Consumer IoT Market Growth & Trends
The global consumer IoT market size is estimated to reach USD 555.92 billion by 2030, registering a CAGR of 12.7% from 2023 to 2030, according to a study published by Grand View Research Inc. The considerable growth can be ascribed to the rising prominence of smart technologies among people. They are increasingly adopting consumer internet of things (IoT) devices, such as smart wearables, fitness trackers, smart home devices, etc., that gather and share data over the network. The large-scale deployment of consumer IoT devices and applications is revolutionizing day-to-day lives through greater control, increased comfort, tracking of pets and valuables, improved connections, and better insights. The growth of the market is further driven by the technological developments initiated by the market players.
Consumer IoT Market
They are mainly focusing on the development and launch of innovative offerings. In June 2020, Amazon.com, Inc. launched the Halo Band equipped with a temperature sensor, accelerometer, heart rate monitor, and two microphones. It also monitors the user’s emotional state by listening to the tone of their voice. Several companies operating are also focusing on mergers and acquisitions to strengthen their product portfolio and gain a competitive edge. In 2021, Alphabet Inc.-owned Google acquired Fitbit with the aim to expand its footprint in the wearables market. The company does not develop its wearables but provides the software required to build smartwatches. This new deal will allow the former to effectively foray into the smart wearables market.
The MEA region will register a significant CAGR from 2023 to 2030 due to substantial investments in smart home technologies, connected vehicles, and remote health monitoring. Moreover, countries, such as Saudi Arabia and UAE have successfully implemented digital transformation projects and various national transformation programs. Europe will also have significant growth owing to the rising popularity of consumer internet of things devices. According to research conducted by RSM U.K. Consulting LLP along with European Centre for International Political Economy and YouGov in 2020, the number of consumer IoT devices is significantly increasing in the U.K., wherein the number of connected devices is expected to increase to nearly 75 billion by 2025. The consumer IoT devices that are popular in the country are wearables, smart TVs, smartphones, and smart speakers.
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Report Attribute Details Market size value in 2023 — USD 240.94 billion Revenue forecast in 2030 — USD 555.92 billion Growth rate — CAGR of 12.7% from 2023 to 2030 Base year for estimation — 2022 Historical data — 2018–2021 Forecast period — 2023–2030
Consumer IoT Market Report Highlights
The hardware segment captured the highest revenue share in 2022, whereas the increasing need for end-to-end software solutions supporting the functioning of IoT devices is boosting the growth of the services segment at a significant CAGR during the forecast period
The wireless segment held a considerable revenue share in 2022 and is projected to expand further at a significant CAGR from 2023 to 2030, due to the increased adoption rate driven by high scalability and cost-effectiveness
The rising adoption of health-tracking devices is driving the growth of the healthcare application segment
The North American market is expected to witness a steady growth rate from 2023 to 2030 owing to increasing consumer demand for fitness tracking devices and smart home solutions
Consumer IoT Market
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