Consumer IoT Market Size to Surpass USD 737.56 BN by 2032
The consumer IoT market size was estimated at USD 221.16 billion in 2022 and is expected to surpass around USD 737.56 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 12.8% during the forecast period 2023 to 2032.
Key Takeaways:
Consumer IoT Market Report Scope
| Report Attribute | Details |
| Market Size in 2023 | USD 249.47 Billion |
| Market Size by 2032 | USD 737.56 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 12.8% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Component, Connectivity technology, Application, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | 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 |
The growth can be credited to the growing popularity of technologically advanced devices and home appliances. Consumer internet of things (IoT) devices are integrated with multiple microcontrollers and wireless technologies, making it easier to share data without direct interaction between the users or the computer. Consumer IoT refers to an interconnected system of digital and physical objects, such as smartphones, smart wearables, and smart home devices, designed for the consumer markets.
In the past few years, such devices have quickly become an integral part of day-to-day lives. A prominent example of these developments is Echo, a Bluetooth device by Amazon.com, Inc. It is powered by the company’s voice assistant Alexa, which is compatible with various smart home devices. The increasing demand for such devices is expected to create opportunities for the market of consumer internet of things in the coming years. The industry growth is further propelled by the increased adoption of personal wearables for monitoring health parameters.
Consumer IoT applications are playing a vital role in improving personal healthcare through IoT wearables that transmit data to patients and their doctors. In addition, their application is emerging as a common practice in various sports. Many consumer IoT devices help monitor heart rate, sleep, blood sugar, and other variables, thereby positively influencing the overall industry statistics.
Component Insights
On the basis of components, the global industry has been further categorized into hardware, services, and software. The hardware component segment accounted for the maximum revenue share of more than 38.95% in 2022 owing to the increasing demand for IoT devices. These devices comprise actuators, sensors, gadgets, machines, and appliances that are programmed for specific applications and can transmit data over networks.
Moreover, the ongoing technological developments are expected to favor segmental growth over the forecast period. The services component segment is expected to record the fastest growth rate from 2023 to 2032 on account of the growing need for solutions that support the functioning of consumer IoT devices. The service providers deliver end-to-end software development solutions for consumer IoT, from project planning and testing to deployment. In addition, they also provide consulting services, such as architectural engineering, IoT tech stack, software audit, etc.
Connectivity Technology Insights
The wireless connectivity technology segment is expected to record the fastest growth rate of more than 13.80% from 2023 to 2032, owing to the greater scalability offered by these networks. They do not require hardware installations and can be extended with ease without considering the obstructions in the facility. Most wireless sensors comprise nodes that can be extended by adding extra nodes whenever required. In addition, they are more cost-effective as their prices have reduced due to the ongoing advancements in wireless technology and an increasing number of manufacturers.
The wired connectivity technology segment also accounted for a significant revenue share in 2022 and will expand further at a steady pace as this mode of connectivity is still very popular among consumers. The wired network typically employs Ethernet for network connectivity, making them highly reliable. They are less likely to observe dropped connections. Moreover, they offer a greater data transmission speed as they are not affected by the distance and placement of devices. In addition, wired networks are more secure as they are deployed with a LAN firewall.
Application Insights
The consumer electronics segment accounted for the largest share of more than 37.85% of the overall revenue in 2022, owing to the increasing consumer inclination toward incorporating smart consumer electronics devices in residential spaces. The advent of technologies, such as sensors, digital assistants, advanced networking, and cloud computing, have made home automation possible in day-to-day life. According to credible reports, nearly 15% of homes across the globe are expected to install a smart home appliance by 2023.
The wearable segment is estimated to register the fastest CAGR from 2023 to 2032 owing to the increasing internet penetration, rising disposable incomes, and lower average selling prices of these devices. In addition, wearable devices provide several benefits for healthcare providers as well as patients as they help in glucose monitoring, hand hygiene monitoring, heart-rate monitoring, Parkinson’s disease monitoring, depression monitoring, etc. Thus, the rising adoption of wearable consumer IoT devices for health monitoring is expected to create lucrative growth opportunities for the market.
Regional Insights
North America accounted for the largest share of more than 23.85% of the overall revenue in 2022 and is expected to grow significantly during the forecast period. This can be credited to the increased product demand, especially fitness tracking devices, in the region. According to a 2022 survey conducted by ValuePenguin on over 1,500 consumers, while 45% of Americans are already using smartwatches such as Fitbits and Apple Watches, 69% of respondents are willing to use a fitness tracker to get discounts on health insurance. Asia Pacific is expected to record a substantial CAGR from 2023 to 2032 with the growing popularity of smart home solutions in the region.
According to 2021 data released by the China Business Industry Research Institute, the smart home market in China expanded from USD 41.26 billion in 2016 to USD 92.08 billion in 2021. Moreover, the IoT developments across the Middle East and Africa (MEA) region, attributed to the government-initiated smart city projects to leverage long-term sustainability, are expected to propel the growth of the market across the MEA region. The regional market is estimated to grow at a significant rate during the forecast period.
Key Companies & Market Share Insights
The key companies are focusing on introducing innovative offerings and enhancing their existing product portfolio to gain a competitive edge. In June 2022, SAMSUNG launched SmartThings Home Life, offering consumers a more holistic smart home experience. The new offering is an addition to the SmartThings app that provides users with integrated and centralized control over the company’s appliances through their smartphones. It combines the convenience of six SmartThings services - SmartThings Cooking, Clothing Care, Energy, Home Care, Pet Care, and Air Care. Some of the prominent players in the global consumer IoT market are:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the Consumer IoT market.
By Component
By Connectivity Technology
By Application
By Region
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Consumer IoT Market - Industry Snapshot & Key Buying Criteria, 2020 - 2032
2.2 Global Consumer IoT Market, 2020 - 2032
2.2.1 Global consumer IoT market, by region, 2020 - 2032
2.2.2 Global consumer IoT market, by component, 2020 - 2032
2.2.3 Global consumer IoT market, by connectivity technology, 2020 - 2032
2.2.4 Global consumer IoT market, by application, 2020 - 2032
Chapter 3 Consumer IoT Market- Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size & Growth Prospects
3.3 Consumer IoT Market - Value Chain Analysis
3.4 Consumer IoT Market - Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Growing adoption of smart devices
3.4.1.2 Consumer preference towards better lifestyle and convenience
3.4.1.3 Increased adoption of wearables for health monitoring
3.4.2 Market restraint analysis
3.4.2.1 Data security and privacy concerns
3.4.3 Market opportunity analysis
3.4.2.1 Government regulations to encourage green buildings
3.5 Penetration and Growth Prospects
3.6 Consumer IoT: Market Perspective
3.6.1 Consumer IoT – Technology Landscape
3.6.2 Consumer IoT – Regulatory Landscape
3.7 Business Environment Analysis
3.7.1 PEST Analysis
3.7.2 Porter’s Five Forces Analysis
Chapter 4 Consumer IoT Component Outlook
4.1 Consumer IoT Market Share by Component, 2022
4.2 Hardware
4.2.1 Hardware Consumer IoT Market, 2020 - 2032
4.3 Software
4.3.1 Software Consumer IoT Market, 2020 - 2032
4.4 Services
4.4.1 Services Consumer IoT Market, 2020 - 2032
Chapter 5 Consumer IoT Connectivity Technology Outlook
5.1 Consumer IoT Market Share by Connectivity Technology, 2022
5.2 Wired
5.2.1 Wired Consumer IoT Market, 2020 - 2032
5.3 Wireless
5.3.1 Wireless Consumer IoT Market, 2020 - 2032
Chapter 6 Consumer IoT Application Outlook
6.1 Consumer IoT Market Share by Application, 2022
6.2 Consumer Electronics
6.2.1 Consumer Electronics Consumer IoT Market, 2020 - 2032
6.3 Healthcare
6.3.1 Healthcare Consumer IoT Market, 2020 - 2032
6.4 Wearable Devices
6.4.1 Wearable Devices Consumer IoT Market, 2020 - 2032
6.5 Automotive
6.5.1 Automotive Consumer IoT Market, 2020 - 2032
Chapter 8 Consumer IoT Regional Outlook
8.1 Consumer IoT Market Share by Region, 2022
8.2 North America
8.2.1 North America consumer IoT market, 2020 - 2032
8.2.2 North America consumer IoT market, by component, 2020 - 2032
8.2.3 North America consumer IoT market, by connectivity technology, 2020 - 2032
8.2.4 North America consumer IoT market, by application, 2020 - 2032
8.2.5 U.S.
8.2.5.1 U.S. consumer IoT market, 2020 - 2032
8.2.5.2 U.S. consumer IoT market, by component, 2020 - 2032
8.2.5.3 U.S. consumer IoT market, by connectivity technology, 2020 - 2032
8.2.5.4 U.S. consumer IoT market, by application, 2020 - 2032
8.2.6 Canada
8.2.6.1 Canada consumer IoT market, 2020 - 2032
8.2.6.2 Canada consumer IoT market, by component, 2020 - 2032
8.2.6.3 Canada consumer IoT market, by connectivity technology, 2020 - 2032
8.2.6.4 Canada consumer IoT market, by application, 2020 - 2032
8.3 Europe
8.3.1 Europe consumer IoT market, 2020 - 2032
8.3.2 Europe consumer IoT market, by component, 2020 - 2032
8.3.3 Europe consumer IoT market, by connectivity technology, 2020 - 2032
8.3.4 Europe consumer IoT market, by application, 2020 - 2032
8.3.5 Germany
8.3.5.1 Germany consumer IoT market, 2020 - 2032
8.3.5.2 Germany consumer IoT market, by component, 2020 - 2032
8.3.5.3 Germany consumer IoT market, by connectivity technology, 2020 - 2032
8.3.5.4 Germany consumer IoT market, by application, 2020 - 2032
8.3.6 U.K.
8.3.6.1 U.K. consumer IoT market, 2020 - 2032
8.3.6.2 U.K. consumer IoT market, by component, 2020 - 2032
8.3.6.3 U.K. consumer IoT market, by connectivity technology, 2020 - 2032
8.3.6.4 U.K. consumer IoT market, by application, 2020 - 2032
8.4 Asia Pacific
8.4.1 Asia Pacific consumer IoT market, 2020 - 2032
8.4.2 Asia Pacific consumer IoT market, by component, 2020 - 2032
8.4.3 Asia Pacific consumer IoT market, by connectivity technology, 2020 - 2032
8.4.4 Asia Pacific consumer IoT market, by application, 2020 - 2032
8.4.5 China
8.4.5.1 China consumer IoT market, 2020 - 2032
8.4.5.2 China consumer IoT market, by component, 2020 - 2032
8.4.5.3 China consumer IoT market, by connectivity technology, 2020 - 2032
8.4.5.4 China consumer IoT market, by application, 2020 - 2032
8.4.6 India
8.4.6.1 India consumer IoT market, 2020 - 2032
8.4.6.2 India consumer IoT market, by component, 2020 - 2032
8.4.6.3 India consumer IoT market, by connectivity technology, 2020 - 2032
8.4.6.4 India consumer IoT market, by application, 2020 - 2032
8.4.7 Japan
8.4.7.1 Japan consumer IoT market, 2020 - 2032
8.4.7.2 Japan consumer IoT market, by component, 2020 - 2032
8.4.7.3 Japan consumer IoT market, by connectivity technology, 2020 - 2032
8.4.7.4 Japan consumer IoT market, by application, 2020 - 2032
8.5 Latin America
8.5.1 Latin America consumer IoT market, 2020 - 2032
8.5.2 Latin America consumer IoT market, by component, 2020 - 2032
8.5.3 Latin America consumer IoT market, by connectivity technology, 2020 - 2032
8.5.4 Latin America consumer IoT market, by application, 2020 - 2032
8.5.5 Brazil
8.5.5.1 Brazil consumer IoT market, 2020 - 2032
8.5.5.2 Brazil consumer IoT market, by component, 2020 - 2032
8.5.5.3 Brazil consumer IoT market, by connectivity technology, 2020 - 2032
8.5.5.4 Brazil consumer IoT market, by application, 2020 - 2032
8.5.6 Mexico
8.5.6.1 Mexico consumer IoT market, 2020 - 2032
8.5.6.2 Mexico consumer IoT market, by component, 2020 - 2032
8.5.6.3 Mexico consumer IoT market, by connectivity technology, 2020 - 2032
8.5.6.4 Mexico consumer IoT market, by application, 2020 - 2032
8.6 MEA
8.6.1 MEA consumer IoT market, 2020 - 2032
8.6.2 MEA consumer IoT market, by component, 2020 - 2032
8.6.3 MEA consumer IoT market, by connectivity technology, 2020 - 2032
8.6.4 MEA consumer IoT market, by application, 2020 - 2032
Chapter 9 Competitive Landscape
9.1 Alphabet Inc.
9.1.1 Company overview
9.1.2 Financial performance
9.1.3 Product benchmarking
9.1.4 Strategic initiatives
9.2 Amazon.com, Inc.
9.2.1 Company overview
9.2.2 Financial performance
9.2.3 Product benchmarking
9.2.4 Strategic initiatives
9.3 Apple, Inc.
9.3.1 Company overview
9.3.2 Financial performance
9.3.3 Product benchmarking
9.3.4 Strategic initiatives
9.4 AT&T
9.4.1 Company overview
9.4.2 Financial performance
9.4.3 Product benchmarking
9.4.4 Strategic initiatives
9.5 Cisco Systems, Inc.
9.5.1 Company overview
9.5.2 Financial performance
9.5.3 Product benchmarking
9.5.4 Strategic initiatives
9.6 Honeywell International, Inc.
9.6.1 Company overview
9.6.2 Financial performance
9.6.3 Product benchmarking
9.6.4 Strategic initiatives
9.7 IBM Corporation
9.7.1 Company overview
9.7.2 Product benchmarking
9.7.3 Strategic initiatives
9.8 Intel Corporation
9.8.1 Company overview
9.8.2 Financial performance
9.8.3 Product benchmarking
9.8.4 Strategic initiatives
9.9 LG Corporation
9.9.1 Company overview
9.9.2 Financial performance
9.9.3 Product benchmarking
9.9.4 Strategic initiatives
9.10 Microsoft
9.10.1 Company overview
9.10.2 Financial performance
9.10.3 Product benchmarking
9.10.4 Strategic initiatives
9.11 Samsung
9.11.1 Company overview
9.11.2 Financial performance
9.11.3 Product benchmarking
9.11.4 Strategic initiatives
9.12 Schneider Electric
9.12.1 Company overview
9.12.2 Financial performance
9.12.3 Product benchmarking
9.12.4 Strategic initiatives
9.13 Sony Corporation
9.13.1 Company overview
9.13.2 Financial performance
9.13.3 Product benchmarking
9.13.4 Strategic initiatives
9.14 TE Connectivity
9.14.1 Company overview
9.14.2 Financial performance
9.14.3 Product benchmarking
9.14.4 Strategic initiatives
9.15 Texas Instruments
9.15.1 Company overview
9.15.2 Financial performance
9.15.3 Product benchmarking
9.15.4 Strategic initiatives
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers