How COVID-19 is Impacting the Consumer IoT Market

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MarketsandMarkets Presents

How COVID-19 is Impacting the Consumer IoT
Market Consumer IoT Market by Offerings (Node
Components, Network Infrastructure, Solutions,
snd Services), End-Use Application (Wearable
Devices, Consumer Electronics, Healthcare, Home
Automation, Automotive), and Geography - Global
Forecast to 2023 https//www.marketsandmarkets.c
om/Market-Reports/consumer-iot-market-49972321.htm
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The consumer IoT market is estimated to reach
USD 104.4 billion by 2023 from USD 46.8 billion
by 2018, at a CAGR of 17.39 during 20182023.
A few of the major driving factors for the
growth of this market include the growing number
of internet users and adoption of smart devices,
increasing awareness about fitness and rise in
disposable incomes in developing economies, and
consumer preference for increased convenience and
better lifestyle. Browse 66 market data Tables
and 63 Figures spread through 209 Pages and
in-depth TOC on "Consumer IoT Market - Global
Forecast to 2023"
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Consumer IoT Market for solutions to grow at
fastest CAGR during forecast period The consumer
IoT market for solutions is expected to grow at
the highest CAGR during 20182023. The solution
segment consists of software and platform. With
the increase in the number of connected devices,
the volume of data is also proliferating. These
huge data volumes are driving the market for data
management software. By implementing the IoT data
management software, businesses are aiming to get
a competitive edge with predictive analytics, as
well as optimize their business operations.
Moreover, the high number of interconnected
devices controlling physical infrastructure and
increased connectivity, which makes these devices
and their networks more vulnerable to
cyberattacks, is leading to the surge in demand
for highly sophisticated security solutions in
the IoT market. Ask PDF Brochure https//www.mar
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Home automation to hold largest share of
consumer IoT market by 2023 Home automation is
expected to hold the largest share of the
consumer IoT market by 2023. The increasing
demand for home monitoring in remote locations as
well as the growing adoption of home automation
devices in applications such as security, and
HVAC and energy management, among others, have
been the key factors driving the growth of the
consumer IoT market for home automation. Further,
the rising demand among customers for better and
convenient lifestyles, and increased internet
penetration in smart devices also contribute to
the market growth.
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North America to account for largest market size
during forecast period North America is the major
revenue generating region in the consumer IoT
market. The increasing demand for smart devices
from consumer electronics, wearable, and home
automation applications have led to the growth of
the consumer IoT market in this region. Moreover,
the growth of the market in this region is also
driven by the increasing health consciousness due
to growing incidences of chronic diseases and
number of diabetes patients, and ease of use of
medical devices. The increasing adoptions of
smart connected devices and rapid digitalization
across various consumer end-use applications have
further fuelled the growth of IoT in North
America. Request Free Sample Pages https//www.m
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321 Key Market Players Qualcomm Incorporated
(US), Texas Instruments Incorporated (US), NXP
Semiconductors N.V. (Netherlands), Intel
Corporation (US), STMicroelectronics N.V.
(Switzerland), International Business Machines
Corporation (IBM) (US), General Electric (GE)
(US), Symantec Corporation (US), TE Connectivity
Ltd. (Switzerland), Schneider Electric SE
(France), Cisco Systems, Inc. (US), Amazon.com,
Inc. (US), Apple Inc. (US), Alphabet Inc. (US),
LG Electronics Inc. (South Korea), Samsung
Electronics Co., Ltd. (South Korea), Sony
Corporation (Japan), Microsoft Corporation (US),
ATT Inc. (US), Honeywell International Inc.
(US), and Hewlett Packard Enterprise Company
(HPE) (US).
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