IoT in Consumer Electronics (Internet of Things) refers to the smart interconnection between devices through internet technologies. The technology enables an intelligent interconnection among devices through the Internet. Today, the IoT is thriving in home electronics, from entertainment to smart home control. Homes are becoming smarter and more connected over the period.
IoT devices are enabled to sense and transmit information online, offering consumer with greater information and influence over their environment. Gadgets can now be accessed digitally and controlled from anywhere on a variety of devices, including mobile, desktop and tablets. IoT has helped consumer electronics to proliferate the way lightning helps to mushrooms.
Electronic manufacturers are increasingly adopting IoT approaches to get their electronic appliances such as smart TV sets, washing machines and home appliances networked. Resultantly, the market for IoT in consumer electronics is growing rapidly, garnering huge traction on the global platform.
Recognizing the kind of growth the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that continuing with the same trends, the global IoT in Consumer Electronics market is projected to reach USD 124 Billion registering a CAGR of 24.16% through the forecast period 2017 to 2023.
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The burgeoning electronics market is the key driving force of the market growth. The dynamic market of enterprise technology changes rapidly, and in the Internet of Things market, it changes even faster and in the electronics industry, it is changing the fastest. Over the last decade, the world has shifted from an on-premise to an almost fanatical allegiance to the cloud. The proliferation of cloud computing along with the increasing usages of smartphones and tablets for controlling IoT devices and developments in IoT security are some of the key factors fostering the market.
IoT is a network of physically connected devices with the help of a software, sensor, electronic equipment and network connectivity to exchange and communication of data and information with or without human presence. Over a couple of years in the past the technology has been grown, IoT has bought the revolutionary change in the consumer electronics market.
Electronics industry gains the most from the IoT. Electronics manufacturers have been connecting devices and appliances for years. The availability of in-home Wi-Fi and connectivity points is creating an environment that enables devices to reliably get connected to the cloud to send operational, warranty and service data. It’s easy to see what a tremendous opportunity the connected home is creating for the electronics industry.
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.
Industry/ Innovation/ Related News
July 19, 2018 – Samsung, the electronics giant, launched IoT-based refrigerator in India. At CES 2018, held between January 09 -12, 2018 Samsung’s Consumer Electronics Division led by its R&D institute in India, had announced its plan to accelerate IoT adoption for everyone by 2019 and that the company is going to infuse AI into its virtual assistant Bixby for a harmonized IoT experience at home. This will further enable users to speak to their refrigerators, TVs, washing machines, ovens, dishwashers, and other electronic appliances.
IoT in Consumer Electronics Market – Segments
The MRFR analysis is segmented into four key dynamics.
- By Products: Smart TV, Smart Phones, Wearable Devices, Kitchen Appliances, and Printers among others.
- By Deployment: On-Cloud, and On-Premise.
- By Connectivity: NFC, Bluetooth, Wi-Fi, Zwave, and ZigBee
- By Regions: North America, Europe, APAC and Rest-of-the-World (RoW).
IoT in Consumer Electronics Market – Regional Analysis
North America is projected to be the leading market for consumer electronics, globally holding the largest market share owing to the presence of major electronics manufacturers. Attributing to the increasing demand for digital technologies and growing technological advancements in the region, the U.S. and Canada account for the major contributor to the market growth in the region.
Furthermore, the presence of a well-established infrastructure supports the market growth, allowing implementations of advanced technologies. North America is expected to grow further over its previous growth records by 2023, followed by Europe and the Asia Pacific.
Europe accounts for the second-largest market for consumer electronics, globally. The market is expected to grow at a considerable CAGR (2017-2023), perceiving a huge uptake of these items across the region.
Asia-Pacific is emerging as one of the lucrative markets for the consumer electronics which is expected to generate a substantial CAGR by 2023. Burgeoning electronics markets mainly in China and India are contributing to the market growth in the region majorly.
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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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