Consumer IoT Market to Hit $555.92 Billion by 2030: Grand View Research, Inc.

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Jan 09, 2023, 05:30 ET

SAN FRANCISCO, Jan. 9, 2023 /PRNewswire/ -- The global consumer IoT market size is estimated to reach USD 555.92 billion by 2030, registering a CAGR of 12.7% from 2023 to 2030, according to a study published by Grand View Research Inc. The considerable growth can be ascribed to the rising prominence of smart technologies among people. They are increasingly adopting consumer internet of things (IoT) devices, such as smart wearables, fitness trackers, smart home devices, etc., that gather and share data over the network. The large-scale deployment of consumer IoT devices and applications is revolutionizing day-to-day lives through greater control, increased comfort, tracking of pets and valuables, improved connections, and better insights. The growth of the market is further driven by the technological developments initiated by the market players.

Key Industry Insights & Findings from the report:

The hardware segment captured the highest revenue share in 2022, whereas the increasing need for end-to-end software solutions supporting the functioning of IoT devices is boosting the growth of the services segment at a significant CAGR during the forecast period.
The wireless segment held a considerable revenue share in 2022 and is projected to expand further at a significant CAGR from 2023 to 2030, due to the increased adoption rate driven by high scalability and cost-effectiveness.
The rising adoption of health-tracking devices is driving the growth of the healthcare application segment.
The North American market is expected to witness a steady growth rate from 2023 to 2030 owing to increasing consumer demand for fitness tracking devices and smart home solutions.

Read 250-page market research report, "Consumer IoT Market Size, Share & Trends Analysis Report By Component (Hardware, Services), By Connectivity Technology (Wired, Wireless), By Application (Healthcare, Wearable Devices), And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Consumer IoT Market Growth & Trends

They are mainly focusing on the development and launch of innovative offerings. In June 2020, Amazon.com, Inc. launched the Halo Band equipped with a temperature sensor, accelerometer, heart rate monitor, and two microphones. It also monitors the user's emotional state by listening to the tone of their voice. Several companies operating are also focusing on mergers and acquisitions to strengthen their product portfolio and gain a competitive edge. In 2021, Alphabet Inc.-owned Google acquired Fitbit with the aim to expand its footprint in the wearables market. The company does not develop its wearables but provides the software required to build smartwatches. This new deal will allow the former to effectively foray into the smart wearables market.

The MEA region will register a significant CAGR from 2023 to 2030 due to substantial investments in smart home technologies, connected vehicles, and remote health monitoring. Moreover, countries, such as Saudi Arabia and UAE have successfully implemented digital transformation projects and various national transformation programs. Europe will also have significant growth owing to the rising popularity of consumer internet of things devices. According to research conducted by RSM U.K. Consulting LLP along with European Centre for International Political Economy and YouGov in 2020, the number of consumer IoT devices is significantly increasing in the U.K., wherein the number of connected devices is expected to increase to nearly 75 billion by 2025. The consumer IoT devices that are popular in the country are wearables, smart TVs, smartphones, and smart speakers.

Consumer IoT Market Segmentation

Grand View Research has segmented the global consumer IoT market based on component, connectivity technology, application, and region

Consumer IoT Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)

Hardware

Processor
Sensors

Temperature
Pressure
ECG
Accelerometers
Inertial Measurement Unit
Humidity
Light
Camera Modules
Others (Magnetic, Motion & Position, etc.)

Memory Devices
Logic Devices

Software

Data Management
Security
Real-time Streaming Management
Remote Monitoring
Network Management
Others (Application Management, Device Management)

Services

Professional Services
Consulting Services
Implementation Services
Support & Maintenance
Managed Services

Consumer IoT Market - Connectivity Technology Outlook (Revenue, USD Billion, 2018 - 2030)

Wired
Wireless

Bluetooth
Zigbee
Wi-Fi
NFC
ANT+
Others (BLE, WLAN, GNSS)

Consumer IoT Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

Consumer Electronics

Lighting
Washing Machine
Dishwasher
TV
Others (Dryer, Oven, Cooktop, Kettle, etc.)

Healthcare

Blood Pressure Monitor
Fitness & Heartrate Monitor
Pulse Oximeter
Blood Glucose Meter
Others (Programmable Syringe Pump, Fall Detector, etc.)

Wearable Devices

Smart Watch
Smart Glasses
Body-worn Cameras
Fitness Tracker
Others (AI Hearing Aids, VR Headsets, etc.)

Automotive

Connected Cars
In-car Infotainment
Traffic Management

Consumer IoT Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany

Asia Pacific

China
India
Japan

Latin America

Brazil
Mexico

Middle East & Africa

List of Key Players in the Consumer IoT Market

Alphabet, Inc.
Amazon.com, Inc.
Apple Inc.
AT&T
Cisco Systems, Inc.
Honeywell International Inc.
IBM Corp.
Intel Corp.
LG Corp.
Microsoft
Samsung
Schneider Electric
Sony Corp.
Texas Instruments
TE Connectivity

Check out more related studies published by Grand View Research:

IoT Device Management Market - The global IoT device management market size is expected to reach USD 19.77 billion by 2030, registering a CAGR of 34.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has been evolving continuously in line with the advances in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises. Growing demand for IoT services need for digitalization, and the increasing penetration of communication and networking technologies are expected to drive the market over the forecasted years.
Aviation IoT Market - The global aviation IoT market size is anticipated to reach USD 22.51 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 21.4% from 2021 to 2028. The aviation industry is tectonically shifting toward automated and intelligent systems in line with the continued advances in technology. At this juncture, IoT (internet of things) devices are emerging as crucial devices for the incumbents of the aviation industry to gather real-time data and derive actionable insights.
NB-IoT Market - The global narrowband-Iot (NB-IoT) market size is expected to reach USD 6,020.2 million by 2025, registering a CAGR of 34.9% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The growing demand for deployment of innovative technologies to track and monitor assets and people accurately in line with the smart city initiatives being pursued aggressively all around the world is expected to drive the growth of the market. Other factors, such as low power consumption, lower component costs, and wider coverage, are also expected to contribute toward the growth of the market.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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