Consumer IoT Market Expected to Reach $292.83 Billion by
2030-Allied Market Research
“The consumer IoT market in Asia-Pacific is expected to witness growth at the highest rate during the forecast
period, owing to high investment in the consumer electronics & healthcare sector. Moreover, economically
developed nations tend to witness high penetration of consumer IoT products in home automation sector, which
is projected to significantly contribute toward the growth of the market.”
According to Asavari Patil,
Semiconductor and Electronics
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KEY FINDINGS OF THE STUDY
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The home automation sector is projected to be the major application, followed by consumer
electronics.
Asia-Pacific, and North America collectively accounted for more than 57% of the consumer IoT market
share in 2020.
India is anticipated to witness highest growth rate during the consumer IoT market forecast period.
U.S. was the major shareholder in the North America Consumer IoT market, accounting for
approximately 64% share in 2020.
Major key players profiled cover in Report:
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Cisco Systems, Inc.
Honeywell International Inc.
Infineon Technologies
Intel Corporation
International Business Machines Corporation (IBM)
Microsoft Corporation
NXP Semiconductors
Market dynamics
Drivers
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High demand for connected and wearable’s devices
Surge in usage of IoT device in automotive
Rise in growth of wireless platform
Restraints
• Data privacy and security related concern
Opportunities
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Surge in demand for IoT devices in development of smart cities
⦁ Report Overview:
https://www.alliedmarketresearch.com/consumer-iot-market-A12703
Analyst Review:
The global consumer IoT market is flourishing at a rapid pace. However, data privacy and security related issues
are still a concern for new entrants. Market players are generously investing in R&D activities to develop
improved components so as to increase security level of consumer IoT products. Also, according to industry
experts, it is essential to optimize affordable prices for consumer IoT products for long-term growth.
The growth of the global consumer IoT market is anticipated to be driven by factors such as adoption of smart
devices, and rising number of internet users. In addition, growing consciousness about fitness & surge in
disposable incomes in emerging economies, boosts the overall market growth. However, increasing risk of data
breaches associated with consumer IoT acts as a major restraint for the global consumer IoT industry. On the
contrary, increasing government funding in R&D related to IoT and rising favorable government regulations to
encourage green buildings is expected to create lucrative opportunities for the consumer IoT industry.
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