Global Consumer IoT Market Size to worth USD 813.5 Billion by 2033: Market Statistics Report

Global Consumer IoT Market Size to worth USD 813.5 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Consumer IoT Market Size is Expected to Grow from USD 248.3 Billion in 2023 to USD 813.5 Billion by 2033, at a CAGR of 12.60% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Consumer IoT Market Size, Share, and COVID-19 Impact Analysis, By Node Component (Processor, Sensor, Connectivity IC, Memory Device, and Logic Device), By Application (Home Automation, Consumer Wearables, Consumer Electronics, Healthcare, and Automotive), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

Consumer IoTs refer to the connected devices designed for the consumer market, such as smart wearables, smartphones, smart home devices, etc. that collect and share data through an internet connection. There is an increasing adoption of IoT devices for improving homes and lifestyles with smart home technology, particularly in developed countries like the US and Germany. The consumer IoT market is anticipated to see opportunities due to the growing demand for such devices. The increasing popularity of technologically advanced devices and home appliances is driving the market. The increasing number of internet users and the adoption of smart devices along with the awareness about fitness are propelling the market growth. On the contrary, the challenges of complexity and usability in consumer IoT due to difficulties faced in setting up, operating, and overall user experience of IoT devices and platforms are restraining the market.

The connectivity IC segment dominated the market with the largest market share in 2023.

Based on the node component, the global consumer IoT market is divided into processor, sensor, connectivity IC, memory device, and logic device. Among these, the connectivity IC segment dominated the market with the largest market share in 2023. The demand for highly sophisticated security solutions in the IoT industry is rising as a result of the large number of connected devices managing physical infrastructure and improved connection, which increases the susceptibility of these devices and their networks to attack.

The home automation segment is expected to hold the largest market share during the forecast period.

Based on the application, the global consumer IoT market is divided into home automation, consumer wearables, consumer electronics, healthcare, and automotive. Among these, the home automation segment is expected to hold the largest market share during the forecast period. The growing need for home monitoring in remote locations and the increasing adoption of home automation devices in security, HVAC, and energy management are driving the market in the home automation segment.   

North America is projected to hold the largest share of the global consumer IoT market over the forecast period.

North America is projected to hold the largest share of the global consumer IoT market over the forecast period. The surging need for smart devices from consumer electronics, wearable, and home automation applications leads to drive the market growth. Further, the growing adoption of smart connected devices and rapid digitalization across various applications are fueling the market growth. The growing popularity of home devices among tech-savvy consumers is promoting the market.

Asia Pacific is predicted to grow at the fastest CAGR in the consumer IoT market over the forecast period. The increasing digital transformation and emerging technological advancements for improving their capabilities are driving the market. Factors including the adoption of smart devices and an increasing number of internet users are propelling the market in the region. The increasing adoption of 5G technology and AR/VR across enterprises is contributing to market growth.

Company Profiling

Major key players in the consumer IoT market include Intel Corporation, Microsoft Corporation, Sony Corporation, Apple Inc., IBM Corporation, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, Cloud-based cellular network provider Monogoto announced a new roaming agreement with Non-Terrestrial Network (NTN) service operator Skylo Technologies.

•  In December 2022, Specialist IoT solutions provider, Alliot Technologies announced it is working with technology communications company, Vodafone.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global consumer IoT market based on the below-mentioned segments:

Global Consumer IoT Market, By Node Component

• Processor
• Sensor
• Connectivity IC
• Memory Device
• Logic Device

Global Consumer IoT Market, By Application

• Home Automation
• Consumer Wearables
• Consumer Electronics
• Healthcare
• Automotive

Global Consumer IoT Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa