[211 Pages Report] The consumer IoT market is estimated to reach USD 104.4 billion by 2023 from USD 46.8 billion by 2018, at a CAGR of 17.39% during 2018–2023. A few of the major driving factors for the growth of this market include the growing number of internet users and adoption of smart devices, increasing awareness about fitness and rise in disposable incomes in developing economies, and consumer preference for increased convenience and better lifestyle.

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Market for solutions to grow at fastest CAGR during forecast period

The consumer IoT market for solutions is expected to grow at the highest CAGR during 2018–2023. The solution segment consists of software and platform. With the increase in the number of connected devices, the volume of data is also proliferating. These huge data volumes are driving the market for data management software. By implementing the IoT data management software, businesses are aiming to get a competitive edge with predictive analytics, as well as optimize their business operations. Moreover, the high number of interconnected devices controlling physical infrastructure and increased connectivity, which makes these devices and their networks more vulnerable to cyberattacks, is leading to the surge in demand for highly sophisticated security solutions in the IoT market.

Home automation to hold largest share of consumer IoT market by 2023

Home automation is expected to hold the largest share of the consumer IoT market by 2023. The increasing demand for home monitoring in remote locations as well as the growing adoption of home automation devices in applications such as security, and HVAC and energy management, among others, have been the key factors driving the growth of the consumer IoT market for home automation. Further, the rising demand among customers for better and convenient lifestyles, and increased internet penetration in smart devices also contribute to the market growth.

cNorth America to account for largest market size during forecast period

North America is the major revenue generating region in the consumer IoT market. The increasing demand for smart devices from consumer electronics, wearable, and home automation applications have led to the growth of the consumer IoT market in this region. Moreover, the growth of the market in this region is also driven by the increasing health consciousness due to growing incidences of chronic diseases and number of diabetes patients, and ease of use of medical devices. The increasing adoption of smart connected devices and rapid digitalization across various consumer end-use applications have further fueled the growth of IoT in North America.

Key Market Players

The companies profiled in this report are Qualcomm Incorporated (US), Texas Instruments Incorporated (US), NXP Semiconductors N.V. (Netherlands), Intel Corporation (US), STMicroelectronics N.V. (Switzerland), International Business Machines Corporation (IBM) (US), General Electric (GE) (US), Symantec Corporation (US), TE Connectivity Ltd. (Switzerland), Schneider Electric SE (France), Cisco Systems, Inc. (US), Amazon.com, Inc. (US), Apple Inc. (US), Alphabet Inc. (US), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Microsoft Corporation (US), AT&T Inc. (US), Honeywell International Inc. (US), and Hewlett Packard Enterprise Company (HPE) (US).

Qualcomm is one of the leading players in the wireless connectivity segment. The company designs, manufactures, and markets digital communication products and services based on code-division multiple access (CDMA), orthogonal frequency-division multiple access (OFDMA), and other technologies. The company has made high investments in R&D and is involved in continuous developments in wireless technologies.

For the consumer IoT market, the company is developing new chipsets to meet the growing demand of consumers. Further, Texas Instruments is among the leading global semiconductor companies. The company has wide geographic presence and robust R&D capabilities. Its diversified market presence with global reach prevents its dependence on any particular market and customer. Broad product portfolio, and ability to form strategic collaborations and partnerships make the company one of the major players in the expected IoT boom.

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Recent Developments

In April 2018, TE Connectivity launched connectivity and sensor solutions for the global automobile industry. The sensor solutions enable autonomous driving and mobility.

In February 2018, Qualcomm Technologies announced IoT development kits based on the QCA4020 and QCA4024 SoCs. The kits are designed for IoT applications such as smart cities, toys, home control and automation, appliances, networking, and home entertainment.

In January 2018, IBM announced a strategic partnership with Salesforce (US), a global leader in customer relationship management (CRM). The partnership will bring together IBM Cloud and Watson services with Salesforce Quip and Salesforce Service Cloud Einstein to enable the companies to collaborate and connect with their customers more effectively.


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