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The consumer IoT market size is forecast to increase by USD 127.18 billion at a CAGR of 13.14% between 2023 and 2028.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
In the market, suppliers of technology and components for wearable devices and biosensors hold a moderate level of influence. While standard components like sensors, chips, and connectivity modules are sourced from various suppliers, those offering specialized or proprietary technology hold more power due to their unique offerings. These unique offerings may include advanced algorithms for analyzing heart rate, sleep patterns, blood sugar levels, and other vital variables. In the realm of patient care, remote monitoring, and observation, IoT devices such as smartwatches and wireless wearable biosensors play a significant role.
Furthermore, as healthcare professionals increasingly rely on these devices for treatment and observation, the demand for advanced and accurate sensors and software solutions is on the rise. CE marking and other regulatory requirements ensure the quality and safety of these devices.
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The wireless segment was valued at USD 63.52 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In North America, the Internet of Things (IoT) market has experienced substantial progress due to advancements in connectivity infrastructure. High-speed Internet, 5G network deployments, and enhanced cellular connectivity enable IoT devices to communicate effectively. The region's tech-savvy populace embraces new technologies, making them among the first adopters of IoT products. Regulatory initiatives, such as the California Consumer Privacy Act (CCPA) and ongoing discussions regarding IoT security standards, foster consumer trust by emphasizing data privacy and security. IoT devices, including smart lighting, connected washing machines, dishwashers, and healthcare gadgets like blood pressure monitors, fitness and heart rate monitors, pulse oximeters, and blood glucose meters, are increasingly popular.
Wearable tech, such as smartwatches and smart glasses, body-worn cameras, fitness trackers, and connected cars with in-car infotainment, traffic management, and smart thermostats, are also gaining traction. Manufacturers face challenges in complying with these regulations but prioritize user privacy and security to maintain consumer confidence. The Matter protocol, a new connectivity standard, simplifies the process of connecting and managing IoT devices. However, cyberattacks and data breaches pose threats to consumer data and IoT security. Implementing strong security measures and protocols is crucial to mitigate these risks and ensure a seamless user experience.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Strong demand for smart wearables is the key driver of the market.
Rising smart home integration is the upcoming trend in the market.
Data privacy issues associated with IoT is a key challenge affecting the market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing demand for technologically advanced devices that connect digital objects with physical objects. Home appliances, microcontrollers, and wireless technologies are at the heart of this interconnected system, transforming various sectors such as healthcare, sports, and home automation. Users are increasingly relying on smartphones and smart wearables like smartwatches and fitness trackers to monitor health parameters, improve fitness, and manage their homes. The Consumer IoT applications span across personal healthcare, where patients and doctors can remotely monitor variables like heart rate, sleep, blood sugar, and blood pressure. In the sports sector, athletes use wearable devices to optimize performance and training.
The hardware, services, and software components of the Consumer IoT ecosystem include processors, temperature and pressure sensors, accelerometers, inertial measurement units, humidity and light sensors, camera modules, memory devices, logic devices, data management software, and predictive analytics. The market is witnessing technological developments in areas like connectivity technology, wireless wearable biosensors, and cybersecurity measures. Consumer electronics, smart home devices, and smart city projects are major contributors to the market's growth. However, concerns around data security and privacy are key challenges that need to be addressed. The market report covers historical data, forecasts, regional opportunities, and service providers offering consulting services, implementation services, support & maintenance, and managed services. The market is expected to grow exponentially due to increasing internet penetration, disposable incomes, and the convenience and lifestyle benefits offered by connected devices.
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Market Scope |
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Report Coverage |
Details |
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Page number |
100 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.14% |
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Market Growth 2024-2028 |
USD 127.18 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.97 |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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