Consumer IOT Market Size By Type (Hardware, Solutions, Services), Applications (Home Automation, Consumer Wearables, Consumer Electronics), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Consumer IOT Market Valuation – 2024-2031

Consumer IoT allows users to affix trackers to valuable assets prone to loss or theft. Through this innovative technology, users gain the ability to effortlessly monitor the whereabouts of their belongings, providing peace of mind and facilitating swift retrieval in case of misplacement or theft. Thus, asset tracking application of consumer IoT is driving the market size USD 73.44 Billion in 2024 to reach a valuation of around USD 252.46 Billion by 2031.

IoT devices extend their utility beyond conventional applications by enhancing the health and safety of pets. These innovative gadgets leverage interconnected sensors and data processing capabilities to monitor various aspects of a pet’s well-being. Thus, the increasing adoption of pets and growing concern for pet safety are enabling the market to grow at a CAGR of 16.69% from 2024 to 2031.

Consumer IOT MarketDefinition/ Overview

Consumer Internet of Things (IoT) incorporates IoT technology into everyday consumer devices and applications. It encompasses a vast network of billions of physical devices linked to the internet, equipped with sensors to gather, analyze, and exchange data.

Consumer IoT devices are particularly high in several key areas. These include connected and smart TVs, streaming devices, applications for connected cars, wearables (especially those focused on health tracking, as corroborated by other sources), home control systems, voice-command technology, IoT-enabled appliances, virtual reality (including headsets and gaming), and various types of smartwatches. While interest in smart glasses remains relatively modest, it’s a category poised for significant growth shortly.

Imagine controlling your home from anywhere on the planet, all from the palm of your hand. Smart home technology isn't just about making life easier; it's a total game-changer. With your smartphone, you can keep an eye on your thermostat, lights, and even security system. You're the boss of your home, and you can control it from anywhere. But what really makes a smart home smart is how all the devices work together. Your thermostat can team up with your smart lights to adjust the brightness based on the natural light outside. Your security cameras can talk to your doorbell, letting you control who comes and goes from your doorstep. All these technologies working together create a seamless and intelligent living space that makes your life easier and more secure.

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How the Increasing Demand for Smart Home Automation is Driving the Growth of the Consumer IoT Market?

Hey there! Smart home automation is getting hotter than a summer day because it's making our lives easier and more secure. We're talking about things like automatic cleaning, alarms that keep our homes safe, and managing our energy use without lifting a finger. It's like having a personal assistant for your home! Home security is a big deal these days, and smart home tech is the superhero that's protecting us. We can keep a close eye on our front doors and send those sneaky intruders packing. Plus, all these smart gadgets are getting more popular by the minute. From security cameras to smart thermostats, we're all getting hooked on making our homes smarter.

Smart home automation relies on a sophisticated architecture, typically involving a central controller or hub, connected sensors, and remote servers accessed through the internet. This infrastructure enables consumers to secure their properties and receive prompt alerts in the event of any unusual activity.

Imagine a world where you can keep tabs on your health right from your wrist or pocket. That's what Consumer IoT, short for Internet of Things, is all about. It's like having a personal health tracker that helps you stay on top of everything from your pulse to your sleep cycles. These trackers are like little health detectives, monitoring your body 24/7. They keep an eye on your breathing, blood pressure, sleep patterns, and even your blood sugar. They'll also let you know if your body's temperature is a bit off. But what makes these trackers even more awesome is that they're connected to your smartphone and special apps. This means you can easily collect and track all your health data right on your phone. It's like having a mini medical record that's always with you. And the best part? These trackers can even share your health info with your doctor or other medical professionals. That way, they can keep an eye on your progress and give you advice when needed. It's like having a doctor in your pocket! Whether you're a fitness fanatic or just want to stay healthy, Consumer IoT has got your back. It's making it easier than ever to stay on top of our health, which is why it's becoming so popular.

Companies are actively innovating wearable IoT devices, such as smart clothing, watches, wearables, and glasses, to reduce users’ dependence on smartphones. These cutting-edge devices are revolutionizing how users interact with daily tasks, with a growing emphasis on standalone IoT devices that function autonomously, negating the need for a smartphone for data access.

Wearable devices offer vital safety features, health monitoring capabilities, and activity tracking for users. For instance, wearable IoT technology plays a crucial role in empowering individuals with disabilities, enhancing their independence and overall well-being. Moreover, in high-risk work environments like mining or construction, supervisors can significantly enhance worker safety by leveraging network-connected wearable devices such as boots, vests, and hard hats. These devices provide real-time data on worker conditions, which can be analyzed using cloud-based data analytics services, facilitating prompt interventions and proactive safety measures.

How the Security Concern Associated with Advanced Technology are Limiting the Growth of the Consumer IoT Market?

In the fiercely competitive landscape of the consumer IoT market, the drive for innovation and profitability often eclipses security considerations. Manufacturers prioritize the addition of new features and enhancements to enhance user experience, occasionally neglecting robust security measures. This focus on innovation, lacking adequate security protocols, leaves consumer IoT devices vulnerable to exploitation by malicious entities.

The fusion of cloud and edge computing technologies elevates the processing power and storage capacities of consumer IoT devices. Nonetheless, this integration also introduces fresh security challenges concerning data transmission and storage. Edge devices, constrained by their limited computational resources, might become more vulnerable to security breaches without sufficient protection.

Smart home gadgets often use big data and clever programs to understand how you live and what you enjoy. But when this data isn't well-protected, there are big risks to your privacy and safety. Gaps in how the data is stored and handled could let??get their hands on your sensitive information. Even though smart home devices make our lives easier and help us learn more about ourselves, we need to address the different security risks. Even though these devices can track sensitive information like where you go, how you're feeling, and what you do every day, it's very important to keep that information safe from people who shouldn't see it or use it.

Category-Wise Acumens

How Data Visualization and Analytics are Driving the Growth of the Consumer IoT Market?

The solution segment is experiencing substantial growth in the consumer IoT market and is expected to continue its growth throughout the forecast period, thanks to data visualization and analytics. Wearables, fitness trackers, and smart appliances provide data for solutions. This data then be presented in simple dashboards and apps, allowing users to analyze trends, establish goals, and learn about their health, energy use, and other pertinent indicators.

A smart home solution enables devices such as thermostats, lights, cameras, and appliances to interact and collaborate. This could include establishing rules for changing the temperature based on occupancy or developing automated processes for security or convenience. Solutions provide remote access and control over linked devices. This technology uses a smartphone app to control the temperature while on vacation to receive alerts from security cameras when motion is detected.

Solutions are customized for how people interact with their gadgets. For example, a smart speaker solution may learn user preferences and modify lighting or music in response to voice requests or routines. Solutions can examine sensor data from appliances to identify probable faults before they occur. This enables preventive maintenance, which saves customers money and avoids inconvenient breakdowns. Solutions are crucial to safeguarding consumer IoT devices and preserving user data. This includes encryption, access control mechanisms, and firmware updates to resolve security flaws. Thus, the home automation segment is significantly escalating the growth in the consumer IoT market.

How the Smart Thermostats and Lighting Controls are Driving the Consumer IoT Market?

Energy efficiency stands out as a significant driver, with home automation systems offering features like smart thermostats and lighting controls that reduce energy consumption, aligning with the growing focus on sustainability and cost savings. Moreover, the allure of convenience and time-saving features, such as remote control and scheduling, appeals particularly to busy working families, fueling adoption. Investments in product quality, manufacturing processes, and customer support contribute to an enhanced user experience, fostering wider market acceptance.

Furthermore, increased user awareness and education play a pivotal role in driving adoption, as clear and accessible information empowers consumers to make informed decisions. Ensuring accessibility and affordability to a broader consumer base, along with user-friendly interfaces and manuals, are vital considerations for market growth. Additionally, advancements in wireless connectivity and efforts to minimize installation and maintenance errors further enhance system reliability and user satisfaction, bolstering the appeal of home automation systems.

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Country/Region-wise Acumens

How the Advanced Technology and the Increasing Adoption of IoT are Driving the Growth of the North American Consumer IoT Market?

North America is substantially dominating the consumer IoT market and is expected to continue its growth throughout the forecast period, thanks to the emerging technologies in the region. The surge in smart connected device adoption and the rapid digitalization of various consumer applications in North America have propelled the growth of IoT in the region. According to a 2022 survey of approximately 1,500 users, 45% of Americans already utilize smartwatches, such as Apple Watches and Fitbits, while 69% express readiness to leverage fitness trackers for health insurance discounts.

The increasing prevalence of IoT-connected devices across California, coupled with the vast amounts of data stored on smartphones, medical wearables, and smart-home devices, has underscored the necessity for robust data privacy regulations. For instance, according to the in 2023 around 80% of adults are using wearable devices in the United States. The California Consumer Privacy Act (CCPA) addresses this need by granting consumers the right to data privacy. It empowers individuals to request that websites refrain from selling their personal information and requires companies operating in California to provide transparency regarding the utilization of customer data.

The IoT Cybersecurity Improvement Act of 2020 sets forth minimum security standards for IoT devices under the ownership or control of the U.S. federal government. Presently, in North America, there are more consumer IoT connections compared to Industrial Internet of Things (IIoT) connections. However, this dynamic may shift in the future. IIoT holds the potential to revolutionize numerous industries, spanning manufacturing, chemicals, food and beverage, automotive, and steel.

Competitive Landscape

The competitive landscape of the consumer IoT market promises to be exciting and dynamic. Companies that can address user needs, innovate rapidly, and build trust will be well-positioned to succeed in this ever-evolving market. The consumer IoT market is expected to witness further consolidation as tech giants and established players expand their offerings. However, there will also be opportunities for niche players and innovative startups to carve out space through specialization and differentiated solutions.

  • AT&T, Inc.
  • Microsoft Corporation
  • Sony Corporation
  • Apple Inc.
  • LG Electronics
  • Alphabet, Inc.
  • Hewlett Packard Enterprise
  • Honeywell International, Inc.
  • Cisco Systems, Inc.
  • Intel Corporation.

Consumer IoT Market Latest Developments

  • In June 2020, Amazon.com, Inc. announced the Halo Band, which incorporates an accelerometer, temperature sensor, two microphones, and a heart rate monitor.
  • In January 2021, Google, announced the acquisition of Fitbit to establish its presence in the wearables business. The company does not make wearables but does provide software for building smartwatches.
  • In May 2020, Koninklijke Philips N.V. announced that the company received CE and FDA approval for their wireless wearable biosensor to monitor coronavirus patients
  • In April 2020, Sony announced new true wireless earbuds and over-ear headphones, including two new mid-range variants. These earphones continuously analyze ambient sound components and, among other things, provide one-touch access to Siri.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~16.69% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Type
  • Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

AT&T, Inc., Microsoft Corporation, Sony Corporation, Apple Inc., LG Electronics, Alphabet, Inc., Hewlett Packard Enterprise, Honeywell International, Inc., Cisco Systems, Inc., Intel Corporation.

Customization

Report customization along with purchase available upon request

Consumer IOT Market, By Category

Type

  • Hardware
  • Solutions
  • Services

Applications

  • Home Automation
  • Consumer Wearables
  • Consumer Electronics
  • Healthcare
  • Automotive

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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Reasons to Purchase this Report

Market Analysis Report We'll thoroughly examine the market using a variety of methods, includingMarket SegmentationWe'll divide the market into segments based on both economic and non-economic factors. Market Value Data We'll provide revenue estimates in billions of US dollars for each market segment. Growth ProjectionsWe'll identify which segment and region is projected to experience the fastest growth and be the market leader. Regional Analysis We'll break down the market by geography, revealing where the product or service is consumed the most and exploring factors influencing its demand. Competitive LandscapeWe'll rank the top players in the industry and track their recent moves, including product launches, partnerships, and acquisitions. Company Profiles We'll give you comprehensive profiles of the major players, including overviews, insights, product comparisons, and SWOT analyses. Market OutlookWe'll present an in-depth view of the market's current and future prospects, along with potential growth drivers, challenges, and restraints. Porter's Five Forces Analysis We'll use this framework to analyze industry dynamics, identifying factors that influence market competition. Value Chain AnalysisWe'll map out the key activities involved in delivering the product or service to the customer. Market Dynamics We'll uncover emerging trends and growth opportunities in the coming years. Post-Sales Support We offer six months of analyst support to ensure you fully understand the report and leverage its insights effectively.

Customization of the Report

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Pivotal Questions Answered in the Study

Some of the key players leading in the market include AT&T Inc., Microsoft Corporation, Sony Corporation, Apple Inc., LG Electronics, Alphabet Inc., Hewlett Packard Enterprise, Honeywell International Inc., Cisco Systems Inc., and Intel Corporation.
Consumer IoT allows users to affix trackers to valuable assets prone to loss or theft. Through this innovative technology, users gain the ability to effortlessly monitor the whereabouts of their belongings, providing peace of mind and facilitating swift retrieval in case of misplacement or theft is propelling the demand for the adoption of the consumer IoT market.

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