Global IoT in Consumer Electronics Market to Reach USD 178.74 Billion by 2031 | CAGR of 15.8%
Category : Semiconductor And Electronics | Published Date : Nov 2024 | Type : Press Release
IoT in Consumer Electronics Market Scope & Overview:
As per the Consegic Business Intelligence newly published report, the IoT in Consumer Electronics Market size was valued at USD 55.26 billion in 2023 and is projected to grow at a CAGR of 15.8%, reaching USD 178.74 billion by 2031. IoT consumer electronics include smart devices such as smartphones, TVs, kitchen appliances, and wearable devices that enhance user convenience through seamless connectivity and automation. These devices utilize IoT technologies for real-time data analysis, predictive maintenance, and energy efficiency, catering to both personal and professional applications.
The report comprises the IoT in Consumer Electronics Market Share, Size & Industry Analysis, based on Product Type (Smartphones, Printers, Wearable Devices, Smart TVs, Kitchen Appliances, Others), Technology (Near Field Communication (NFC), LoRaWAN, RFID, Artificial Intelligence (AI), Others), Connectivity (Wired, Wireless), Sales Channel (Offline, Online), Application (Personal, Professional), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on IoT in Consumer Electronics Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The increasing integration of IoT with AI and the rise of connected smart home devices are key drivers propelling market growth.
Segmental Analysis :
Based on product type, the market is segmented into Smartphones, Printers, Wearable Devices, Smart TVs, Kitchen Appliances, and Others.
- The smartphones segment accounted for the largest revenue share of 32.78% in 2023, driven by their central role in controlling and managing IoT devices. Smartphones enable seamless connectivity and serve as a hub for various IoT applications.
- The wearable devices segment is anticipated to grow at the fastest rate during the forecast period, fueled by advancements in health monitoring and fitness tracking applications.
Based on technology, the market is segmented into Near Field Communication (NFC), LoRaWAN, RFID, Artificial Intelligence (AI), and Others.
- The NFC segment held the largest share in 2023, attributed to its ability to automate home operations and enable quick device connections.
- The AI segment is projected to grow at the fastest rate, supported by its role in predictive maintenance, personalized experiences, and enhanced decision-making.
Based on connectivity, the market is bifurcated into Wired and Wireless.
- The wireless segment dominated the market in 2023, driven by its pivotal role in ensuring smooth communication between devices through technologies like Bluetooth and Wi-Fi.
- The wired segment is expected to grow steadily, supported by its reliability in industrial IoT applications.
Based on sales channel, the market is bifurcated into Offline and Online.
- The offline segment accounted for the largest share in 2023, driven by the ability to offer personalized services and a tangible product experience.
- The online segment is anticipated to grow at the fastest CAGR, supported by increasing e-commerce penetration and enhanced shopping experiences enabled by AI and virtual reality.
Based on application, the market is bifurcated into Personal and Professional.
- The personal segment accounted for the largest share in 2023, driven by the adoption of IoT devices for enhancing convenience, entertainment, and lifestyle.
- The professional segment is expected to grow at the fastest rate, fueled by the use of IoT devices to improve productivity and efficiency in workplaces.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Dominated the market in 2023, driven by rapid digitalization, increasing smart home adoption, and the proliferation of 5G networks in countries like China and India.
- North America: Expected to grow at the fastest CAGR, supported by advancements in AI-integrated IoT devices and strong adoption of smart home technologies.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 178.74 Billion |
| CAGR (2024-2031) | 15.8% |
| Product Type | Smartphones, Printers, Wearable Devices, Smart TVs, Kitchen Appliances, Others |
| Technology | NFC, LoRaWAN, RFID, AI, Others |
| Connectivity | Wired, Wireless |
| Sales Channel | Offline, Online |
| Application | Personal, Professional |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The IoT in Consumer Electronics Market is highly competitive, with key players focusing on innovation and strategic partnerships to strengthen their market position.
List of prominent players in the IoT Consumer Electronics Industry:
- Samsung (South Korea)
- LG (South Korea)
- Intel Corporation (U.S.)
- IBM Corporation (U.S.)
- Sony Corporation (Japan)
- Toshiba Corporation (Japan)
- Schneider Electric (France)
- Texas Instruments (U.S.)
- Apple Inc. (U.S.)
- Panasonic Corporation (Japan)
Recent Industry Developments :
- July 2024: KORE launched mCareWatch 241, a wearable device featuring an innovative personal emergency alarm system for healthcare applications.
- March 2024: Samsung introduced 3D Map View to simplify smart home control and integration with SmartThings.
- May 2024: Hitachi partnered with Google Cloud to boost IoT modernization and efficiency through generative AI technologies.
