The global consumer IoT market revenue was US$ 80.39 billion in 2021. The global consumer IoT market revenue is forecast to reach US$ 292.85 billion by 2030, growing at a compound annual growth rate (CAGR) of 14% during the forecast period from 2022-2030.
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Consumer IoT refers to internet-connected gadgets made for consumers, such as wearables, smartphones, smart homes, and others that gather and share information. Consumer IoT applications include home security and smart homes, personal healthcare, wearable technology, and asset tracking, among others.
Factors Influencing Market Growth
Factors such as smart device adoption and the growing number of internet users will drive the growth of the global consumer IoT market.
Increasing fitness awareness and rising disposable incomes in developing economies boost the overall consumer IoT market growth.
The increased risk of data breaches associated with consumer IoT is a negative factor for the global market growth.
IoT-related government funding and more favorable government regulations are forecast to create lucrative opportunities for the global consumer IoT industry.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Enterprise Quantum Computing Market.
Impact Analysis of COVID-19
COVID-19 pandemic had positively impacted the global consumer IoT market. As a result of the pandemic, consumers gravitated toward contactless payment methods, which created a huge market opportunity for intelligent products enabled by artificial intelligence (AI) and machine learning. As a result, people were also concerned with minimizing physical contact and maximizing contactless interactions in order to reduce the risk of infection.
As a result of partial and complete lockdown imposed by the government, several companies had to shut down due to lack of labor and shortage of raw materials. Furthermore, the demand from application sectors like consumer electronics, home automation, and automotive declined.
The market is forecast to recover after COVID-19 as market players review their strategies to maintain their daily operations and devise new strategies to address challenges.
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North America held dominance in the global consumer IoT market and is forecast to remain dominant during the forecast period. As a result, there is a higher disposable income in the area than in some other regions, and the region has quickly adopted the latest technology. Further, an increase in investments and R&D in the segment is forecast to boost the market growth.
Asia Pacific is forecast to register the highest CAGR during the forecast period. Honeywell International Inc., Siemens AG, and Intel Corporation are among the leading manufacturers of IoT products for consumers focusing on more technologically advanced, more secure products and solutions in the region. Thus, driving the growth of the regional market.
According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
The leading prominent companies profiled in the global consumer IoT market are:
Cisco Systems, Incorporated
Honeywell International Incorporated
Infineon Technologies AG
International Business Machines Corporation (IBM)
NXP Semiconductors N.V.
TE Connectivity Limited
Other Prominent Players
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Scope of the Report
The global consumer IoT market segmentation focuses on Offering, Connectivity, End User, and Region.
Segmentation based on Offering
Digital Signal Processor (DSP)
Segmentation based on Connectivity
Segmentation based on End-User
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Segmentation based on Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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