DUBLIN--(BUSINESS WIRE)--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.
Scope of the Study
Market Segments Covered in the Report:
By Component
-
Hardware
- Processors
- Network Infrastructure
- Sensors
- Others
- Software
- Services
By Connectivity
- Wired
- Wireless
By Vertical
- Home Automation
- Automotive
- Consumer Electronics
- Healthcare
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
- Honeywell International, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/j81w46
