Internet of Things is changing user lives, with its widespread of applications in day to day activities. Consumer IoT refers to Internet of Things with respect to consumer applications and devices. Consumer electronics are considered as a key area in the Internet of Things which is gaining momentum every day.
For consumer electronics manufacturers, IoT is enabling new revenue opportunities by providing new products to the customers which helps in cross functioning with other devices. Home appliances connected to the internet are capable of reducing workload for humans. The data regarding daily usage of applications can be recorded and stored on data server and can run analysis on the internet which can detect patterns and can schedule run on their own.
The rise of cloud computing, increase in usage of smartphones and tablets for controlling IoT devices and developments in IoT security are the key factors driving the market for global IoT in consumer electronics.
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On the basis of connectivity the segment is further classified into NFC, Bluetooth, Wi-Fi, Zwave, ZigBee and others. Wi-Fi is used to replace existing Ethernet-based communication in order to provide easy access and provide short-range wireless connectivity. By connecting the devices such as kitchen appliances, refrigerator and other devices to the common group over Wi-Fi, monitoring and operating the connected devices can be made easy. It helps in reducing the spectrum connectivity cost and is easy to deploy. IBM Corporation, an American Multinational Technology company is offering open source IoT platform known as Kaa. Kaa is a middleware platform capable of managing, collecting and analyzing every aspect of connected devices. Kaa is compatible with smart TVs, smart home appliances, wearable and other computer chips and allows cross-device collaboration, remote monitoring and many other added features.
The global Iot In Consumer Electronics Market is estimated to grow up to USD 124 Billion at CAGR 24.16% through the forecast period 2017 to 2023
Mar 2018 Belkin, which is a prominent US consumer electronics player and owns the Linksys and Wemo brands, is set to be acquired by iPhone supplier Foxconn for a deal valued at $866m. The deal is thought to be one of the biggest mergers and acquisitions in the technology related sector so far this year, Foxconn has stated that the change will give it access to Belkin’s substantial sales networks, production and technologies capabilities. Belkin is said to have more than 700 patents that span wireless internet of things (IoT) home automation technologies, speaker and audio products and connectors. Foxconn has plans in place to establish a new smart home division linking Belkin’s Linksys and Wemo businesses with its own IoT assets.
Some of the key players in the global IoT in consumer electronics market are Intel Corporation (U.S.), IBM Corporation (U.S.), Gainspan (U.S.), Apple Inc. (U.S.) Particle.io (U.S.), Libelium Comunicaciones (Spain), Qualcomm Technologies (U.S.), Silicon Laboratories (U.S.), Lantronix, Inc. (U.S.), ARM Holdings Plc., (U.K), Symantec (U.S.), PTC (U.S.), Texas Instruments (U.S.), Hewlett Packard Enterprise (U.S.), STMicroelectronics (Switzerland), Cisco Systems (U.S.), Amazon Web Services (U.S.), Ayla Networks (U.S.), Losant IoT (U.S.), Notion (U.S.), Pepper (U.S.) among others.
The IoT in consumer electronics industry is segmented into the segments of product, deployment, connectivity and region. The product type segment of the industry consists of smart TV, smartphones, wearable devices, printers, laptops, washing machine, dishwashers, kitchen appliances, and others. On the basis of deployment the segment is also classified into on-premise and on-cloud. Finally, on the basis of connectivity the segment further consists of Zwave, NFC, Bluetooth, zigbee, Wi-Fi among others.
The global IoT in consumer electronics studied in North America, Europe, Asia Pacific, and Rest of the World. The early adoption of IoT products in this region and being technically advanced region are the factors that are driving the growth in this region. Asia Pacific region is anticipated to show high growth rate during the forecast period. The penetration of internet across enterprises, industries and residents, and huge investments by companies to develop IoT are the major driving factors for the market in this region.
Global Competitive Analysis
Competitors who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario, while also simultaneously delivering customer value unfailingly. The ability to sustain their competitive edge is one of the main causes fuelling their efforts in this period. The scope for development in the industry appears to be promising through the forecast period. The rising interest for diversification in the industry, has indirectly allowed the players to utilize many prospects available in the industry. This scenario has created opportunities for portfolio improvements along with diversification in the sector, which has improved the scenario for market competitors tremendously in this industry. The organizations in this industry are also trying to enhance and maintain financial liquidity that can be crucial to invest in growth opportunities as and when they become available.
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- Distributors and retailers
- Research organizations
- Technology standard organizations, forums, alliances, and associations
- Technology investors
- Operating system (OS) vendors
- Content providers
- Software providers
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