IoT in Consumer Electronics Market – Overview
With IoT becoming a popular buzzword in many sectors, it has also found approval in the consumer electronic industry. A report by Market Research Future which concentrates on market reports connected to the semiconductors & electronics sector among others lately made available a report on this sector. The IoT in consumer electronics industry globally is expected to expand up to USD 124 billion while growing at CAGR 24.16 percent through the forecast period.
Consumer electronics are one the most popular segments in technology and have grown tremendously in the past few years. The incorporation of IoT into this sector has increased the demand for the products at a heightened pace. The development of the cloud computing has raised the expansion rate of the industry considerably. Upgrades in smartphones are expected to have positive effects on the growth of this industry in the forecast period.
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Mar 2018 Belkin, which is a prominent US consumer electronics player and owns the Linksys and Wemo brands, is set to be acquired by iPhone supplier Foxconn for a deal valued at $866m. The deal is thought to be one of the biggest mergers and acquisitions in the technology related sector so far this year, Foxconn has stated that the change will give it access to Belkin’s substantial sales networks, production and technologies capabilities. Belkin is said to have more than 700 patents that span wireless internet of things (IoT) home automation technologies, speaker and audio products and connectors. Foxconn has plans in place to establish a new smart home division linking Belkin’s Linksys and Wemo businesses with its own IoT assets.
Some of the key players in the global Iot in Consumer Electronics Market are 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.) among others.
The IoT in consumer electronics industry is segmented into the segments of product, deployment, connectivity and region. The product type segment of the industry consists of smart TV, smartphones, wearable devices, printers, laptops, washing machine, dishwashers, kitchen appliances, and others. On the basis of deployment the segment is also classified into on-premise and on-cloud. Finally, on the basis of connectivity the segment further consists of Zwave, NFC, Bluetooth, zigbee, Wi-Fi among others.
The industry for IoT in consumer electronics comprises of regions such as Europe, Asia Pacific, North America and Rest of the World. The original adoption of IoT products in this market is primarily because of the region being technically progressive that is fuelling the development in this region. The Asia Pacific region is anticipated to exhibit high growth rate during the course of the forecast period. The diffusion of internet across enterprises, industries and residents along with enormous investments by businesses to develop IoT which are the important driving causes for the industry in this region.
Competitors who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario, while also simultaneously delivering customer value unfailingly. The ability to sustain their competitive edge is one of the main causes fuelling their efforts in this period. The scope for development in the industry appears to be promising through the forecast period. The rising interest for diversification in the industry, has indirectly allowed the players to utilize many prospects available in the industry. This scenario has created opportunities for portfolio improvements along with diversification in the sector, which has improved the scenario for market competitors tremendously in this industry. The organizations in this industry are also trying to enhance and maintain financial liquidity that can be crucial to invest in growth opportunities as and when they become available.
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- Distributors and retailers
- Research organizations
- Technology standard organizations, forums, alliances, and associations
- Technology investors
- Operating system (OS) vendors
- Content providers
- Software providers
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