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Consumer IoT - China

China
  • The Consumer IoT market in China is estimated to witness a significant increase in revenue, with projections indicating a rise to US$51.55bn by 2024.
  • Moreover, it is expected to maintain a steady growth rate of 12.00% annually from 2024 to 2029, leading to a market volume of US$90.84bn by the end of the period.
  • In comparison to other countries, United States is anticipated to generate the highest revenue, amounting to US$76.95bn in 2024.
  • China, with its rapid urbanization and tech-savvy population, is leading the way in the Consumer IoT market, driving innovation and adoption of smart home devices.

Definition:

Consumer IoT refers to use of internet connected devices personally used by the end consumer, and not used for commercial purposes. Example of these are Smart Home device or wearables such as gaming equipment (AR/VR devices).

Consumer IoT devices are often controlled and monitored via mobile apps or other software interfaces, allowing users to remotely manage and automate their home appliances and other connected devices.

Additional information:

The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. The market consists of pure IoT revenues generated through the sale of hardware (such as sensors, chips, and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (integration &maintenance of equipment & systems). As an example, the pure IoT revenue for a smart security camera is only the component that makes the camera "smart" and connected, not the full product price. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Some of the key players include Bosch and Qualcomm.

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In-Scope

  • Wearables such as smart watches, smart glasses and fitness trackers
  • Smart home devices such as hubs, smart speakers, security cameras, smoke detectors
  • Smart toys such as programmable robots

Out-Of-Scope

  • Smartphones
  • Laptops
  • Tablets
Consumer IoT: market data & analysis - Cover

Market Insights report

Consumer IoT: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Jun 2024

    Volume

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Key Players

    Most recent update: Mar 2024

    Source: Statista Company Insights

    Analyst Opinion

    Consumer IoT, or the Internet of Things for consumer applications, has seen tremendous growth in recent years as more and more devices are being connected to the internet. From smart thermostats to connected doorbells, consumers are embracing the convenience and control that these devices offer.

    One of the biggest challenges is ensuring the security and privacy of consumer data. As more and more devices are connected to the internet, there is a growing risk of cyberattacks and data breaches. Companies must invest in robust security measures and protocols to protect consumer data and prevent unauthorized access.

    Finding compatible smart devices from different manufacturers and connecting them has been a tedious mission. A potential solution to this problem is the manufacturer-independent protocol called Matter, which has been accepted by leading companies such as Bosch, Apple, and Samsung. The new universal standard would allow end users to combine devices from various manufacturers, eliminating one-brand ecosystems, and it is already becoming a norm.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Methodology

    Data coverage

    The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

    Modeling approach/ Market size:

    The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

    Additional notes:

    The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

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    Consumer IoT: market data & analysis - BackgroundConsumer IoT: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    Internet of Things (IoT) - statistics & facts

    In the realm of technology, few concepts have captured imaginations quite like the Internet of Things (IoT). Coined in 1999 by British technologist Kevin Ashton, IoT envisioned a future where a vast network of interconnected objects would collect and analyze data, enabling them to perform tasks autonomously. While the idea seemed more like science fiction at the time, today, IoT is no longer a hypothetical concept but a rapidly unfolding reality. Thanks to the development of communication technologies such as 5G and data analytics using artificial intelligence (AI) and machine learning, IoT has applications varying from smartwatches to city infrastructure (smart cities).
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