IoT Consumer Electronics Market Share

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.

The Global IoT in Consumer Electronics Market Industry experiences a notable surge in consumer demand for smart devices, driven by the increasing integration of IoT technologies. As of 2024, the market is valued at approximately 63.1 USD Billion, reflecting a growing preference for interconnected devices that enhance convenience and efficiency. Consumers are increasingly adopting smart home appliances, wearables, and connected entertainment systems, which offer seamless integration and control. This trend is likely to continue, as consumers seek innovative solutions that improve their daily lives, thereby propelling the market forward.

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.