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Consumer IoT Market estimated to be worth $104.4 billion by 2023

 



(IT-NEWSWIRE.COM, November 25, 2021 ) The report "Consumer IoT Market by Offerings (Node Components, Network Infrastructure, Solutions, snd Services), End-Use Application (Wearable Devices, Consumer Electronics, Healthcare, Home Automation, Automotive), and Geography - Global Forecast to 2023", is expected to grow from USD 46.8 billion by 2018 to USD 104.4 billion by 2023, at a CAGR of 17.39%. A few of the major driving factors for the growth of this market are growing number of internet users and adoption of smart devices, increasing awareness about fitness and rise in disposable incomes in developing economies, consumer preference for increased convenience and better lifestyle, increasing significance of home monitoring from remote locations, and government regulations for security of IoT devices

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Network infrastructure to hold largest share of consumer IoT market during forecast period
Network infrastructure is expected to hold the largest share of the consumer IoT market during 2018–2023. The increase in connected devices and consumer internet usage are leading to the generation of a huge volume of data. A diverse set of smart devices embedded with sensors generate either structured or unstructured IoT data. This leads to the need for high-capacity and high-speed storage. The generated data can be analyzed to get valuable insights; hence, intelligent storage models are replacing traditional storage systems, leading to the need for high-capacity and high-speed storage.

Home automation to hold largest share of consumer IoT market during forecast period
Home automation is expected to hold the largest share of consumer IoT market based on end-use application by 2023. The increasing demand of home monitoring in remote locations as well as the growing adoption of home automation devices in applications such as security, and HVAC and energy management, among others, have been the key factors driving the growth of the consumer IoT market for home automation.

North America to hold largest size of consumer IoT market during forecast period
North America is expected to account for the largest share of the market by 2018. The increasing demand for smart devices from the end-use applications such as consumer electronics, wearables, and home automation has contributed to the growth of the consumer IoT market in this region. Moreover, the growth of the market in the region is also driven by the increasing health consciousness due to growing incidences of chronic diseases and number of diabetes patients, and ease of use of medical devices. The increasing adoption of smart connected devices and rapid digitalization across various consumer end-use applications have further fueled the growth of IoT in North America.

The companies profiled in this report are Qualcomm Incorporated (US), Texas Instruments Incorporated (US), NXP Semiconductors N.V. (Netherlands), Intel Corporation (US), STMicroelectronics N.V. (Switzerland), International Business Machines Corporation (IBM) (US), General Electric (GE) (US), Symantec Corporation (US), TE Connectivity Ltd. (Switzerland), Schneider Electric SE (France), Cisco Systems, Inc. (US), Amazon.com, Inc. (US), Apple Inc. (US), Alphabet Inc. (US), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Microsoft Corporation (US), AT&T Inc. (US), Honeywell International Inc. (US), and Hewlett Packard Enterprise Company (HPE) (US).

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