Consumer IoT Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
— Allied Market Research
PORTLAND, OREGON, UNITED STATES, September 18, 2023/EINPresswire.com/ — Allied Market Research published a report on the Consumer IoT Market by Offering (Hardware, Software, and Services), Connectivity (Wired, and Wireless), and End User (Home Automation, Consumer Electronics, Automotive, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.
The global consumer IoT market size was valued at $70.52 billion in 2020, and is projected to reach $292.83 billion by 2030, registering a CAGR of 13.9% from 2021 to 2030.
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The consumer IoT refers to physical devices that are integrated with processing ability, sensors, software, and other technologies, which link & interchange data with other devices & systems over communications networks. 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. Moreover, developing nations tend to witness high penetration of consumer IoT products, especially in healthcare & home automation sector, which is anticipated to augment the market growth. Factors such as surge in demand for IoT devices in development of smart cities accelerate the consumer IoT market growth.
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The research report presents a complete judgment of the consumer IoT market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities
The consumer IoT industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global consumer IoT market include,
Cisco Systems, Inc.
Honeywell International Inc.
International Business Machines Corporation (IBM)
TE Connectivity Ltd.
Top Impacting Factors:
The prominent factors that impact the consumer IoT market growth are high demand for connected & wearable devices, and surge in usage of IoT device in automotive. In addition, rise in growth of wireless platform drives the consumer IoT market. However, data privacy and security related concern restricts the market growth. On the contrary, surge in demand for IoT devices in development of smart cities is expected to create lucrative opportunities for the consumer IoT market.
The research uses both primary and secondary research to assemble data on the various facets of the international consumer IoT market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
1) The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
2) This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
3) Major countries in each region are mapped according to their revenue contribution to the global market.
4) Porter’s five forces analysis illustrates the potency of the buyers and the consumer IoT market share of key vendors.
5) The report includes major consumer IoT suppliers along with the company overview, business segments, product portfolio, and key strategic moves and development in the market.
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.