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.
The market for global IoT in consumer electronics is segmented on the basis of product, deployment, connectivity and region. On the basis of product the segment is further classified into smart TV, smartphones, wearable devices, kitchen appliances, laptops, printers, washing machine, dishwashers and many more. On the basis of deployment the segment is further classified into on-premise and on-cloud. On the basis of connectivity the segment is further classified into NFC, Bluetooth, Wi-Fi, Zwave, zigbee and others.
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.
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.
The global IoT in consumer electronics studied in North America, Europe, Asia Pacific, and Rest of the World. The early adoption of IoT products in this region and being technically advanced region are the factors that are driving the growth in this region. Asia Pacific region is anticipated to show high growth rate during the forecast period. The penetration of internet across enterprises, industries and residents, and huge investments by companies to develop IoT are the major driving factors for the market in this region.
Industry/ Innovation/ Related News
July 19, 2018 – Samsung, the electronics giant, launched IoT-based refrigerator in India. At CES 2018, held between January 09 -12, 2018 Samsung’s Consumer Electronics Division led by its R&D institute in India, had announced its plan to accelerate IoT adoption for everyone by 2019 and that the company is going to infuse AI into its virtual assistant Bixby for a harmonized IoT experience at home. This will further enable users to speak to their refrigerators, TVs, washing machines, ovens, dishwashers, and other electronic appliances.
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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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