Market Insights Technology Internet of Things

Consumer IoT - G7

The Consumer IoT market in the G7 countries is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach a staggering US$103.90bn by the year 2024.
Furthermore, it is anticipated that the market will continue to expand at a steady pace, with an annual growth rate (CAGR 2024-2029) of 10.10%.
This growth trajectory is predicted to result in a substantial market volume of approximately US$168.10bn by the year 2029.
When comparing the revenue generated by the Consumer IoT market on a global scale, it is evident that United States will dominate this sector.
In 2024 alone, United States is projected to generate a revenue of US$76.95bn.
This significant contribution to the market underscores the country's strong position and potential for growth in the Consumer IoT market industry.
In the United States, the Consumer IoT market is witnessing a surge in smart home devices, with consumers increasingly adopting voice-controlled assistants like Amazon Echo and Google Home.

Key regions: United Kingdom, Australia, France, Japan, United States

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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.

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.