IoT in Consumer Electronics Market Synopsis
The world consumer IoT market size is expected to rise to USD 124 Billion by 2023, states Market Research Future (MRFR). The consumer IoT industry is booming. As per MRFR analysis, the global IoT in consumer electronics market can expand at 24.16% CAGR across the forecast period (2017 to 2023). The consumer IoT industry 2020 can generate considerable revenue across the review period. The rise in applied Internet of Things technology is reshaping all industries and are observed to build robust infrastructure for organizations. The rise in the networking of physical objects with assistance of actuators and sensors can bolster the expansion of the consumer IoT market. The high utility of consumer IoT market in the transmitting of data can spur the market growth.
The rise in the adoption of consumer IoT in the personal healthcare sector and other sectors to procure real-time data of consumers can spur the expansion of the market. Fitness tacking bands and blood pressure recording bands are powered by IoT, which connect users to that healthcare systems that aid to monitor and track user’s data. The wearable segment of the consumer electronics can drive the rise of the market.
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IoT in Consumer Electronics Market Segmentation
The world IoT in consumer electronics market study is based on product, connectivity, and deployment. The product based segments of the IoT in consumer electronics market segment are smartphones, smart TV, kitchen appliances, wearable devices, printers, laptops, dishwashers, washing machine, and others. The smart home segment is expected to gain substantial traction. The deployment-based segments of the IoT in consumer electronics market are on-premise and on-cloud. The rise in adoption of on cloud solution can shore up the IoT in consumer electronics market growth in the near future. The connectivity based segments of the IoT in consumer electronics market are Wi-Fi, NFC, Bluetooth, zigbee, Zwave, and others. The rise in inclination towards Wi-Fi, Bluetooth, and NFC can push the IoT in consumer electronics market in the near future.
IoT in Consumer Electronics Market Competitive Landscape
Technically advanced regions are expected to accelerate the IoT in consumer electronics market growth worldwide. The global IoT in consumer electronics market is set to witness challenges including lack of awareness, however, companies in the IoT in consumer electronics market will sustain the growth rate. The IoT in consumer electronics market research report also offers company profiles of key players operating in the IoT in consumer electronics market around the world. Additionally, the global IoT in consumer electronics market report provides detailed analysis of the market based on primary and secondary research data collected from the IoT in consumer electronics market’s key decision makers as well as stakeholders.
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Regional Analysis
North America is the prime revenue generating area in the world consumer IoT market. The high demand for smart gadgets from wearable, consumer electronics, and home automation applications can led to the expansion of the regional consumer IoT market. Furthermore, the rise of the market in North America can be driven by the increase in fitness conscious population, as rise in cases of chronic diseases and diabetes patients are causing the rise of medical devices requirements. The smart connected devices adoption rate is rising, and high penetration of rapid digitalization by consumer at different end can prompt the rise of the market.
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Key Players
MRFR listed a few key players functioning in the world IoT in consumer electronics market. They are IBM Corporation (U.S.), Intel Corporation (U.S.), Apple Inc. (U.S.), Gainspan (U.S.), Libelium Comunicaciones (Spain), Particle.io (U.S.), Silicon Laboratories (U.S.), Qualcomm Technologies (U.S.), ARM Holdings Plc., (U.K), Lantronix, Inc. (U.S.), PTC (U.S.), Symantec (U.S.), Hewlett Packard Enterprise (U.S.), Texas Instruments (U.S.), Cisco Systems (U.S.), STMicroelectronics (Switzerland), Ayla Networks (U.S.), Amazon Web Services (U.S.), Notion (U.S.), Losant IoT (U.S.), and Pepper (U.S.) among others.
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