Consumer IoT refers to the Internet of Things (IoT) usage in consumer applications and devices. Consumer electronics are considered as a key area in the IoT which is gaining prevalence every day. Home appliances connected to the internet can reduce the workload of humans. Via IoT, not only the data regarding daily usage of applications can be recorded and stored on the data server, but it can also run analysis on the internet which can detect patterns and can schedule run on their own.
Market Research Future (MRFR) has published a research report about the global IoT in consumer electronics market that spells huge expansion for this market at 24.16% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of value, the market has been estimated to be worth US $ 124 bn.
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The key driving force behind the global IoT in consumer electronics market growth is the burgeoning electronics market. Other important factors helping the market growth are growing use of cloud computing, increasing usages of smartphones and tablets for controlling IoT devices, and developments in IoT security.
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.
IoT in Consumer Electronics Market – Segments
The global IoT in the consumer electronics market can be segmented on the basis of connectivity, deployment, products, and region. Based on connectivity, this market has been segmented into Bluetooth, Near-field communication (NFC), Wi-Fi, Zwave, and ZigBee. The deployment-based segmentation segments the market into on-cloud deployment and on-premise deployment. Regarding products, the market has been segmented into kitchen appliances, printers, smartphones, wearable devices, smart TV, and others.
IoT in Consumer Electronics Market – Regional Analysis
The regional segmentation of the global IoT in the consumer electronics market has segmented the market into regional markets known as Asia Pacific, Europe, North America, and the rest of the world (RoW). North America is the most high-profile regional market due to the increasing demand for digital technologies, a well-established infrastructure, growing technological advancements, and easy implementation of advanced technologies. The major revenue contributors to the market growth in this region are the United States of America (USA), Canada, and Mexico. Many key market players are based in North America, especially the USA, contributing to market growth.
Europe is the second most important regional market due to the technological advancement that is second only to North America. In this region, the most important country-specific markets are France, Germany, and the United Kingdom (UK).
Asia Pacific is rising as one of the most lucrative markets for the consumer electronics due to rising disposable income and therefore, it is a great market due to the growing IoT technology in this region and strong IT industry in this region. Burgeoning electronics markets mainly in China and India are contributing to market growth. Another important country-specific market in this region is Japan, followed by the remaining countries of the Asia Pacific region.
Latest Industry News
Mapbox and Sprint are launching precision mapping technology with Curiosity IoT. This technology allows automated services that run on Sprint’s dedicated internet of things (IoT) network to move around the world with pinpoint accuracy. 9 JAN 2019
Swiss-based cybersecurity and IoT company WISekey has introduced WISeTrustBoot, which is the first platform-independent Secure Boot and Secure Firmware Update solution that can be used as stand-alone or as part of WISeKey’s security framework for IoT installations, WISeKeyIoT. 9 JAN 2019
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