IoT Consumer Electronics Market Analysis

Global IoT in Consumer Electronics Market Overview:

IoT in Consumer Electronics Market Size was valued at USD 57.7 Billion in 2023. The IoT in Consumer Electronics industry is projected to grow from USD 63.1 Billion in 2024 to USD 231.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.60% during the forecast period (2024 - 2032). Increased utilization of IoT in smartphones and the changing lifestyles of people globally are the key market drivers enhancing growth of market.

Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review

IoT in Consumer Electronics Market Trends

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  The growing utilization of IoT in smart devices is driving market growth.

  
  

Market CAGR for IoT in consumer electronics is being driven by the rising utilization of IoT in smart devices. The market of consumer electronics is being driven by the development of cloud computing, increasing utilization of smartphones and tablets for operating IoT devices, and improvement in IoT security. The rising consciousness for fitness and increase in disposable income in developing economies is boosting the growth of the market. Further, the growing government initiatives to encourage green buildings are boosting market growth.

With the rising number of businesses, homes, and other establishments that uses the Internet for a different purpose, the requirement for IoT in consumer electronics is rising. The investments made by companies related to consumer IoT are creating new IoT technologies that are driving market growth. In addition, the surge in disposable income and rising understanding of the advantages of IoT are both assisting the consumer electronics industry. The rising demand for more convenience and an improved lifestyle, increasing government regulations for IoT device security, the rising necessity of home monitoring, mainly from remote places, and increasing usage of smart and multimedia devices. The rising demand for connected and wearable devices, and the increase in the utilization of IoT devices in automotive, and the increase in wireless platform fuels the consumer IoT market. IoT in the consumer electronics market provides many wearables which can be utilized for personal healthcare purposes as these devices can easily monitor important signs like pulse rate, body temperature, respiration rate, blood pressure, and others. These devices are connected to the smartphones of the clients, and the data are gathered in the app associated with it.

IoT devices are also utilized to ensure the safety and health of pets like health and activity trackers, invisible fences, smart feeders, and real-time GPS trackers. These devices make sure that pets are not lost and let their owner know how fit and healthy their pets are. These devices can help to schedule their playtime medication and food. The consumer IoT is also useful in asset tracking, allowing users to attach trackers to crucial assets that are likely to be lost or stolen. Thus, driving the IoT in Consumer Electronics market revenue.

IoT in Consumer Electronics Market Segment Insights:

IoT in Consumer Electronics Type Insights

The IoT in Consumer Electronics Market segmentation, based on type, includes Smart TVs, Smartphones, Wearable Devices, Kitchen Appliances, and Others. The smartphone segment dominated the market, accounting for the largest market revenue in IoT in Consumer electronics owing to the adoption of digital wallets increasingly. Further, the technological advancements in smartphones will help them to hold support several transactions and technologies and offer smooth, on-demand access to alternative digital assets.

IoT in Consumer Electronics Connectivity Insights

The IoT in Consumer Electronics Market segmentation, based on connectivity, includes Bluetooth, NFC, Wi-Fi, and Others. The Wi-Fi segment dominates the market for the connectivity segment of IoT in Consumer Electronics. The Wi-Fi offers easy access and short-range wireless connectivity in place of the recently employed Ethernet-based communication. All smart gadgets, inclusive of smartwatches, TVs, refrigerators, and other smart devices connected to a single Wi-Fi device, cloud TV, monitoring, and managing the connected devices became simple because of its simplicity and capability to minimize spectrum connectivity prices.

Figure 1: IoT in Consumer Electronics Market, by Connectivity, 2022 & 2032 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review

IoT in Consumer Electronics Regional Insights

By region, the study gives market insights into the North America, Europe, Asia-Pacific, and the Rest of the World. The North American IoT in the Consumer Electronics market area dominates this market because of the rising demand for digital technologies and ongoing technological breakthroughs. Further, the firm infrastructure also motivates market expansion by allowing the utilization of cutting-edge technologies. The US is the largest contributor of the IoT in the consumer electronics market for the North American region.

Further, the prime countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.

Figure 2: IoT in Consumer Electronics Market SHARE BY REGION 2022 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Asia-Pacific IoT in Consumer Electronics Market accounts for the second-largest market revenue due to the market being fueled by the extensive use of the internet by businesses and large expenses made by local firms, people, and industries. Moreover, China’s IoT in the Consumer Electronics market held the largest market revenue, and the Indian IoT in the Consumer Electronics market was the fastest-growing market in the Asia-Pacific region.

Europe IoT in the Consumer Electronics market is expected to grow at the rapid CAGR from 2024 to 2032. This is due to increasing demand for digital technologies and rising technical advancements. Further, the German IoT in the Consumer Electronics market held the largest market revenue, and the UK IoT in the Consumer Electronics market was the fastest-growing market in the European region.

IoT in Consumer Electronics Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the IoT in the Consumer Electronics market grow even more. Market players are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, higher investments, mergers and acquisitions, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, IoT in the Consumer Electronics industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global IoT in the Consumer Electronics industry to benefit clients and increase the market sector. In recent years, the IoT in the Consumer Electronics industry has offered some of the most significant advantages to network connectivity. Major players in the IoT in the Consumer Electronics market, including Skylo Technologies Inc., Loriot, Alliot Technologies, Intel Corporation, Microsoft Corporation, Sony Corporation, IBM Corporation, Cisco Systems, Amazon Web, Services, Westbase.io., and others, are attempting to increase market demand by investing in research and development operations.

Skylo Technologies Inc. offers a satellite network solution for IoT connectivity. The company provides a geostationary satellite architecture that offers two-way connectivity. It offers a portable, integrated satellite transceiver and IoT hub which accumulates the data from offline sensors and distributes that data to the cloud. The company also provides a data platform that allows customers to access and manage hubs remotely. In March 2023, Non-Terrestrial Network (NTN) service provider and Monogoto, the Cloud-based network provider, Skylo Technologies, came up with an agreement to offer accessible and affordable solutions for NB-IoT Satellite connectivity for tracking products. The inclusion of the same hardware for both satellite and terrestrial communication will assist in expanding connectivity to the areas that were not accessible earlier, and regular software updates would be offered owing to the through of the terrestrial networks.

Loriot, founded in the year 2015, is a company that offers cloud-based gateways and servers for IoT, offering public, community, and private network IoT servers. The properties of the products provided are multitenancy, network latency management, and compatibility. Several gateways compatible are Multitech, Cisco, Gemtek, and others. The company also offers real-time data streaming to IoT platforms on Cloud like IBM Bluemix IoT, Amazon AWS IoT, and Microsoft Azure IoT. In November 2022, Loriot signed a contract with Disrupt-X, a UAE-based IoT platform for promoting IoT dissemination in Europe and other regions. The companies will invest in developing smart solutions to deliver innovative IoT products and service designs for the commercial, industrial, and residential sectors.

Key Companies in the IoT in the Consumer Electronics market include

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  Skylo Technologies Inc.

  
  


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  Loriot

  
  


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  Alliot Technologies

  
  


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  Intel Corporation

  
  


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  Microsoft Corporation

  
  


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  Sony Corporation

  
  


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  IBM Corporation

  
  


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  Cisco Systems

  
  


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  Amazon Web, Services

  
  


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  Westbase.io.

  
  

IoT in Consumer Electronics Industry Developments

April 2024: Infineon has launched their new PSOC Edge, aimed at enhancing Al capabilities in lot, consumer, and industrial technologies. This development is expected to significantly accelerate the company’s growth by positioning infineon on the forefront of Al-driven innovation.

March 2024: at a Connectivity Standards Alliance (CSA) Member event in Singapore SEALSQ Corp announced the latest advancements in loT certification. These developments have an all-in-one solution for consumer loT device makers aiming to achieve the new Product Security Verified Mark.

February 2024: in order to help accelerate its growth Ceva introduced its next-generation low-power ultra-wideband IP for FiRa 2.0 that offers highly accurate and reliable wireless ranging capabilities. This innovative solution addresses the increasing demand for precise and dependable connectivity in both consumer and industrial lot applications. By improving wireless communication performance and efficiency, Ceva positions itself as a key player in the loT market with a view of attracting a broader customer base through such new customers. It will drive revenue growth by implementing advanced IoT technologies.

By 2024 Ericsson says that there will be 5G incorporated into 40% of total population with 1.5 bn subscription services hence making it the largest generation globally. This is driven by novel, inventive solutions reprocessing present infrastructure and a spectrum. Meanwhile in parallel with the deployment of 5G, Cellular IoT reaches major milestones towards becoming a definitive way of enabling broad IoT applications.

March 2023: The Non-Terrestrial Network (NTN) service operator Skylo Technologies, and Monogoto, the Cloud-based cellular network provider signed an agreement to provide an affordable and accessible solution for NB-IoT Satellite connectivity for asset tracking products. Employing the same hardware for both terrestrial and satellite communication will help expand connectivity in areas that were previously inaccessible.

February 2023: a team of Singapore entrepreneurs visited India’s Smart City Command Control Center as they plan to invest in Smart City projects, particularly in UP state, including an Integrated Traffic Management System, Solid Waste Management System, Health ATMs, etc.

February 2023: Canadian-based IoT company Eleven-x will enable North America municipal parking with smart parking system that monitors parking spots and provides real-time data on availability thereby reducing congestion within this area optimize parking enforcement system thus improving urban mobility.

February 2023: Westbase.io. And Taoglas, the IoT distributor, partnered in order to offer innovative 4G/5G and IoT solutions to its customers in the European region. This will provide customers with reliable and high-performance solutions throughout construction, emergency services, logistics, connected health, smart cities, and other demanding applications.

December 2022: Alliot Technologies partnered with Vodafone UK to offer NB-IoT connectivity across the entire country; Vodafone’s Network will transform Alliot’s offering from scale, innovation, efficiency. Through this partnership, alliot will invest in cutting-edge technology so as to ensure great experience for its clients.

December 2022: Vodafone UK and Alliot Technologies partnered to offer NB-IoT connectivity throughout the UK. The network of Vodafone will boost offerings of Alliot with scale, efficiency, and innovation. With this partnership, the investment will be made by Alliot in the latest technology to ensure an excellent experience for its clients, establishing them as the only NB-IoT connectivity provider in the UK.

October 2022: ABB, the technology company released SmartTouch 10 for smart home automation, which can help indoor communication, replacing additional indoor video stations The device manages entire building installation from IP cameras up to lighting, shading scene & temperature control.

August 2022: GrubMarket acquired IOT Pay which is North America's largest IOT Pay platform The acquisition helps GrubMarket to use IOT Pay's technology and payments infrastructure to streamline the food supply chain industry. Furthermore, IOT Pay aims to unveil a digital banking solution for SMBs.