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The Worldwide Consumer IoT Industry is Expected to Reach $204.8 Billion by 2027

·8-min read

Dublin, Jan. 07, 2022 (GLOBE NEWSWIRE) -- The "Global Consumer IoT Market By Component (Hardware, Software, and Services), By connectivity (Wired and Wireless), By Vertical (Home Automation, Automotive, Consumer Electronics, Healthcare, and Others), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Consumer IoT Market size is expected to reach $204.8 billion by 2027, rising at a market growth of 15.9% CAGR during the forecast period.

IoT refers to a network that comprises internet-connected objects. These objects can gather and exchange data with the help of sensors integrated within them. IoT systems are capable of connecting together specialized devices that are developed for particular purposes with a restricted degree of programmability and customizability. In addition, IoT systems can store and process data in a distributed manner.

The Consumer Internet of Things consists of a broad array of consumer categories, including fitness, automobiles, healthcare, and the home. As the number of smartwatches, earbuds, and televisions is increasing in the last couple of years, which further supports level miniaturizations, higher sensor accuracy, and data analysis creating opportunities for connected medical accessories.

COVID-19 Impact Analysis

The electronics and semiconductor sectors have been severely impacted by the outbreak of the global pandemic. Business and manufacturing facilities across numerous nations were closed due to the rising number of COVID-19 cases and is expected to remain closed in 2021. In addition, the global supply chain has been severely disrupted by the partial or complete lockdown, thus creating challenges for the manufactures to outreach customers.

Moreover, the Asian and European nations under the lockdowns have experienced a significant decline in business and revenue because of the closure of manufacturing facilities. The outbreak of the COVID-19 pandemic has severely impacted the operations of the production and manufacturing industries, which further impacted the development of the consumer IoT market. A significant impact includes a large manufacturing disruption across Europe and a severe disruption in Chinese parts exports, which could hamper the growth of the consumer IoT market.

Market Growth Factors:

High penetration to boost the market growth

The faster internet connectivity technology enables consumers to use connected devices in a better and easy way, thus boosting the market growth during the forecasting period. In addition, internet connectivity technology facilitates connected devices to better transfer and cross-reference data, collect performance data of employees, and offer marketing products efficiently. In addition, internet of things technology is utilized in various connected devices of many industries like aviation, agriculture, manufacturing, logistics, healthcare, and several other industries, helping them to collect and organize the data from several data streams and organize it effectively.

Healthcare, BFSI, and education industries are increasingly adopting connected devices

The growth of the overall consumer IoT market is expected to be driven by the growing adoption of connected healthcare devices like remote monitoring equipment and heart-rate monitoring device among healthcare experts. In addition, connected medical devices are of paramount importance for healthcare experts to focus on high-priority tasks and active patient engagement and provide patient-oriented care delivery services. Therefore, these services require fast-speed internet connectivity among healthcare professionals and doctors, thereby propelling the growth and demand for the consumer IoT market.

Marketing Restraining Factor:

Absence of skilled workforce

Skilled employees are needed to manage the new software systems to install AI-based IoT technologies and skillsets. Thus, the current workforce should be imparted training regarding how to operate the latest and advanced systems. Industrial verticals are dynamic toward embracing the latest technologies; though, they are witnessing less availability of well-trained and proficient workers. As the majority of the key market players are harnessing the potential of IoT solutions, thereby propelling the demand for extremely trained workers.

Cardinal Matrix - Consumer IoT Market Competition Analysis

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Consumer IoT Market. Companies such as Texas Instruments, Inc., Intel Corporation, and Qualcomm, Inc. are some of the key innovators in Consumer IoT Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Schneider Electric SE, General Electric (GE) Co., Cisco Systems, Inc., NXP Semiconductors N.V., Texas Instruments, Inc., Intel Corporation, Qualcomm, Inc., and Honeywell International, Inc.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Mar - 2021, Sep) Leading Players

Chapter 4. Global Consumer IoT Market by Component
4.1 Global Hardware Market by Region
4.2 Global Hardware Market by Type
4.2.1 Global Processor Market by Region
4.2.2 Global Network infrastructure Market by Region
4.2.3 Global Sensors Market by Region
4.2.4 Global Others Hardware Type Market by Region
4.3 Global Software Market by Region
4.4 Global Services Market by Region

Chapter 5. Global Consumer IoT Market by Connectivity
5.1 Global Wired Market by Region
5.2 Global Wireless Market by Region

Chapter 6. Global Consumer IoT Market by Vertical
6.1 Global Home Automation Market by Region
6.2 Global Automotive Market by Region
6.3 Global Consumer Electronics Market by Region
6.4 Global Healthcare Market by Region
6.5 Global Others Market by Region

Chapter 7. Global Consumer IoT Market by Region

Chapter 8. Company Profiles
8.1 Microsoft Corporation
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expenses
8.1.1 Recent strategies and developments:
8.1.1.1 Partnerships, Collaborations, and Agreements:
8.1.2 SWOT Analysis
8.2 IBM Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional & Segmental Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.6 SWOT Analysis
8.3 Schneider Electric SE
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental And Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Product Launches and Product Expansions:
8.3.6 SWOT Analysis
8.4 General Electric (GE) Co.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments:
8.4.5.1 Partnerships, Collaborations, and Agreements:
8.4.5.2 Product Launches and Product Expansions:
8.4.6 SWOT Analysis
8.5 Cisco Systems, Inc.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations, and Agreements:
8.5.5.2 Acquisitions and Mergers:
8.5.5.3 Product launches and Product Expansions:
8.5.6 SWOT Analysis
8.6 NXP Semiconductors N.V.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
8.6.5.1 Partnerships, Collaborations, and Agreements:
8.6.5.2 Acquisitions and Mergers:
8.6.5.3 Product Launches and Product Expansions:
8.6.6 SWOT Analysis
8.7 Texas Instruments, Inc.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.6 SWOT Analysis
8.8 Intel Corporation
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expenses
8.8.5 Recent Strategies and Developments:
8.8.5.1 Partnerships, Collaborations, and Agreements:
8.8.5.2 Product Launches and Product Expansions:
8.8.6 SWOT Analysis
8.9 Qualcomm, Inc.
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expense
8.9.5 Recent strategies and developments:
8.9.5.1 Partnerships, Collaborations, and Agreements:
8.9.5.2 Acquisitions and Mergers:
8.9.5.3 Product Launches and Product Expansions:
8.9.6 SWOT Analysis
8.1 Honeywell International, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Regional & Segmental Analysis
8.10.4 Research & Development Expenses
8.10.5 Recent strategies and developments:
8.10.5.1 Partnerships, Collaborations, and Agreements:
8.10.6 SWOT Analysis

For more information about this report visit https://www.researchandmarkets.com/r/3usggp

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


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