New York, USA, May 24, 2022 (GLOBE NEWSWIRE) —
According to a comprehensive research report by Market Research Future (MRFR), “IoT in the Consumer Electronics Market“Information by Type, Vehicle Type, Material and Region – Forecast to 2030” market size reaching US$172 billion and growing at a compound annual growth rate of 18% through 2030.
|Market size||US$ 172 Billion|
|Estimation Units||Value (Billion USD)|
|Report Scope||Income Forecast, Competitive Environment, Growth Factors and Trends|
|Segments Covered||product, distribution, link|
|Geographies Covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Sellers||Intel Corporation (US), IBM Corporation (US), Gainspan (US), Apple Inc. (US) Particle.io (US), Libelium Comunicaciones (Spain), Qualcomm Technologies (US), Silicon Laboratories (US), Lantronix, Inc. (US), ARM Holdings Plc., (UK), Symantec (US), PTC (US), Texas Instruments (US), Hewlett Packard Enterprise (US), STMicroelectronics (Switzerland), Cisco Systems (US), Amazon Web Services (US), Ayla Networks (US), Losant IoT (US), Notion (US), Pepper (US)|
|Key Market Opportunities||For consumer electronics manufacturers, IoT provides new revenue opportunities by providing customers with new products that help cross-operate with other devices.|
|Key Market Drivers||· The rise of cloud computing.
Increase in the use of smartphones and tablets to control IoT devices.
· Advances in IoT security.
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Market USP Exclusively Covered:
IoT in Consumer Electronics Market Drivers
The expansion of cloud computing, the increasing use of smartphones and tablets to control IoT devices, and advances in IoT security are driving factors in the consumer electronics market. The use of the Internet in countless applications such as industries, businesses and residences increases the need for IoT in the consumer electronics market. The industry is driven by large investments by consumer IoT firms to develop new technologies in IoT.
The consumer electronics industry is fueled by a rise in disposable income and a growing awareness of the benefits of IoT. Other key drivers of the market are increasing customer demand for enhanced convenience and a better lifestyle, the increasing importance of home monitoring especially from remote locations, increasing government requirements for IoT device security, and the increasing use of smart and multimedia devices.
Government funding for IoT research and development is expanding, as are government guidelines to promote green buildings. Consumer IoT companies will have more chances during the review period. This will provide solid opportunities for the market during the forecast period.
Concern for privacy combined with the lack of standardization can act as market constraints during the forecast period. The increase in data privacy risks, consumer IoT-related breaches, and the power consumption of connected devices are factors limiting IoT adoption in the consumer electronics market.
The main market challenges are the growing absence of common protocols and communication standards, the increased risk of device failure, and the increased power consumption for internet-connected products.
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IoT in the Consumer Electronics Market segmentation
The global IoT in the consumer electronics market is segmented on the basis of connectivity, distribution and product.
By product, IoT in the consumer electronics market is segmented into printers, kitchen appliances, wearables, smartphones, and smart TV.
By distribution, IoT in the consumer electronics market is segmented on-premises and in the cloud.
In terms of connectivity, IoT in the consumer electronics market is segmented into ZigBee, Wi-Fi, Bluetooth, and NFC.
Due to the spread of COVID-19, different governments have implemented quarantines, corporate sector shutdowns and a host of other stringent laws to keep the virus at bay. The IoT in the consumer electronics market has been significantly impacted by the shutdown of corporate sectors around the world as prices for sensors, chips and other components required to build IoT devices have soared. The need for IoT electronics has been declining in the last few months as consumer IoT companies have shut down production and run out of stock. However, as curfew is imposed around the world and people want to stay at home, the IoT in consumer electronics consumption may increase, resulting in rapid expansion of global IoT in the consumer electronics market.
APAC to Pioneer IoT in Consumer Electronics Market
The APAC region will lead IoT in the consumer electronics market during the forecast period. The Asia-Pacific region is expected to experience significant growth during the projection period as they rapidly adopt IoT products. Also, this region is technologically advanced in the global IoT market for consumer electronics. Also, the consumer IoT market in this region is driven by the widespread adoption of the internet by businesses, as well as significant investments by businesses, industries, and residents to create IoT. Developing electronics markets, especially in China and India, are driving regional market growth.
North America Will Drive Significant Growth in IoT in Consumer Electronics Market
Due to the presence of major electronics manufacturers, North America is expected to be the largest market for consumer electronics with the largest market share globally. The United States and Canada are the main contributors to the region’s market growth due to increasing digital technologies and increasing technical advances. Also, the existence of a solid infrastructure helps the market to grow by allowing the implementation of advanced technologies. By 2023, North America is expected to surpass previous growth records, making it the largest revenue generating area in the consumer IoT market. The consumer IoT market in this region is growing due to the growing need for smart devices from wearables, consumer electronics and home automation applications. In addition, the increasing health awareness and number of diabetic patients as a result of the increasing prevalence of various chronic diseases, as well as the simplicity of use of medical equipment are driving the expansion of the market in this region. The rapid digitalization of many consumer end-use applications and the increasing use of smart connected devices has accelerated the expansion of IoT in North America.
Dominant Key Players in IoT in the Covered Consumer Electronics Market are:
- IBM Corporation (USA)
- Intel Corporation (USA)
- GainSpan (USA)
- Apple Inc.(USA)
- io (USA)
- Libelium Comunicaciones (Spain)
- Qualcomm Technologies (USA)
- Silicon Laboratories (USA)
- Lantronix, Inc. (USA)
- ARM Holdings Plc., (UK)
- Symantec (USA)
- PTC (USA)
- Texas Instruments (USA)
- Hewlett Packard Enterprise (USA)
- STMicroelectronics (Switzerland)
- Cisco Systems (USA)
- Amazon Web Services (US)
- Ayla Networks (USA)
- Lost IoT (US)
- Concept (USA) and
- Pepper (US)
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