Consumer Internet of Things (IoT) is the network of consumer devices used in various end-applications, such as smart homes, healthcare, and consumer electronics. The consumer IoT market is estimated to be worth USD 46.8 billion by 2018 and is projected to reach USD 104.4 billion by 2023, at a CAGR of 17.39% during 2018–2023. Growing number of internet users and adoption of smart devices, increasing awareness about fitness and rise in disposable incomes in developing economies, consumer preference for increased convenience and better lifestyle, increasing significance of home monitoring from remote locations, and government regulations for security of IoT devices are the major factors driving the growth of this market.
The consumer IoT market is highly competitive with a large number of market players. Product launches and developments have been the most prominent strategies followed by the key industry players in recent years. Moreover, partnerships, collaborations, alliances, strategic agreements, and joint ventures are other major growth strategies followed by the companies in the consumer IoT market. The key market players following these strategies are Qualcomm (US), Intel (US), STMicroelectronics (Switzerland), and Texas Instruments (US), among others.
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Qualcomm (US) is an important player in the consumer IoT market. It continuously focusses on the development and launch of IoT products to meet the increasing need of consumers across wearable, home automation, and healthcare verticals. On the back of its comprehensive suite of Qualcomm Snapdragon processors and modems, it is ahead of emerging consumer IoT market trends while addressing rapidly changing consumer requirements. Moreover, the company believes that the consumer market is a critical space, and in February 2018, the company announced IoT development kits based on the QCA4020 and QCA4024 SoCs. The kit is designed for IoT applications such as smart cities, toys, home control and automation, appliances, networking, and home entertainment.
Samsung Electronics (South Korea) is another major player in the consumer IoT market. Samsung invests a large amount of its revenue in its global R&D activities. It focuses on developing innovative products based on the needs of consumers. It is also focused on strengthening its position in the smart home market. Samsung is combining its existing IoT services—SmartThings, Samsung Connect, and ARTIK—in one united IoT platform called SmartThings Cloud. The company is involved in various partnerships and collaborations, which help it to further strengthen its position in this market. In February 2018, Vodafone and Samsung announced a strategic partnership to launch smart home services in the European markets.
Consumer IoT Market by Offerings (Node Components, Network Infrastructure, Solutions, snd Services), End-Use Application (Wearable Devices, Consumer Electronics, Healthcare, Home Automation, Automotive), and Geography - Global Forecast to 2023
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