Global Consumer IoT Market Insights, Size and Growth Forecast To 2027

 

Global Consumer IoT Market: Overview
The Internet of Things refers to establishing a network connection between devices that are not driven by computer technology. This connection between these devices allows remote monitoring, control, and automation, and when the consumer devices bring into the network, it is called the Consumer Internet of Things (IoT). Consumer IoT refers to the billions of personal physical devices, such as wearables, smartphones, fashion items, along with a growing number of smart home appliances that are now connected to the Internet for collecting and sharing data. 

Customer preferences and behaviour changes, often driven by a younger tech-savvy generation, are encouraging more consumer-oriented industries such as healthcare, retail, financial services, and real estate to adopt the Internet of Things to enable a connected future. The Internet of Things can connect to household appliances, such as refrigerators, washing machines, dryers, trash cans, coffee machines, thermostats, security cameras, etc. Smart home residents can remotely control appliances and monitor their use.

Connected devices provide unprecedented opportunities for many players in the healthcare field. Connected medical devices, such as surgical assistants and mobile robots which can help improve patient outcomes and reduce healthcare costs. 

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”


Global Consumer IoT Market: Insights
The global Consumer IoT market expected to reach USD 153.83 billion in 2027 from USD 59.59 billion in 2019, registering a CAGR of 11.60% during the forecast period (2020-2027). The rising number of internet users and the adoption of smart devices estimated to drive the global Consumer IoT market in the upcoming periods. Additionally, the growing consumer preferences towards improved lifestyle and for augmented convenience for the growth of the global consumer IoT market shortly. The rapid increase in connected products and services to the Internet is already transforming consumers’ lives through connected lifestyle appliances, energy grids, transport, home security. This technology has become part of everyday life with many products by default connected to the Internet.

Moreover, the rise in disposable incomes in developing countries and the surge in consumer’s preferences for home monitoring from remote locations would augment the global consumer IoT Market in the forthcoming periods. According to internet world stats, in 2019, Global internet users have touched 3.8Bn, which is more than half of the world’s population. The Asia Pacific region was found to be leading in terms of both the number of users and potential internet users, with 53% of users coming from this part of the world. The surge in demand for IoT devices which help consumers with new ways of transactions and shopping, as well as opportunities for businesses to learn from consumer behaviors and create better products based on user experiences and virtual assistants, estimated to fuel the global Consumer IoT market in the upcoming periods. 

Additionally, the development of the Internet of Things can improve the efficiency of processes such as retail inventory management, warehouse operations, and customer analysis. Even financial services and insurance companies may be affected as they can collect more data to improve services such as credit assessments, investment advisory services, and underwriting.

The SPER market research report of the Consumer IoT market includes all integrated approaches to the growth of the market, along with an accurate & elaborate analysis of the complete competitive situation of this market on a global level. Besides the current analytical & statistical account, the report cloaks the trends market drivers, challenges, potential opportunities, which affect the market. This market report discusses the present situation to predicted trends & aspects of the growth of the Consumer IoT market. Furthermore, it gives a dynamic overview & insights related to the market at both global as well as regional scales.

About SPER Market Research:

SPER Market Research is one of the world’s most trusted market research, market intelligence, and consulting companies offering strategic research, custom research, market intelligence solutions, quantitative data collection, qualitative fieldwork, online research panel and consumer research. Headquartered in Noida city, the company has offices worldwide, and provides strategic & consulting services.

SPER Market Research is amongst the top market research company and we have served over 20 industries, with core offerings in Pharmaceutical/Healthcare, Business to Business research (B2B), Nutraceuticals, Food & Beverages, Cosmetic, Dermatology, Dental, Herbal, Chemical, Consumer, Information Technology and other industries.

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