Consumer IoT Industry Overview
The global Consumer IoT Market, valued at USD 220.50 billion in 2022, is projected to expand at a robust compound annual growth rate (CAGR) of 12.7% from 2023 to 2030. This significant growth can be attributed to the increasing popularity of technologically advanced devices and home appliances. Consumer internet of things (IoT) devices, integrating multiple microcontrollers and wireless technologies, streamline data sharing without direct user or computer interaction. Consumer IoT encompasses an interconnected ecosystem of digital and physical objects like smartphones, smart wearables, and smart home devices, specifically designed for consumer markets.
Detailed Segmentation:
- Component Insights
On the basis of components, the global industry has been further categorized into hardware, services, and software. The hardware component segment accounted for the maximum revenue share of more than 38.85% in 2022 owing to the increasing demand for IoT devices. These devices comprise actuators, sensors, gadgets, machines, and appliances that are programmed for specific applications and can transmit data over networks.
- Connectivity Technology Insights
The wireless connectivity technology segment is expected to record the fastest growth rate of more than 13.60% from 2023 to 2030, owing to the greater scalability offered by these networks. They do not require hardware installations and can be extended with ease without considering the obstructions in the facility. Most wireless sensors comprise nodes that can be extended by adding extra nodes whenever required. In addition, they are more cost-effective as their prices have reduced due to the ongoing advancements in wireless technology and an increasing number of manufacturers.
- Application Insights
The wearable segment is estimated to register the fastest CAGR from 2023 to 2030 owing to the increasing internet penetration, rising disposable incomes, and lower average selling prices of these devices. In addition, wearable devices provide several benefits for healthcare providers as well as patients as they help in glucose monitoring, hand hygiene monitoring, heart-rate monitoring, Parkinson’s disease monitoring, depression monitoring, etc. Thus, the rising adoption of wearable consumer IoT devices for health monitoring is expected to create lucrative growth opportunities for the market.
- Regional Insights
North America accounted for the largest share of more than 23.35% of the overall revenue in 2022 and is expected to grow significantly during the forecast period. This can be credited to the increased product demand, especially fitness tracking devices, in the region. According to a 2022 survey conducted by ValuePenguin on over 1,500 consumers, while 45% of Americans are already using smartwatches such as Fitbits and Apple Watches, 69% of respondents are willing to use a fitness tracker to get discounts on health insurance. Asia Pacific is expected to record a substantial CAGR from 2023 to 2030 with the growing popularity of smart home solutions in the region.
Gather more insights about the market drivers, restraints, and growth of the Consumer IoT Market
Key Companies & Market Share Insights
The key companies are focusing on introducing innovative offerings and enhancing their existing product portfolio to gain a competitive edge. In June 2022, SAMSUNG launched SmartThings Home Life, offering consumers a more holistic smart home experience. The new offering is an addition to the SmartThings app that provides users with integrated and centralized control over the company’s appliances through their smartphones. It combines the convenience of six SmartThings services - SmartThings Cooking, Clothing Care, Energy, Home Care, Pet Care, and Air Care. Some of the prominent players in the global consumer IoT market are:
- Alphabet Inc.
- Amazon.com, Inc.
- Apple Inc.
- AT&T
- Cisco Systems, Inc.
- Honeywell International Inc.
- IBM Corp.
- Intel Corp.
- LG Corp.
- Microsoft
- Samsung
- Schneider Electric
- Sony Corp.
- Texas Instruments
- TE Connectivity
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