What is Consumer Internet of Things (CIoT) Market?
Consumer IoT is a broader word that refers to a variety of internet-connected personal gadgets such as smartphones, wearables, fashion items, and home appliances. Every single aspect of the globe can be transformed by technology. Consumer IoT has altered the way we do our day-to-day job, from home to the workplace. Sensors and other functions are becoming widespread in goods. Consumer IoT offers benefits such as improved product control, greater business analytics, resource monitoring, business streamlining, and better connection with people, systems, and surroundings.
Highlights from Consumer Internet of Things (CIoT) Market Study
Attributes | Details |
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Study Period | 2015-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Qualcomm Incorporated (United States), Texas Instruments Incorporated (United States), NXP Semiconductors N.V. (Netherlands), Intel Corporation (United States), STMicroelectronics N.V. (Switzerland), IBM (United States), General Electric (United States), Symantec Corporation (United States), TE Connectivity Ltd. (Switzerland), Schneider Electric SE (France), Cisco Systems, Inc. (United States), Amazon (United States), Apple Inc. (United States) and Alphabet Inc. (United States) |
In the face of increasing competition, knowing customer behavior and preferences are becoming increasingly important, driving businesses and organizations to new development and product launches in order to provide the greatest service performance in real-time and remain ahead of their competitors. Furthermore, the rapid speed of digital transformation is forcing businesses in a variety of sectors to replace their current array of disparate solutions for creating, managing, and enhancing their digital presence with the Consumer Internet Of things that can serve all purposes. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Consumer Internet of Things (CIoT) market throughout the forecasted period.
Qualcomm Incorporated (United States), Texas Instruments Incorporated (United States), NXP Semiconductors N.V. (Netherlands), Intel Corporation (United States), STMicroelectronics N.V. (Switzerland), IBM (United States), General Electric (United States), Symantec Corporation (United States), TE Connectivity Ltd. (Switzerland), Schneider Electric SE (France), Cisco Systems, Inc. (United States), Amazon (United States), Apple Inc. (United States) and Alphabet Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Microsoft Corporation (United States), AT&T Inc. (United States), Honeywell International Inc. (United States) and Hewlett Packard Enterprise Company (United States). Consumer Internet of Things (CIoT) Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Home thermostat, Smart Watches, Fitness Tracker, Medical grade Device, Smart TV, Alarms and Security and Others |
Component | Hardware,Solutions,Services |
End User | Wearable Devices,Consumer Electronics,Healthcare,Home Automation,Others |
On the basis of geography, the market of Consumer Internet of Things (CIoT) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Digitalization of Network Infrastructure and Smart Devices
Market Growth Drivers:
Growing Demand of Internet Penetration by Consumers and Adoption of Smart Devices and Rising Demand of Home Automation Device in Various Applications
Challenges:
Increasing Power Consumption and Device Malfunction
Restraints:
Risk of Privacy and Data Breaches
Opportunities:
Rising Favorable Government Approach to Promote Green Building
Key Target Audience
Providers, Distributors and Suppliers, International Traders, Research and Development Institutes, Upstream and Downstream Buyer, Financial Institutes and Investors, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 02 March 2021, Pepper IoT and Firedome announce the partnership to protect millions of consumer Internet of Things devices. The partnership will provide IoT solution distributors and brands comfort, knowing that their consumers will have the best privacy and cybersecurity protection available. This method delivers end-to-end cybersecurity protection, completely encrypted data and video, and the ability to protect and remediate attempts to enter home networks via IoT devices, which are becoming increasingly widespread.
On 03 June 2021, Huawei Technologies announced the launch of HarmonyOS for smartphones and other devices. Huawei will begin rolling out HarmonyOS on a limited number of smartphone models, giving consumers the option to upgrade from the existing Android-based operating system. Google has stopped supplying new Huawei phone models with technical assistance and access to Google Mobile Services, the collection of developer services on which most Android apps are built.