WESTFORD, Mass., July 8, 2024 /PRNewswire/ -- According to SkyQuest, the global Consumer IoT Market size was valued at USD 182.62 Billion in 2022 and is poised to grow from USD 189.97 Billion in 2023 to USD 266.68 billion by 2031, growing at a CAGR of 5.07% in the forecast period (2024-2031).
The growth of the global consumer IoT market will be driven by more internet users and uptake of smart devices. Additionally, rising disposable incomes in emerging economies and increased awareness of fitness contribute to the total market growth. Nonetheless, a significant barrier to the worldwide consumer IoT market is the rising risk of data breaches related to IoT devices. The consumer IoT market, on the other hand, is anticipated to benefit greatly from expanding government financing for IoT-related R&D and favorable policies that support green buildings.
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Consumer IoT Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $189.97 Billion |
Estimated Value by 2031 | $266.68 Billion |
Growth Rate | Poised to grow at a CAGR of 5.07% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Node Application, Network Infrastructure, Solution, Service and End-Use Application |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Data Visualization and Analytics in Consumer IoT Market |
Key Market Opportunities | Advancements in Sensor Technology |
Key Market Drivers | Next Wave of 5G in Consumer IoT |
Segments covered in Consumer IoT Market are as follows:
- Node Component
- Processor (Microcontroller (MUC), Microprocessor (MPU), Digital Signal Processor (DSP), Application Processor (AP)), Sensor (Accelerometers, Inertial Measurement Units (IMUS), Heart Rate Sensors, Pressure Sensors, Temperature Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Humidity Sensors, and Others), Connectivity IC (Wired, Wireless (Satellite Network, Cellular Network, Wi-Fi, ANT+, Bluetooth, Bluetooth Smart/Bluetooth Low Energy (BLE), Zigbee, Other), Memory Device (Flash, Dram), and Logic Device
- Network Infrastructure
- Server (Tower Server, Rack Server, Blade Server, Others), Storage, Ethernet Switch and Routing, Gateway
- Solution
- Software (Real-Time Streaming Analytics, Security Solution, Data Management, Others), Platform (Device Management, Application Management, and Network Management)
- Services
- Professional Services (Deployment and Integration Service, Support and Maintenance, Others), and Managed Services
- End-Use Application
- Wearable Devices (Activity Monitors, Smart Watches, Smart Glasses, Others), Consumer Electronics (Smart Light, Smart TV, Smart Washing Machine, Smart Dryer, Smart Refrigerator, Smart Oven, Smart Cooktop, Smart Cooker, Others), Healthcare (Heart Rate Monitor, Blood Pressure Monitor, Blood Glucose Meter, Continuous Glucose Monitor, Pulse Oximeter, Automated External Defibrillator, Programmable Syringe Pump, Wearable Injector, Others), Home Automation (Occupancy Sensors, Daylight Sensors, Smart Thermostats, IP Cameras, Smart Meters, Smart Locks, Others), Automotive (Connected Cars, Ultrasonic Sensors, In-Car Infotainment, Traffic Management, Others)
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Exploring Node Components and Their Crucial Role in Enabling Interconnected Solutions
Node components are gadgets used in the context of the international consumer IoT market to facilitate communication in IoT networks. Node components are very vital since they form the basis of the Internet of Things networks that supply reliable connectivity and data transfer services. By providing a variety of linked and varied consumer IoT solutions, their integration promotes the growth of IoT applications in smart cities, residences, and other areas.
In the global consumer IoT market, the connection IC (Integrated Circuit) is a crucial part of nodes that facilitates smooth communication between IoT devices. It makes systems more effective, and it aids in compatibility when transferring information across various networks. The true worth of this IC comes from the fact that it can be utilized in numerous IoT application domains such as wearables, smart home devices; and connected appliances.
The global consumer IoT industry relies on satellite networks as important gateways that give universal connectivity, particularly in remote and underdeveloped areas where traditional networks may not be adequate. Crucially global coverage presents an opportunity for IoT devices such as asset trackers and environmental sensors securely to transmit data across long distances, thus promoting use of IoT in fields such as environmental monitoring, logistics, and agriculture.
Crucial Role of End-Use Scenarios in Shaping Consumer IoT Adoption and Innovation Landscape
The end-use scenarios such as wearable health monitors, smart home systems and connected appliances represent the actual purposes fulfilled by consumer IoT devices. Knowing them is vital for invention promotion, market creation and the sequence of custom-made remedies, all of which contribute to expansion and global penetration of consumer IoT technology.
Wearables-products like smartwatches, fitness trackers, and health monitors-occupy an important end-use segment in the global consumer IoT market, as they provide information about users, which makes their life more convenient and helps them maintain health easily. This category primarily encourages market growth since it meets the customer demand for wearables-enhanced health-related items that can be integrated into everyday life seamlessly.
The consumer electronics industry globally will benefit from the adoption of IoT by end users who use products extensively, such as smart TV's, smart speakers, connected appliances etc. This is due to making usage of IoT connectivity to enhance usability convenience and functionality. The market is expanding rapidly as these items integrate IoT features with everyday objects thus converting them into smart devices that suit the lifestyle choices of consumers.
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Market Growth Anchored by Internet Expansion, Smart Device Adoption, and Emerging Economy Prosperity
Exponential growth is poised ahead for the global consumer IOT market due to increasing internet penetration, smart device adoption and rising incomes in emerging economies. This sector is supported by strong governmental support and nature conscious building projects even though cyber threats are still an issue. Smooth communication and the extension of the Internet of Things to numerous industries are achievable thanks to satellite networks, connectivity ICs, and node components. At the same time, with an eye on customization in health monitoring as well as wider personal comfort through the Internet of Things integration., end-user markets like consumer electronics and wearables are being made more robust.
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market
Narrowband-IoT (NB-IoT) Market
Internet of Things (IoT) in Smart Cities Market
Internet of Things (IoT) Professional Services Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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