IoT in Consumer Electronics Market to surpass USD 172 billion at a CAGR of 18% by 2030.
The IoT in consumer electronics market is projected to register a CAGR of 18% from 2022 to 2030. Consumer IoT is a wide range of linked products connected to the internet network, including smartphones, wearable electronics, and household appliances. The Internet of Things differs from Consumer IoT regarding the devices and their applications. The IoT in consumer electronics market size is expected to reach approximately USD 172 billion by 2030. Demand for a better lifestyle has grown as disposable income has increased. As a result, voice assistants (like Amazon Echo, Google Home, etc.) and other smart home software and hardware have become widely used.
Different governments have implemented lockdowns, corporate sector shutdowns, and many other strict restrictions to thwart the spread of COVID-19. The corporate sector shutdowns have substantially influenced the market, driving up the cost of the sensors, chips, and other parts needed to make IoT devices. Due to production halts and stock exhaustion by consumer IoT companies over the past few months, the demand for IoT electronics has been declining. However, due to the worldwide lockdown and people's desire to stay at home, IoT in consumer electronics consumption may rise, which would cause the market to grow quickly.
The adoption of smart home technology is another area of application witnessing rapid growth. A wide range of consumer categories, including fitness, healthcare, automobiles, and the home, create the consumer Internet of Things. As smartwatches, earbuds, and televisions have been on the rise for the last few years, further component-level miniaturization, increased sensor accuracy, and data analysis are paving the way for connected medical accessories. Additionally, allied sales are expected to maximize as 5G network rollouts for powering IoT consumer electronics gain traction. The new cellular network technology is expected to offer speed and low latency to the consumer market.
The consumer electronics market is driven by the development of cloud computing, the rising usage of smartphones and tablets to operate IoT devices, and improvements in IoT security. As more businesses, homes, and other establishments use the internet for various purposes, the need for IoT in consumer electronics is rising. Consumer IoT companies' significant investments in creating new IoT technologies drive the market. Additionally, the rise in disposable income and a growing understanding of the advantages of IoT are both helping the consumer electronics industry. Other significant market drivers include growing consumer demand for more convenience and a better lifestyle, growing government regulations for IoT device security, increasing necessity of home monitoring, particularly from remote places, and growing use of smart and multimedia devices.
Lack of standardization and privacy concerns could limit market growth during the projection period. Issues like the rise in data privacy risks, concerns about consumer IoT, and the power consumption of connected devices constrain IoT adoption in the consumer electronics sector.
Government regulations to encourage green buildings are growing, as are government subsidies for IoT research and development. Additionally, improved 5G connectivity enables suppliers of digital payment services to apply fraud prevention measures. By 2025, the GSM Association projects that the 5G network will have reached over one-third of the population. Companies in the transportation and logistics industry are forming alliances with suppliers of digital payment solutions to use technology to maintain social distance in the face of the COVID-19 pandemic. For instance, in April 2021, the mobile service integrator Drivitty received funding from Eurowag, a provider of commercial transport solutions. The previous business hopes to offer vehicle fleet management to its clients through this agreement.
Based on products, the IoT in consumer electronics market segmentation is smart TV, smartphones, wearable devices, kitchen appliances, laptops and printers. The IoT in consumer electronics market growth was prominently high under the smartphones category in 2021, owing to the adoption of digital wallets more and more. Additionally, it is anticipated that technological developments in smartphones will allow them to hold and support numerous transactions and technologies and provide smooth, on-demand access to alternative digital assets.
The IoT in consumer electronics market segmentation, based on deployment, is on-premise and on-cloud. In 2021, on-premise accounted for a larger market share of the market. Digital payment deployment on-premises gives businesses total control over their systems and apps, which their IT team can simply manage. Furthermore, one of the main causes influencing enterprises' demand for on-premise solutions is the rise in financial fraud during the COVID-19 epidemic.
Based on connectivity, the market is divided into Bluetooth, NFC, Wi-Fi, Z-wave, zigbee, and others. The Wi-Fi category dominated the market for contact lenses in 2021. Wi-Fi provides easy access and short-range wireless connectivity in place of the currently employed Ethernet-based communication. When all smart gadgets, including TVs, smartwatches, refrigerators, and other smart devices, were connected to a single Wi-Fi device, monitoring and managing the connected devices became simple. Due to its simplicity and ability to lower spectrum connectivity costs.
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.
Asia-Pacific dominated the market share in 2021. The consumer electronics IoT industry is technologically sophisticated in this region. Additionally, the region's consumer IoT industry is being propelled by businesses' extensive internet use and large expenditures made by local firms, industries, and people. Growing regional markets are driven by burgeoning electronics markets, particularly China and India.
North America accounted for the second-largest market share in the market in 2021. Due to a growing demand for digital technologies and ongoing technological breakthroughs, the United States and Canada are the main drivers of market growth in the area. A strong infrastructure also promotes market expansion by enabling the use of cutting-edge technologies.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Texas Instruments (U.S.), Hewlett Packard Enterprise (U.S.), STMicroelectronics (Switzerland), and Cisco Systems (U.S.) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the IoT in consumer electronics market research include IBM Corporation (U.S), Intel Corporation (U.S), GainSpan (U.S), Apple Inc.(U.S), io (U.S), Libelium Comunicaciones (Spain), Qualcomm Technologies (U.S), Silicon Laboratories (U.S), Lantronix Inc. (U.S), ARM Holdings Plc. (U.K), Symantec (U.S), PTC (U.S), Texas Instruments (U.S), Hewlett Packard Enterprise (U.S), STMicroelectronics (Switzerland), Cisco Systems (U.S), Amazon Web, Services (U.S), Ayla Networks (U.S), Losant IoT (U.S), Notion (U.S), Pepper (U.S) among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the IoT market size in consumer electronics, IoT in consumer electronics market report is segmented by product, deployment, and connectivity by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the IoT in consumer electronics market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, trends, and challenges in the IoT in consumer electronics market growth
To find out the factors which are affecting the IoT in consumer electronics market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, statistics, and key strategies.
|Market Size||USD 172 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Deployment, Connectivity|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||IBM Corporation (U.S), Intel Corporation (U.S), GainSpan (U.S), Apple Inc.(U.S), io (U.S), Libelium Comunicaciones (Spain), Qualcomm Technologies (U.S), Silicon Laboratories (U.S), Lantronix Inc. (U.S), ARM Holdings Plc. (U.K), Symantec (U.S), PTC (U.S), Texas Instruments (U.S), Hewlett Packard Enterprise (U.S), STMicroelectronics (Switzerland), Cisco Systems (U.S), Amazon Web, Services (U.S), Ayla Networks (U.S), Losant IoT (U.S), Notion (U.S), Pepper (U.S)|
|Key Market Opportunities||The rise in government initiatives|
|Key Market Drivers||Rise in usage of IoT in smartphones|
The IoT in consumer electronics market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~18% over the next 10 years, according to the IoT in consumer electronics market research.
North America is expected to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
The market size is expected to be USD 172 billion by 2030.
IBM Corporation (U.S), Intel Corporation (U.S), GainSpan (U.S), Apple Inc.(U.S), io (U.S), Libelium Comunicaciones (Spain), Qualcomm Technologies (U.S), Silicon Laboratories (U.S), and Lantronix Inc. (U.S) are the major companies operating in the market.