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 2018–2023.

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.

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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 2018–2023. 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.

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.

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.

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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), AT&T Inc. (US), Honeywell International Inc. (US), and Hewlett Packard Enterprise Company (HPE) (US).