Consumer IoT - G7 | Statista Market Forecast

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.

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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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

Smartphones
Laptops
Tablets

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.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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).