IoT in Consumer Electronics Market – Overview
IoT has permeated many industries which has caused its applications to expand significantly. Market reports by Market Research Future which concentrate on the Electronics & Semiconductors industry among others have recently published a report on this sector. The industry is projected amass USD 124 Billion in revenues while developing at CAGR of 24.16 per cent throughout the forecast period.
IoT in consumer electronics has been around for a relatively shorter time period, but is slowly being integrated in various consumer electronics products. With the increasing level of traction, more manufacturers are investing their resources in the development of the IoT in Consumer Electronics Market.
Global Competitive Analysis
The companies in this industry space are connecting their resources to achieve their vision for achieving considerable portion of the business as early as possible. This consequence is productive for firms so that they may maintain fiscal liquidity to take the best conclusions in terms of strategy execution and planning. The goods currently in the market vary significantly due to the reason of the strong pace of technological innovations. This has raised the opportunities for the approaching growth period. The profitable prospects available in this market are being utilized by contenders who are trying to spread their market coverage by adjusted development which will prove to be perfect for the development of this business sector.
The key players in the market for IoT in consumer electronics are IBM Corporation (U.S.), Intel Corporation (U.S.), Gainspan (U.S.), Apple Inc. (U.S.) Particle.io (U.S.), Lantronix, Inc. (U.S.), Qualcomm Technologies (U.S.) and Silicon Laboratories (U.S.).
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The industry for IoT in consumer electronics is divided into the category of deployment, product, connectivity and region. The product type category divides the segment further into smartphones, smart TV, wearable devices, laptops, printers, washing machine, kitchen appliances, dishwashers and others. On the criteria of deployment the section is additionally classified into on-cloud and on-premise. Lastly on the basis of connectivity the division is additionally classified into NFC, Zwave, Bluetooth, Wi-Fi, zigbee and others.
Feb 2018 LG, who is a prominent the South Korean consumer electronics maker is venturing into the premium ceiling fans division this year, which will have advanced features such as Internet of Things (IoT) technology. The smart fans would be linked through the Internet and could automatically regulate its speed according to the variation in temperatures and could be controlled from anyplace through the use of cloud computing. The fans are made especially for the Indian market and would pay special attention on aesthetics designs and energy efficiency and would have advanced value propositions.
Feb 2018 Samsung Electronics is planning to reveal details about its new QLED television line next month, which includes a smart TV experience with artificial intelligence features such as Samsung’s virtual assistant, Bixby. This move is said to be a part of the company’s strategy for Internet of Things with smart TV playing a central role. Samsung also wants to have an IoT that will run flawlessly and give the customer a seamless experience. It will also feature a number of options of to access the devices and services, such as a smartphone, remote control or an app.
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Detailed Regional Analysis
The global market for IoT in consumer electronics includes regions such as Asia Pacific, North America, Europe and Rest of the World. The initial adoption of IoT products in this area and is primarily because of region being technically progressive that is driving the development in this region. The Asia Pacific region is expected to demonstrate high growth rate throughout the forecast period. The diffusion of internet across industries, enterprises and residents along with huge investments by businesses to develop IoT are the key driving factors for the industry in this region.
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