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Consumer IoT Market to Hit $555.92 Billion by 2030: Grand View Research, Inc.SAN FRANCISCO, Jan. 9, 2023 /PRNewswire/ -- The global consumer IoT market size is estimated to reach USD 555.92 billion by 2030, registering a CAGR of 12.7% from 2023 to 2030, according to a study published by Grand View Research Inc. The considerable growth can be ascribed to the rising prominence of smart technologies among people. They are increasingly adopting consumer internet of things (IoT) devices, such as smart wearables, fitness trackers, smart home devices, etc., that gather and share data over the network. The large-scale deployment of consumer IoT devices and applications is revolutionizing day-to-day lives through greater control, increased comfort, tracking of pets and valuables, improved connections, and better insights. The growth of the market is further driven by the technological developments initiated by the market players.  Key Industry Insights & Findings from the report:
Read 250-page market research report, "Consumer IoT Market Size, Share & Trends Analysis Report By Component (Hardware, Services), By Connectivity Technology (Wired, Wireless), By Application (Healthcare, Wearable Devices), And Segment Forecasts, 2023 - 2030", published by Grand View Research. Consumer IoT Market Growth & Trends They are mainly focusing on the development and launch of innovative offerings. In June 2020, Amazon.com, Inc. launched the Halo Band equipped with a temperature sensor, accelerometer, heart rate monitor, and two microphones. It also monitors the user's emotional state by listening to the tone of their voice. Several companies operating are also focusing on mergers and acquisitions to strengthen their product portfolio and gain a competitive edge. In 2021, Alphabet Inc.-owned Google acquired Fitbit with the aim to expand its footprint in the wearables market. The company does not develop its wearables but provides the software required to build smartwatches. This new deal will allow the former to effectively foray into the smart wearables market. The MEA region will register a significant CAGR from 2023 to 2030 due to substantial investments in smart home technologies, connected vehicles, and remote health monitoring. Moreover, countries, such as Saudi Arabia and UAE have successfully implemented digital transformation projects and various national transformation programs. Europe will also have significant growth owing to the rising popularity of consumer internet of things devices. According to research conducted by RSM U.K. Consulting LLP along with European Centre for International Political Economy and YouGov in 2020, the number of consumer IoT devices is significantly increasing in the U.K., wherein the number of connected devices is expected to increase to nearly 75 billion by 2025. The consumer IoT deices that are popular in the country are wearables, smart TVs, smartphones, and smart speakers. Consumer IoT Market Segmentation Grand View Research has segmented the global consumer IoT market based on component, connectivity technology, application, and region Consumer IoT Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)
Consumer IoT Market - Connectivity Technology Outlook (Revenue, USD Billion, 2018 - 2030)
Consumer IoT Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)
Consumer IoT Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of Key Players in the Consumer IoT Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Next Generation Technologies Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
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