Global Consumer IoT Market Report and Forecast 2024-2032

Global Consumer IoT Market Outlook

The global consumer IoT market size reached nearly USD 252.42 billion in 2023. The market is projected to grow at a CAGR of 11.3% between 2024 and 2032 to reach a value of around USD 660.97 billion by 2032.

Key Trends in the Market

Consumer IoT refers to consumer devices or equipment equipped with the Internet of things (IoT) technology. IoT enables these devices to collect, share, and store data using the internet. Consumer IoT can be implemented in various aspects of daily life, such as asset tracking, healthcare, and entertainment, among others.

• The growing popularity of consumer IoT devices, such as smart light switches, smart locks, doorbell cams, and vice controllers, among others, is driving the market growth. Over the forecast period, the anticipated increase in penetration of IoT in daily life and advancements in smart home technology are likely to add to the consumer IoT market growth.

• Heightening penetration of consumer IoT in hybrid and electric vehicles is a key market trend. In addition, technological advancements in the automotive sector, growing car ownership, and the incorporation of tracking technology in modern vehicles are creating opportunities for the market expansion.

• The emergence of healthcare IoT technology is one of the crucial consumer IoT market trends. Consumers are rapidly adopting IoT wearables to reach their fitness goals and track their physical health. Moreover, the rising focus on preventative healthcare and growing health consciousness is anticipated to fuel the adoption of IoT devices, including wearables, in the coming years.

Market Analysis

Based on offering, the market is segmented into hardware, software, and services. The hardware segment is further divided based on type into processor, network infrastructure, and sensors, among others.

On the basis of connectivity, the market is classified into wired and wireless. The wireless segment is further divided based on type into Bluetooth, Wi-Fi, and NFC, among others. By application, the consumer IoT market segmentations include automotive, consumer electronics, healthcare, and home automation, among others. The major regional markets for consumer IoT include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global consumer IoT market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• IBM Corporation 

• Amazon Web Services, Inc.

• Intel Corporation 

• Hewlett Packard Enterprise Development LP

• Microsoft Corporation

• Schneider Electric SE 

• TE Connectivity Ltd. 

• Texas Instruments Incorporated

• NXP Semiconductors N.V.

• Infineon Technologies AG

• Others

Market Share by Application

Home automation accounts for a significant portion of the consumer IoT market share. This can be attributed to the heightening adoption of home automation systems to optimise energy efficiency, improve the functionality of appliances, and maximise home security. In addition, a rapid shift towards a convenient lifestyle is further propelling the adoption of consumer IoTs.

Market Share by Region

As per the consumer IoT market analysis, North America is likely to witness a healthy growth in the forecast period. The growing demand for smart devices and the increasing use of technology in everyday applications are major factors driving the adoption of consumer IoT in the region. Moreover, the strong foothold of IoT companies across well-established economies such as the United States of America is further bolstering the market.

Competitive Landscape

Microsoft Corporation is a leading technology corporation known for its Windows line of operating systems. The company also develops IoT solutions to provide secure, scalable, and open edge-to-cloud solutions. It was founded in 1975 and is headquartered in Washington, the United States.

IBM Corporation is a multinational technology company which was founded in 1911 and is headquartered in New York, the United States. The company offers IoT solutions to help businesses extract valuable insights to improve operations.

Infineon Technologies AG, founded in 1999, is a leading semiconductor company with expertise in IoT and power systems. Headquartered in Neubiberg, Germany, the company offers innovative services, solutions, and products for the automotive, telecommunications, and electronics sectors. Through its semiconductor solutions, the company aims to enhance the functionality and connectivity of IoT devices.

Other consumer IoT market players include Amazon Web Services, Inc., Intel Corporation, Hewlett Packard Enterprise Development LP, Schneider Electric SE, TE Connectivity Ltd., Texas Instruments Incorporated, and NXP Semiconductors N.V., among others.

Key Highlights of the Report