The consumer IoT refers to the numerous physical personal devices, such as smartphones, wearables, fashion items and the growing number of smart home appliances, which are now connected to the internet, collecting and sharing data. The upsurge of connected devices in the future will result in a demand for faster, cheaper and more secure hardware and software. Adoption of smart devices and increasing number of internet users are the key factors which fueling the consumer IoT market growth in near futureThis growth is primarily driven by Increasing adoption of smart devices and growing number of internet users, Rise in disposable incomes in developing countries and increasing awareness about fitness and Government support for security of consumer IoT devices.
Globally, a noticeable market trend is evident Consumer inclination for increased convenience and better lifestyle
. The Consumer Electronics sector in the North America region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Qualcomm Incorporated (United States), Texas Instruments Incorporated (United States), NXP Semiconductors N.V. (Netherlands), Intel Corporation (United States), STMicroelectronics N.V. (Switzerland), International Business Machines Corporation (IBM) (United States), General Electric (GE) (United States), Symantec Corporation (United States), TE Connectivity Ltd. (Switzerland), Schneider Electric SE (France) and Cisco Systems, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
The key players are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new product launches and collaborations as their preferred strategies. Key players are exploring new geographies through expansions and acquisitions across the world to avail competitive advantage through combined synergies
On September 28, 2018, California became the first US state to specifically regulate the security of connected devices (otherwise known as ”Internet of Things” or “IoT devices”). The new laws aim at increasing the security of IoT devices, whose global use is growing rapidly.
- Increasing adoption of smart devices and growing number of internet users
- Rise in disposable incomes in developing countries and increasing awareness about fitness
- Government support for security of consumer IoT devices
- Consumer inclination for increased convenience and better lifestyle
- Increasing preference of home monitoring from remote locations
- Threat of data privacy and security
Promising government regulations to promote green buildings and Government funding in R&D related to consumer IoT devices
High power consumption by devices and Lack of communication standards
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