Internet of Things is changing lives without even realizing or knowing for the reason that IoT is a broad phenomenon with numerous technologies and applications. In essence, consumer internet of things or CIoT refers to IoT in the context of consumer devices, use cases, and applications. The application of CIoT can vary from simple personal fitness devices to high-end smart home automation applications.
The increase in penetration of the internet and growing use smart devices are the factors that are fueling the growth of the global consumer internet of things (CIoT) market. Growing inclination towards a better standard of living and increase in the use of devices to monitor homes from remote locations is adding up to the growth of the market. Moreover, people are becoming health conscious and are focusing majorly on fitness. Thus, there is an increase in use of wearable devices to monitor health accompanied by increase in disposable income & growing purchasing power. Also, there is increase in government initiatives and funding for the development of IT infrastructure and IoT-based technologies in emerging countries. All such factors are driving the growth of the global market. In addition to this, increase in projects related to smart homes & offices is escalating the growth of the global market effectively. Furthermore, growing use of personalized IoT devices may offer lucrative opportunities for the growth of the global market during the forecast period.
The global consumer internet of things (CIoT) market is classified based on solution, network infrastructure, node component, application, and region. Based on the solution, the global market is categorized into platform and software. The network infrastructure segment comprises server, Ethernet switch & routing, gateway, and storage. Based on the node component, the global market is split into sensor, memory device, connectivity IC, processor, and logic device. The consumer internet of things has applications in home security & smart domestic, smart homes, smart office, asset tracking, personal healthcare, wearable technology, and other applications.
Region-wise, North America is predicted to account for the largest share in terms of revenue in the global consumer internet of things (CIoT) market over the forecast period. Factors such as increase in use of smart wearable devices and growing application of consumer internet of things in smart homes & offices are driving the growth of the market in this region. The fastest growing region is anticipated to be Asia Pacific owing to increase in use of smart devices and heavy investments for infrastructural development.
Texas Instruments Incorporated, AT&T Inc., Honeywell International Inc., Qualcomm Incorporated, Microsoft Corporation, Hewlett Packard Enterprise Company (HPE), Apple Inc., Aipower, Symantec Corporation, IBM, and Amazon are some of the major players that are functioning in the global consumer internet of things (CIoT) market.
Key Developments: In January 2020, Aipower, an innovative smart device developer announced its product plan after its debut at CES 2020, while targeting to enhance its share in the Consumer IoT market.