The consumer IoT [Internet of Things] market is USD 46.8 billion by 2018 and is projected to reach $104.4 billion by 2023 (at a compound annual growth rate of 17.39%), up from $46.8 billion in 2018, according to Report Buyer (www.reportbuyer.com).
The growth of the consumer IoT market can be attributed to the growing number of internet users and adoption of smart devices, increasing awareness about fitness and rise in disposable incomes in developing economies, consumer preference for increased convenience and better lifestyle, increasing significance of home monitoring from remote locations, and government regulations for security of IoT devices, adds the research group. The breach in data security and data privacy is the major restraint for the market.
The consumer IoT solution segment consists of software and platform.The high number of interconnected devices controlling physical infrastructure and increased connectivity, which makes these devices and their networks more vulnerable to cyberattacks, is leading to the surge in demand for highly sophisticated security solutions in the IoT market, says Report Buyer.
What’s more, with the increase in the number of connected devices, the volume of data is also proliferating, adds the research group.These huge volumes of data are driving the market for data management software. By implementing the IoT data management software, businesses are aiming to win a competitive edge with predictive analytics, as well as optimize their business operations.
Report Buyer says home automation is expected to hold the largest share of the consumer IoT market by 2023. The increasing demand for home monitoring in remote locations, growing adoption of home automation devices in applications such as security, and HVAC and energy management, among others, have been the key factors driving the growth of the consumer IoT market for home automation.