IoT in Consumer Electronics Market Overview
IoT in consumer electronics market estimated to reach USD 172 billion at a CAGR of 18% during the forecast period (2020-2030).
Internet of Things (IoT) is a smart device with a wide spread of applications changes user lives in day-to-day activities. Consumer IoT to this Internet of Things (IoT) is designed for consumer applications and devices. These consumer electronics are gaining momentum every day. For the manufacturers of consumer electronics, IoT provides new products to the customers which can cross function with other devices and offers new revenue opportunities. The internet connecting with home appliances reduces the workload of humans. During the daily usage of applications, the data regarding them are recorded and stored on the data server.
An American Multinational Technology company, IBM corporation provides an open-source IoT platform named Kaa. This middle ware platform can manage, collecting, and analyzing every aspect of connected devices. It is compatible with smart TVs, smart home appliances, wearable, computer chips, and other devices and also allows cross-device collaboration, remote monitoring, and various additional features.
Due to the spread of the COVID-19, various countries have implemented lockdowns, shutdowns of business sectors, and many stringent regulations to maintain social distance to control the virus spread. Due to the shutdown of business sectors across the globe, the IoT in consumer electronics market is negatively impacted as the prices of chips, sensors, and other components which are used in the production of IoT devices are increasing. Due to the halts to the production and exhaustion of stocks by the consumer IoT companies for few months, the demand for IoT electronics reduces. However, as the lockdown is implemented all over the world and people are preferring to stay in the home itself may increase the consumption of IoT in consumer electronics which rapidly increases the growth of the IoT in consumer electronics market.
The growth of cloud computing, rise in usage of smartphones and tablets for controlling IoT devices, and developments in IoT security is driving factor for increasing the demand for IoT in consumer electronics market. The usage of the internet in various applications like industries, enterprises, and residents rises the demand for the IoT in consumer electronics market. Due to the huge investment of consumer IoT companies to develop the new technologies in IoT is the major driver of the market.
The rise in disposable income and growing awareness about the benefits of IoT are boosting the IoT in consumer electronics market. The other major factors that drive the market are growing consumer preference for increased convenience and a better lifestyle, increasing significance of home monitoring from remote locations, increasing government regulations for the security of IoT devices, and increasing adoption of smart and multimedia devices.
The increasing rise of risks of privacy of data, breaches related to consumer IoT and the power consumption of connected devices are increased are the factors that restraints the IoT in consumer electronics market.
Growing investments of governments in the research and development of IoT and increasing government regulations to promote green buildings are the increasing opportunities for consumer IoT companies during the review period.
The increasing lack of common protocols and communication standards, increasing the risk of device malfunctioning, and the increasing power consumption for internet-connected devices are the major challenges of the market.
The global IoT in consumer electronics market has been divided into segments based on product, deployment, connectivity, and region.
The global IoT in consumer products is regionally divided into Europe, Asia-Pacific, North America, and the Rest of the world. Asia-Pacific region is expected to show significant growth during the forecast period for their early adoption of IoT products. Moreover, this region is technically advanced in the IoT in consumer electronics market. Additionally, in this region, the penetration of the internet across enterprises, huge investments by companies, industries, and residents to develop IoT are the major driving factors for the consumer IoT market.
The prominent key players in the IoT in consumer electronics market trends are the following:
This global IoT in consumer electronics market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the IoT in consumer electronics market drivers, restraints, challenges, and opportunities. The consumer IoT electronics market forecast segments are product, deployment, connectivity, and region.
The IoT in consumer electronics market trends has been segmented globally based on the product, deployment, connectivity, and region.
Study Objectives -
|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 Rest of the World (RoW)|
|Key Vendors||Intel Corporation (U.S.), IBM Corporation (U.S.), Gainspan (U.S.), Apple Inc. (U.S.) Particle.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||For consumer electronics manufacturers, IoT is enabling new revenue opportunities by providing new products to the customers which helps in cross functioning with other devices.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The rising demand for smart technology by the people in developing and developed areas particularly is expected to generate revenue opportunities for the market.
The regional segments profiled are - North America, Europe, Asia-Pacific, and Rest of the World.
The market is poised to expand at 18% CAGR.
Factors such as developing IoT technology, rising investments, and increasing disposable income, among others, are expected to boost the market’s growth in the region.
The estimated valuation of the market will be around USD 172 Bn.