Yahoo Finance IoT in Consumer Electronics Market to Garner USD 172 Billion by 2030, with a CAGR of 18% - Report by Market Research Future (MRFR)
Increased Use of Smartphones and Tablets to Boost IoT in Consumer Electronics Market Growth
New York, US, May 24, 2022 (GLOBE NEWSWIRE) --
Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “IoT in Consumer Electronics Market” information by Type, by Vehicle Type, by Material, and Region – Forecast to 2030” market size to reach USD 172 billion, growing at a compound annual growth rate of 18% by 2030.
Report Scope:
Report Metric | Details |
Market Size | USD 172 Billion |
CAGR | 18% |
Base Year | 2019 |
Forecast Period | 2020-2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | product, deployment, connectivity |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Intel Corporation (U.S.), IBM Corporation (U.S.), Gainspan (U.S.), Apple Inc. (U.S.) Particle.io (U.S.), Libelium Comunicaciones (Spain), Qualcomm Technologies (U.S.), Silicon Laboratories (U.S.), Lantronix, Inc. (U.S.), ARM Holdings Plc., (U.K), Symantec (U.S.), PTC (U.S.), Texas Instruments (U.S.), Hewlett Packard Enterprise (U.S.), STMicroelectronics (Switzerland), Cisco Systems (U.S.), Amazon Web Services (U.S.), Ayla Networks (U.S.), Losant IoT (U.S.), Notion (U.S.), Pepper (U.S.) |
Key Market Opportunities | For consumer electronics manufacturers, IoT is enabling new revenue opportunities by providing new products to the customers which helps in cross functioning with other devices. |
Key Market Drivers | · The rise of cloud computing. |
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Market USP Exclusively Encompassed:
IoT in Consumer Electronics Market Drivers
Cloud computing's expansion, the increased use of smartphones & tablets to control IoT devices, and advancements in IoT security are all driving factors in the consumer electronics market. The need for IoT in the consumer electronics market is increasing since the internet is used in numerous applications such as industries, enterprises, and residences. The industry is being driven by consumer IoT firms' large investments in developing new technologies in IoT.
The consumer electronics sector is being boosted by the increase in disposable income and rising awareness of the benefits of IoT. Other important drivers of the market are rising customer demand for enhanced convenience and a better lifestyle, rising importance of home monitoring especially from remote locations, rising government requirements for IoT device security, and rising use of smart and multimedia devices.
Opportunities
Government funding in IoT research and development are expanding, as are government rules to promote green buildings. Consumer IoT companies will have more chances throughout the review period. This will offer robust opportunities for the market over the forecast period.
Restraints
The privacy concern coupled with lack of standardization may act as market restraints over the forecast period. The rise in data privacy risks, breaches related to consumer IoT, and the consumption of power of connected devices are all factors that are limiting the adoption of IoT in the consumer electronics market.
Challenges
The market's primary problems are an increasing absence of common protocols & communication standards, an increased risk of device malfunction, and increased power consumption for internet-connected products.
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IoT in Consumer Electronics Market Segmentation
The global IoT in consumer electronics market is bifurcated based on connectivity, deployment, and product.
By product, the IoT in consumer electronics market is segmented into printers, kitchen appliances, wearable devices, smart phones, and smart TV.
By deployment, the IoT in consumer electronics market is segmented into on-premise and on-cloud.
By connectivity, the IoT in consumer electronics market is segmented into ZigBee, Wi-Fi, Bluetooth, and NFC.
COVID-19 Analysis
Due to the proliferation of COVID-19, different governments have enforced lockdowns, corporate sector shutdowns, and a slew of other rigorous laws to keep the virus at bay. The IoT in consumer electronics market has been significantly impacted by the shutdown of corporate sectors around the world, as prices of sensors, chips, and other components required in the creation of IoT devices have increased. The need for IoT electronics is decreasing due to production halts and stock exhaustion by consumer IoT companies during the last few months. However, as the lockdown is imposed over the world and people want to stay at home, IoT in consumer electronics consumption may increase, resulting in rapid expansion of the global IoT in consumer electronics market.
Regional Analysis
APAC to Spearhead IoT in Consumer Electronics Market
The APAC region will spearhead the IoT in consumer electronics market over the forecast period. For their quick adoption of IoT goods, the Asia-Pacific region is predicted to demonstrate considerable growth during the projection period. Furthermore, this region is technologically advanced in the global IoT market for consumer electronics. Furthermore, the consumer IoT market in this region is being driven by the widespread adoption of the internet by businesses, as well as significant investments by businesses, industries, & residents to create IoT. Burgeoning electronics markets, particularly in China and India, are driving regional market growth.
North America to Have Significant Growth in IoT in Consumer Electronics Market
Because of the existence of major electronics manufacturers, North America is expected to be the top market for consumer electronics, with the biggest market share globally. The United States and Canada are the primary contributors to the region's market growth, owing to rising need for digital technologies & increased technical advancements. Furthermore, the presence of a solid infrastructure aids market growth by allowing advanced technologies to be implemented. By 2023, North America is predicted to surpass its previous growth records, making it the largest revenue-generating area in the consumer IoT market. The consumer IoT market in this region is growing due to rising need for smart devices from wearables, consumer electronics, and home automation applications. Furthermore, increased health consciousness as a result of rising prevalence of various chronic diseases and the number of diabetic patients, as well as the simplicity of use of medical equipment, are driving market expansion in this region. The fast digitalization of numerous consumer end-use applications, as well as the increasing use of smart connected devices has propelled the expansion of IoT in North America.
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Dominant Key Players in IoT in Consumer Electronics Market Covered are:
IBM Corporation (U.S)
Intel Corporation (U.S)
GainSpan (U.S)
Apple Inc.(U.S)
io (U.S)
Libelium Comunicaciones (Spain)
Qualcomm Technologies (U.S)
Silicon Laboratories (U.S)
Lantronix, Inc. (U.S)
ARM Holdings Plc., (U.K)
Symantec (U.S)
PTC (U.S)
Texas Instruments (U.S)
Hewlett Packard Enterprise (U.S)
STMicroelectronics (Switzerland)
Cisco Systems (U.S)
Amazon Web Services (U.S)
Ayla Networks (U.S)
Losant IoT (U.S)
Notion (U.S) and
Pepper (U.S)
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