Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) — The global Consumer Internet of Things (IoT) market is poised for significant growth, with an anticipated size of USD 334.78 billion by 2032. According to the latest analysis conducted by Emergen Research, the market is projected to achieve a robust revenue Compound Annual Growth Rate (CAGR) of 13.9% throughout the forecast period. This growth is primarily propelled by the increasing adoption of smart devices and the expanding user base of the internet.
One of the pivotal aspects driving the upsurge in market revenue is the utilization of IoT for enhancing customer care. Organizations are harnessing the data collected from IoT devices to perform advanced analytics, which yields valuable insights. These insights are crucial in comprehending customer trends and expectations effectively. Furthermore, IoT has revolutionized the concept of customer digital verification, with the integration of applications like biometric sensors, thus contributing significantly to the market’s revenue expansion.
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The continuous progress in IoT technology plays a pivotal role in driving the expansion of market revenue. A noteworthy example of this is the announcement made on March 14, 2023, when Viakoo, a prominent player in IoT/OT vulnerability remediation, unveiled its collaboration with Presidio, a global provider of digital services and solutions. This collaboration is aimed at delivering comprehensive solutions for physical security, Internet of Things (IoT), and Operational Technology (OT) cybersecurity to their shared clientele.
The joint effort between Viakoo and Presidio is instrumental in promoting convergence between physical security and cybersecurity teams within organizations. This convergence is a strategic move designed to mitigate risks and thwart potential threats such as ransomware, data exfiltration, and advanced persistent threats. It’s worth noting that the IoT landscape also comes with its share of challenges. One significant drawback is the inherent vulnerability of user data in the public domain of the Internet. This vulnerability opens the door for hackers to gain unauthorized access to private and sensitive information, thus acting as a significant factor hindering the growth of market revenue.
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Scope of Research
|Market size in 2022||USD 91.20 Billion|
|Revenue forecast to 2032||USD 334.78 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Offering, connectivity, end-use, and region.|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Cisco Systems, Inc., Honeywell International Inc., Infineon Technologies AG, Intel Corporation, IBM, Microsoft, NXP Semiconductors, Siemens, STMicroelectronics, TTI Electronics Asia Pte. Ltd.|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global consumer Internet of Things (IoT) market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Cisco Systems, Inc.
- Honeywell International Inc.
- Infineon Technologies AG.
- Intel Corporation.
- NXP Semiconductors.
- TTI Electronics Asia Pte. Ltd.
- On 20 January 2023, Nichicon Corporation and Ossia, Inc. announced their collaboration. Nichicon promotes Ossia’s Cota Real Wireless PowerTM by combining it with Nichicon’s SLB Series of Lithium Titanate Oxide (LTO) Batteries. This collaboration results in the production of a Nichicon-branded battery that always gets power when it is in close proximity to a Cota Power Transmitter.
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Some Key Highlights From the Report
- The hardware segment accounted for largest revenue share in 2022. Rising demand for microcontroller as it collects input, processes it, and provides output based on the captured knowledge hence driving revenue growth of this segment. They also receive and decode commands and control signals from other devices, which they can then utilize to govern the embedded device’s activities and behaviors. Microcontrollers are ideal for use in small electrical devices and systems because they are small and compact. Microcontrollers are designed to be energy-efficient, which helps to extend the battery life of electronic devices and systems.
- The wired segment accounted for a significantly large revenue share in 2022. Rising demand for wired networks since it provides faster speed is a major factor driving revenue growth of this segment. A wired network is made up of wired connections between various system components. For wired connectivity, cables such as copper wires, fiber optic cables, flexible cables, and twisted pair are utilized. Since the widespread adoption of Gigabit routers, speeds have continued to improve. Moreover, users do not experience frequent connectivity issues such as dead spots when connected to a wired network because each device is linked to the network via a separate ethernet connection which in turn is contributing to revenue growth of this segment.
- The automotive segment accounted for a significantly large revenue share in 2022. Automotive IoT refers to a network of linked devices such as sensors, cameras, and Global Positioning System (GPS) trackers that provide real-time data that allows for the optimization of car manufacturing process as well as more effective transportation management, which is driving revenue growth of this segment. IoT solutions transform automobiles into smart modes of transportation that utilize predictive maintenance, direct car-to-car connectivity, Artificial Intelligence (AI)-powered driving assistance, and other advanced features to increase road safety and driving efficiency for individuals and businesses. Automobile manufacturers use IoT to automate production processes, reduce the potential of human error, and increase quality control, hence driving revenue growth of this segment.
- The market in North America accounted for largest revenue share in 2022. Rising demand in various industries such as home automation, consumer electronics, and healthcare among others is a major factor driving the market revenue growth in this region. Increasing adoption of smart devices and growing number of Internet users are also contributing to the market revenue growth.
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For the purpose of this report, Emergen Research has segmented the global consumer Internet of Things (IoT) market on the basis of offering, connectivity, end-use, and region:
- Offering Outlook (Revenue, USD Billion; 2019–2032)
- Microcontroller (MUC)
- Microprocessor (MPU)
- Digital Signal Processor (DSP)
- Application Processor (AP)
- Network Infrastructure
- Inertial Measurement Unit
- Camera Modules
- Data Management
- Real-time Streaming Management
- Remote Monitoring
- Network Management
- Professional Services
- Consulting Services
- Implementation Services
- Support & Maintenance
- Managed Service
- Professional Services
- Connectivity Outlook (Revenue, USD Billion; 2019–2032)
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Home Automation
- Consumer Electronics
- Washing Machine
- Connected Cars
- In-car Infotainment
- Traffic Management
- Blood Pressure Monitor
- Fitness & Heartrate Monitor
- Pulse Oximeter
- Blood Glucose Meter
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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