IoT (Internet of Things) in Consumer Electronics imply the smart association between devices with the application of internet technologies. Internet of Things has become a popular concept in home electronics. IoT finds presence in almost every aspect ranging from smart home control to entertainment. Lifestyle is getting smarter and well connected with the incorporation of IoT in households. IoT enabled equipment has been programmed to convey information online. It keeps the consumer aware and impacts the environment they are living within. The electronic devices can be controlled and accessed digitally from any location. They can be accessed on several devices such as desktop, tablets, and mobiles. The companies manufacturing electronic devices are gradually getting accustomed to IoT framework. This enables them to network their electronic appliances such as washing machines, home appliances, and smart TV sets. As a result, the IoT in consumer electronics market is experiencing a rapid growth reaping huge revenues on the global arena.
In a recent study, Market Research Future (MRFR) has reported that the worldwide IoT in consumer electronics market has been anticipated to generate USD 124 billion. The market can be expected to register a growth at 24.16% CAGR over the forecast period 2017 to 2023.
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The IoT in consumer electronics market reflects a potential future owing to the existence of several powerful players having worldwide presence. Mergers & acquisitions, brand reinforcement, and innovation remain the prominent trends for the key players. The competition is mainly driven by the reputation, services, and pricing parameters. As the demand for IoT based smart-home gadgets increases, the scope for new players to enter the market reaches new heights. This opportunity opens up considerable revenue potential for the manufacturers.
At present, the global IoT In Consumer Electronics Market has been dominated by players such as Intel (US), IBM (US), Particle.io (US), Gainspan (US), Qualcomm Technologies (US), Apple Inc. (US), Silicon Laboratories (US), Libelium Comunicaciones (Spain), Lantronix, Inc. (US), ARM Holdings Plc., (UK), Texas Instruments (US), Symantec (US), PTC (US), Hewlett Packard Enterprise (US), Amazon Web Services (US), STMicroelectronics (Switzerland), Ayla Networks (US), Cisco Systems (US), Losant IoT (US), Pepper (US), and Notion (US).
IoT in Consumer Electronics Market – Segments
The report by Market Research Future has segmented the global IoT in consumer electronics market based on deployment, connectivity, and products. Based on deployment, the market has been segmented into on-premise and on-cloud. Based on connectivity, the market has been segmented into Bluetooth, NFC, ZigBee, Wi-Fi, and Zwave. Based on products, the market has been segmented into Smart Phones, Smart TV, Kitchen Appliances, Printers, and Wearable Devices.
IoT in Consumer Electronics Market – Regional Analysis
North America has been anticipated to lead the global IoT in consumer electronics market. It holds the largest market share on account of the existence of key electronics manufacturers in the region. The rapidly developing technological platform along with the growing demand for digital technologies in Canada and the U.S. mostly drives the market in the North American region. Additionally, the prevalence of a well-established setup encourages the market growth, enabling the integration of advanced technologies. By 2023, North America can be expected to develop further over its earlier growth records, followed by the Asia Pacific and Europe. Europe holds the second-largest share in the global IoT in consumer electronics market. The market can be anticipated to develop at a substantial CAGR over 2017 to 2023 based on a huge demand of these products across the region. Asia-Pacific can be considered as an emerging market for consumer electronics. The APAC market has been estimated to grow at a significant CAGR by 2023. Increasing electronics markets predominantly in regions like India and China are stirring the market growth in the region primarily.
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