IoT in Consumer Electronics Market

IoT in Consumer Electronics Market Industry Overview:

A Internet of Things (IoT) describes the capability of an electronic device to communicate, connect, and exchange data over the Internet. IoT-powered device management allows consumer electronics players to considerably expand their capabilities of their products. Also, IoT helps to enhance the products by collecting user behavior data, running A/B software tests, and analyzing popular features. Consumer electronics offers immense potential for the deployment of IoT and is gaining significant traction. This technology has become prevalent for conducting consumer-driven activities, thus, developing them to improve the existing preferences with updated and newer models. The implementation of smart home technology is also witnessing healthy market growth. The global IoT in consumer electronics market was valued at USD 35.4 billion in 2022 and is likely to reach USD 138.6 billion by 2030, at a CAGR of 21.5%.

IoT in Consumer Electronics Market Segmentation:

By product, the global IoT in consumer electronics market is classified into smart TV, smartphones, wearable devices, kitchen appliances, laptops, printers, dishwashers, and others. The smartphone segment garnered the highest market share in 2022. Smartphones play a critical role in the IoT, as many devices can be controlled through an app on a smartphone. One can use smartphone to communicate with your smart thermostat, to deliver the perfect temperature by the time one gets home from work. Growing sales of smartphones among the millennials and GenZ coupled with strong internet penetration are likely to bolster the segment growth. Also, smart TV held a considerable share in 2022 and is likely to register a healthy CAGR during the review period. This is mainly attributed to increased digitization of home electronics as well rising purchasing power proliferates the segment growth.

Based on deployment, the global IoT in consumer electronics market has been bifurcated into on-premise and on-cloud. The on-premise held the larger market share in 2022. On-premise software is installed and runs on computers on the premises of organization using the software. With an on-premise IoT solution, the companies maintain the data in their own facilities and can also use their data. The on-cloud segment is likely to register the highest CAGR during the review period. It offers many connectivity options, implying large network access. Cloud solutions facilitate seamless communication between consumer electronic IoT devices.

On the basis of connectivity, the global IoT in consumer electronics market has been segmented into NFC, Bluetooth, WI-Fi, Z-wave, Zigbee, and others. The Bluetooth segment witnessed the largest share in 2022. The Bluetooth segment held a significant market share in 2022. Recent developments in Bluetooth are set to position the technology as ‘the communication protocol of choice’ for IoT. As per Bluetooth Specialist Interest Group, by 2022, over 30% of all installed IoT devices witll be Blutooth-enabled. In fact, Bluetooth can connect disparate devices and industries through short-range technology can transform the way devices interact.

IoT in Consumer Electronics Market Dynamics and Factors:

Significant growth of the global IoT in consumer electronics market includes changing lifestyle of people across the globe, and the comfort offered by connected consumer products are some of the key factors bolstering the global IoT in consumer electronics market growth. Also, declining prices of consumer electronics along with improved spending capacity of the population of the emerging economies further bolsters the global IoT in consumer electronics industry growth. In addition, rising usage of tablets, smartphones, and laptops are augmenting the global IoT in consumer electronics market growth during the review period. Furthermore, increasing internet penetration as well as growing sales of smartphones, smart TVs, wearables, and laptops are likely to positively influence the global IoT in consumer electronics market growth. Consumer propensity towards the implementation of smart speakers, wearables, and TVs are rising. This propels the demand for other connected devices, which can be controlled via such devices further fueling the global IoT in consumer electronics market.

IoT in Consumer Electronics Market Geographical Analysis:

The Asia Pacific market garnered the highest market share in 2022 owing to presence of consumer electronic manufacturers in China, South Korea, Japan, and Taiwan. Also, easy availability of raw materials, large consumer base, rising disposable income, and strong end-use industry growth. China is the leader in consumer electronic production and consumption. Digitization and robust outlook of IoT adoption in smartphones and smart TVs. The European market held a significant share in 2022 due to widespread production and demand of consumer electronics in Germany, the UK, France, and Russia. Rising R&D and investment in product development as well as incorporation of IoT and other technologies further bolster the global IoT in consumer electronics market growth.

IoT in Consumer Electronics Market Report Scope

Key Market Segmentation

IoT in Consumer Electronics Market - By Product

 o   Smart TV 

 o   Smartphones

 o   Wearable Devices

 o   Kitchen Appliances

 o   Laptops

 o   Printers

 o   Dishwashers

 o   Others

IoT in Consumer Electronics Market - By Deployment Model

 o    On Premise

 o    Cloud 

IoT in Consumer Electronics Market  - By Connectivity

 o   NFC

 o   Bluetooth

 o   WI-Fi

 o   Z-wave

 o   Zigbee

 o   Others

Core Banking Solution Market  - By Region

North America

 o   US

 o   Canada

 o   Mexico

Europe

 o   Germany

 o    UK

 o    France

 o    Italy

 o   Spain

 o   Russia

 o   Benelux

 o   Nordics

 o   Rest of Europe

 Asia-Pacific

 o    China

 o    India

 o    Japan

 o    South Korea

 o    Rest of Asia-Pacific

 Middle East and Africa

 South America