Consumer Internet of Things (CIoT) Market
Consumer IoT is basically a wireless connection of millions of consumer devices, such as smartphones, smart fashion, smart wearable, etc., through the internet for accumulating and sharing information.
Many developing countries across the world are undergoing a technological revolution, which is significantly driving the demand for consumer devices connected via IoT. Furthermore, the constant changes in today’s digital lifestyle play a vital role in likely to drive the consumer internet of things (CIoT) market over forecast timeframe. Currently, over 53.01% of the population globally is connected through the internet. The worldwide consumption of consumer internet and connected devices is rising, which is projected to fuel the consumer internet of things (CIoT) market. More, than 600 million people use speech-activated assistance once a week. Furthermore, a remarkable decline in the prices of IoT devices is attracting a huge number of consumers, which is also anticipated to fuel the global consumer internet of things (CIoT) market in the future. One of the major concerns of the consumer IoT users is huge security risks. The rising number of data breaches due to the IoT adoption globally may hinder the consumer internet of things (CIoT) market. The adoption rate of home IoT devices, such as home robots, smart glasses, smart energy management, and digital assistants, is observed to be rising worldwide. The emerging penetration of home IoT devices is expected to create new growth opportunities for the consumer internet of things (CIoT) market in the upcoming years.
The global consumer internet of things (CIoT) market is majorly segmented on the basis of node component, network infrastructure, solution, and application. The node component segment is categorized into the sensor, a logic device, processor, connectivity IC, and memory device. The processor segment is further categorized into the microcontroller (MUC) and a microprocessor (MPU). Wired and wireless are the sub-segments of connectivity IC. The memory device further segment includes flash and DRAM. By network infrastructure, the market is segmented into storage, gateway, Ethernet switch and routing, and server. The solution segment includes software and platform. By application, the market is classified into home security and smart domestic, wearable technology, personal healthcare, asset tracking, smart office, smart homes, and others.
By region, North America is projected to dominate and to hold a prominent share of the global consumer internet of things (CIoT) market over the estimated timeframe. This can be attributed to the strong presence of leading market players and high product penetration rate for smart home applications.
Some key participants operating in the global consumer internet of things (CIoT) market are Hewlett Packard Enterprise Company (HPE), Qualcomm Incorporated, Honeywell International Inc., AT&T Inc., Texas Instruments Incorporated, Microsoft Corporation, NXP Semiconductors N.V., Sony Corporation, Intel Corporation, Samsung Electronics Co., Ltd., STMicroelectronics N.V., LG Electronics Inc., IBM, Cisco Systems, Inc., Symantec Corporation, Apple Inc., TE Connectivity Ltd., Schneider Electric SE, Amazon, and Alphabet Inc., among others.