2022 and is predicted to grow to USD 553.33 billion by 2030, increasing at a 12.4 % CAGR between 2023 and 2030.
Consumer IoT (Internet of Things) is a subset of the broader concept of the Internet of Things, characterized by its specific application and the equipment it employs. The Internet of Things serves as a network that interconnects diverse devices, networks, and systems, enabling seamless communication and optimal utilization. For example, a smart house is a fantastic example of consumer IoT since it connects all smart gadgets to the same network and perfectly applies and achieves customer ease of communication and usage. The global consumer IoT market is predicted to grow as a result of factors such as smart device adoption and a surge in internet users. Furthermore, rising fitness consciousness and rising disposable incomes in emerging nations drive total industry growth. However, the rising danger of data breaches linked with consumer IoT is a significant impediment to the worldwide consumer IoT market. On the contrary, expanding government support for IoT research and development, as well as favorable government rules to encourage green building, are likely to offer profitable prospects for the consumer IoT market.
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Drivers
Application of Wireless Smart Sensors
The global increase in Internet penetration rate
The introduction of the fifth generation of cellular mobile communications, or 5G, will drive industry development.
The increased use of wireless smart sensors and networks significantly impacts the market. Furthermore, the expanding IP address space and improved security solutions made possible by IPv6 favorably influence the industry. Furthermore, increased urbanization, lifestyle changes, an increase in the need for data centers as cloud platforms become more popular, an increase in investments, and a growing market for connected devices all benefit the consumer Internet of Things (IoT) business.
Restrains
Concerns about data security
Privacy breaches
As digital technologies grow increasingly pervasive in our everyday lives as consumers, the danger of cyberattacks increases. Flaws are regularly introduced into the market by new items. Consumer Reports uncovered 11 security issues in four new video doorbells and home security cameras in 2021, warning users of hacking or breaches of personal data such as email addresses and Wi-Fi passwords.
Opportunities
Government financing for IoT research and development
Government policies that encourage green building
Increase in global Internet penetration rate
Challenges
Excessive power consumption by connected devices is projected to stymie industry expansion.
Inadequate updates and obsolete software
To protect the security of IoT devices, updates are necessary. When new vulnerabilities are found, devices should be updated on a regular basis. Smartphones and laptops often receive monthly (or more regularly in certain circumstances) updates, whereas IoT devices sometimes do. These devices frequently lack a well-defined security update and patching methodology.
OEMs must routinely prioritize cyber security while building IoT devices. As a result, more susceptible gadgets to cyber-attacks are manufactured. This implies that a gadget that was safe when the client originally bought it is now dangerous and vulnerable to hackers and other security threats.
The war can create economic uncertainty in the region and beyond, which can impact consumer spending. During times of instability, consumers tend to be more cautious with their finances, leading to a potential slowdown in the adoption and purchase of IoT devices. In response to the conflict, governments may introduce new regulations or restrictions that impact the IoT market. These regulations could include data localization requirements, restrictions on cross-border data flows, or increased security and privacy measures. Such changes may require IoT device manufacturers to adapt their products and operations, potentially leading to additional costs and challenges. The conflict between Russia and Ukraine has broader implications for cybersecurity. As tensions rise, there is an increased risk of cyber-attacks targeting critical infrastructure, including IoT devices. This can undermine consumer confidence in IoT technology and raise concerns about privacy and data security, potentially slowing down the adoption of IoT devices.
The geopolitical implications of the conflict may lead to shifts in alliances and trade dynamics. This can affect the global IoT market, as it relies on international cooperation and collaboration. Changes in political relationships and trade agreements could impact the availability and affordability of consumer IoT devices in different markets.
Impact of Recessions
Economic downturns often lead to job losses, reduced income levels, and financial uncertainty for many individuals. This can make IoT devices relatively less affordable, as consumers prioritize basic needs over technology purchases. High-priced IoT devices may experience a more significant impact as consumers tighten their budgets. Recessions can create a sense of caution among consumers, causing them to delay or postpone technology adoption. IoT devices, especially newer and more innovative ones, may face resistance as consumers become more risk-averse and hesitant to invest in unfamiliar technologies during financially uncertain times. During recessions, consumers tend to focus on cost-saving measures and value for money. IoT devices that offer clear cost-saving benefits, such as smart energy management systems or home security solutions, may continue to see demand. However, IoT devices considered as luxury or entertainment-oriented, like smart home assistants or connected toys, may experience a decline in demand.
The IoT market relies not only on consumer demand but also on the underlying infrastructure, including connectivity, cloud platforms, and data analytics. During a recession, companies may reduce investments in IoT infrastructure due to financial constraints, which could limit the growth of the consumer IoT market.
By Connectivity
Wired
Wireless
By Offering
Hardware
Software
Services
By End User
Consumer Electronics
Automotive
Healthcare
Others
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North America stands as the most lucrative region within the consumer IoT industry. The soaring desire for intelligent devices across consumer electronics, wearables, and home automation applications has catapulted the consumer IoT market in this region to unprecedented heights. Moreover, the escalating health awareness, triggered by the surge in chronic illnesses and diabetic patients, coupled with the user-friendly nature of medical devices, is fueling the market's expansion in this area. The widespread adoption of smart connected devices and the rapid digitization across various consumer end-use applications have further propelled the IoT expansion in North America. According to a 2022 ValuePenguin survey of over 1,450 customers, while 44.2 % of Americans now use smartwatches like Fitbits and Apple Watches, 68 % are willing to utilize a fitness tracker to receive health insurance reductions.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
The major players are Honeywell International Inc., Microsoft, IBM Corp., Apple Inc., AT&T, Cisco Systems, Inc., Alphabet Inc., Intel Corp., LG Corp., TE Connectivity, Samsung, Sony Corp., Amazon.com, Inc., Texas Instruments, Schneider Electric, and others.
In June 2020, Amazon.com, Inc. announced the Halo Band, which features an accelerometer, temperature sensor, two microphones, and a heart rate monitor.
Alphabet Inc. owns it. Google purchased Fitbit in 2021 to expand its presence in the wearables business. The firm does not make wearables but does provide software for building smartwatches.
In May 2020, Koninklijke Philips N.V. received CE marking and FDA certification for their wireless wearable biosensor to monitor coronavirus patients.
In April 2020, Sony revealed new true wireless earbuds and over-ear headphones, including two new mid-range versions. These earbuds analyze ambient sound components in real-time and, among other things, enable one-touch access to Siri.
| Report Attributes | Details |
| Market Size in 2022 | US$ 217.2 Bn |
| Market Size by 2030 | US$ 553.33 Bn |
| CAGR | CAGR of 12.4 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Connectivity (Wired, Wireless) • By Offering (Hardware, Software, Services) • By End User (Home Automation, Consumer Electronics, Automotive, Healthcare, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Honeywell International Inc., Microsoft, IBM Corp., Apple Inc., AT&T, Cisco Systems, Inc., Alphabet Inc., Intel Corp., LG Corp., TE Connectivity, Samsung, Sony Corp., Amazon.com, Inc., Texas Instruments, Schneider Electric |
| Key Drivers | • Application of Wireless Smart Sensors • The global increase in Internet penetration rate • The introduction of the fifth generation of cellular mobile communications, or 5G, will drive industry development. |
| Market Restraints | • Concerns about data security • Privacy breaches |
Ans: The Consumer IoT Market is to grow at a CAGr of 27.54% Over the Forecast Period 2023-2030.
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Ans. The North American region is dominating the Consumer IoT Market.
Ans: The Consumer IoT Market size was valued at USD 217.2 billion in 2022.
Ans:
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Consumer IoT Market, By Connectivity
8.1 Wired
8.2 Wireless
9. Consumer IoT Market By Offering
9.1 Hardware
9.2 Software
9.3 Services
10. Consumer IoT Market, By End-user
10.1 Home Automation
10.2 Consumer Electronics
10.3 Automotive
10.4 Healthcare
10.5 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Consumer IoT Market By Country
11.2.2North America Consumer IoT Market By Connectivity
11.2.3 North America Consumer IoT Market By Offering
11.2.4 North America Consumer IoT Market By End-user
11.2.5 USA
11.2.5.1 USA Consumer IoT Market By Connectivity
11.2.5.2 USA Consumer IoT Market By Offering
11.2.5.3 USA Consumer IoT Market By End-user
11.2.6 Canada
11.2.6.1 Canada Consumer IoT Market By Connectivity
11.2.6.2 Canada Consumer IoT Market By Offering
11.2.6.3 Canada Consumer IoT Market By End-user
11.2.7 Mexico
11.2.7.1 Mexico Consumer IoT Market By Connectivity
11.2.7.2 Mexico Consumer IoT Market By Offering
11.2.7.3 Mexico Consumer IoT Market By End-user
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Consumer IoT Market By Country
11.3.1.2 Eastern Europe Consumer IoT Market By Connectivity
11.3.1.3 Eastern Europe Consumer IoT Market By Offering
11.3.1.4 Eastern Europe Consumer IoT Market By End-user
11.3.1.5 Poland
11.3.1.5.1 Poland Consumer IoT Market By Connectivity
11.3.1.5.2 Poland Consumer IoT Market By Offering
11.3.1.5.3 Poland Consumer IoT Market By End-user
11.3.1.6 Romania
11.3.1.6.1 Romania Consumer IoT Market By Connectivity
11.3.1.6.2 Romania Consumer IoT Market By Offering
11.3.1.6.4 Romania Consumer IoT Market By End-user
11.3.1.7 Turkey
11.3.1.7.1 Turkey Consumer IoT Market By Connectivity
11.3.1.7.2 Turkey Consumer IoT Market By Offering
11.3.1.7.3 Turkey Consumer IoT Market By End-user
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Consumer IoT Market By Connectivity
11.3.1.8.2 Rest of Eastern Europe Consumer IoT Market By Offering
11.3.1.8.3 Rest of Eastern Europe Consumer IoT Market By End-user
11.3.2 Western Europe
11.3.2.1 Western Europe Consumer IoT Market By Connectivity
11.3.2.2 Western Europe Consumer IoT Market By Offering
11.3.2.3 Western Europe Consumer IoT Market By End-user
11.3.2.4 Germany
11.3.2.4.1 Germany Consumer IoT Market By Connectivity
11.3.2.4.2 Germany Consumer IoT Market By Offering
11.3.2.4.3 Germany Consumer IoT Market By End-user
11.3.2.5 France
11.3.2.5.1 France Consumer IoT Market By Connectivity
11.3.2.5.2 France Consumer IoT Market By Offering
11.3.2.5.3 France Consumer IoT Market By End-user
11.3.2.6 UK
11.3.2.6.1 UK Consumer IoT Market By Connectivity
11.3.2.6.2 UK Consumer IoT Market By Offering
11.3.2.6.3 UK Consumer IoT Market By End-user
11.3.2.7 Italy
11.3.2.7.1 Italy Consumer IoT Market By Connectivity
11.3.2.7.2 Italy Consumer IoT Market By Offering
11.3.2.7.3 Italy Consumer IoT Market By End-user
11.3.2.8 Spain
11.3.2.8.1 Spain Consumer IoT Market By Connectivity
11.3.2.8.2 Spain Consumer IoT Market By Offering
11.3.2.8.3 Spain Consumer IoT Market By End-user
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Consumer IoT Market By Connectivity
11.3.2.9.2 Netherlands Consumer IoT Market By Offering
11.3.2.9.3 Netherlands Consumer IoT Market By End-user
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Consumer IoT Market By Connectivity
11.3.2.10.2 Switzerland Consumer IoT Market By Offering
11.3.2.10.3 Switzerland Consumer IoT Market By End-user
11.3.2.11.1 Austria
11.3.2.11.2 Austria Consumer IoT Market By Connectivity
11.3.2.11.3 Austria Consumer IoT Market By Offering
11.3.2.11.4 Austria Consumer IoT Market By End-user
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Consumer IoT Market By Connectivity
11.3.2.12.2 Rest of Western Europe Consumer IoT Market By Offering
11.3.2.12.3 Rest of Western Europe Consumer IoT Market By End-user
11.4 Asia-Pacific
11.4.1 Asia-Pacific Consumer IoT Market By Country
11.4.2 Asia-Pacific Consumer IoT Market By Connectivity
11.4.3 Asia-Pacific Consumer IoT Market By Offering
11.4.4 Asia-Pacific Consumer IoT Market By End-user
11.4.5 China
11.4.5.1 China Consumer IoT Market By Connectivity
11.4.5.2 China Consumer IoT Market By Offering
11.4.5.3 China Consumer IoT Market By End-user
11.4.6 India
11.4.6.1 India Consumer IoT Market By Connectivity
11.4.6.2 India Consumer IoT Market By Offering
11.4.6.3 India Consumer IoT Market By End-user
11.4.7 Japan
11.4.7.1 Japan Consumer IoT Market By Connectivity
11.4.7.2 Japan Consumer IoT Market By Offering
11.4.7.3 Japan Consumer IoT Market By End-user
11.4.8 South Korea
11.4.8.1 South Korea Consumer IoT Market By Connectivity
11.4.8.2 South Korea Consumer IoT Market By Offering
11.4.8.3 South Korea Consumer IoT Market By End-user
11.4.9 Vietnam
11.4.9.1 Vietnam Consumer IoT Market By Connectivity
11.4.9.2 Vietnam Consumer IoT Market By Offering
11.4.9.3 Vietnam Consumer IoT Market By End-user
11.4.10 Singapore
11.4.10.1 Singapore Consumer IoT Market By Connectivity
11.4.10.2 Singapore Consumer IoT Market By Offering
11.4.10.3 Singapore Consumer IoT Market By End-user
11.4.11 Australia
11.4.11.1 Australia Consumer IoT Market By Connectivity
11.4.11.2 Australia Consumer IoT Market By Offering
11.4.11.3 Australia Consumer IoT Market By End-user
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Consumer IoT Market By Connectivity
11.4.12.2 Rest of Asia-Pacific Consumer IoT Market By Offering
11.4.12.3 Rest of Asia-Pacific Consumer IoT Market By End-user
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Consumer IoT Market By country
11.5.1.2 Middle East Consumer IoT Market By Connectivity
11.5.1.3 Middle East Consumer IoT Market By Offering
11.5.1.4 Middle East Consumer IoT Market By End-user
11.5.1.5 UAE
11.5.1.5.1 UAE Consumer IoT Market By Connectivity
11.5.1.5.2 UAE Consumer IoT Market By Offering
11.5.1.5.3 UAE Consumer IoT Market By End-user
11.5.1.6 Egypt
11.5.1.6.1 Egypt Consumer IoT Market By Connectivity
11.5.1.6.2 Egypt Consumer IoT Market By Offering
11.5.1.6.3 Egypt Consumer IoT Market By End-user
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Consumer IoT Market By Connectivity
11.5.1.7.2 Saudi Arabia Consumer IoT Market By Offering
11.5.1.7.3 Saudi Arabia Consumer IoT Market By End-user
11.5.1.8 Qatar
11.5.1.8.1 Qatar Consumer IoT Market By Connectivity
11.5.1.8.2 Qatar Consumer IoT Market By Offering
11.5.1.8.3 Qatar Consumer IoT Market By End-user
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Consumer IoT Market By Connectivity
11.5.1.9.2 Rest of Middle East Consumer IoT Market By Offering
11.5.1.9.3 Rest of Middle East Consumer IoT Market By End-user
11.5.2 Africa
11.5.2.1 Africa Consumer IoT Market By Country
11.5.2.2 Africa Consumer IoT Market By Connectivity
11.5.2.3 Africa Consumer IoT Market By Offering
11.5.2.4 Africa Consumer IoT Market By End-user
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Consumer IoT Market By Connectivity
11.5.2.5.2 Nigeria Consumer IoT Market By Offering
11.5.2.5.3 Nigeria Consumer IoT Market By End-user
11.5.2.6 South Africa
11.5.2.6.1 South Africa Consumer IoT Market By Connectivity
11.5.2.6.2 South Africa Consumer IoT Market By Offering
11.5.2.6.3 South Africa Consumer IoT Market By End-user
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Consumer IoT Market By Connectivity
11.5.2.7.2 Rest of Africa Consumer IoT Market By Offering
11.5.2.7.3 Rest of Africa Consumer IoT Market By End-user
11.6 Latin America
11.6.1 Latin America Consumer IoT Market By country
11.6.2 Latin America Consumer IoT Market By Connectivity
11.6.3 Latin America Consumer IoT Market By Offering
11.6.4 Latin America Consumer IoT Market By End-user
11.6.5 Brazil
11.6.5.1 Brazil America Consumer IoT Market By Connectivity
11.6.5.2 Brazil America Consumer IoT Market By Offering
11.6.5.3 Brazil America Consumer IoT Market By End-user
11.6.6 Argentina
11.6.6.1 Argentina America Consumer IoT Market By Connectivity
11.6.6.2 Argentina America Consumer IoT Market By Offering
11.6.6.3 Argentina America Consumer IoT Market By End-user
11.6.7 Colombia
11.6.7.1 Colombia America Consumer IoT Market By Connectivity
11.6.7.2 Colombia America Consumer IoT Market By Offering
11.6.7.3 Colombia America Consumer IoT Market By End-user
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Consumer IoT Market By Connectivity
11.6.8.2 Rest of Latin America Consumer IoT Market By Offering
11.6.8.3 Rest of Latin America Consumer IoT Market By End-user
12 Company profile
12.1 Honeywell International Inc.
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Microsoft.
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 IBM Corp.
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Apple Inc.
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Cisco Systems, Inc.
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Alphabet Inc.
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Intel Corp
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 LG Corp.
12.8.1 Company overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 TE Connectivity.
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Samsung.
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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