According to the recent research report titled ‘Global Consumer IoT Market Size study, by Offerings (Node Components, Network Infrastructure, Solutions and Services) by End-Use Application (Wearable Devices, Consumer Electronics, Healthcare, Home Automation, Automotive) and Regional Forecasts 2021-2027’, available with Market Study Report, global consumer IoT market was worth USD 97.50 billion in 2020 and is expected to grow at 17.39% CAGR during 2021-2027, thereby accumulating USD 299.52 billion by the end of analysis timeline.
 

Development of various web applications, integration of connection capacity across numerous devices, increasing digitalization, and widespread adoption of smart devices are propelling the expansion of global consumer IoT market.
 

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In addition, deployment of 5G network for empowering IoT electronics to provide customers with low latency and high-speed will further add momentum to the market progression. Growing adoption of IoT in the healthcare sector in order to manage rising burden of patients with chronic diseases like diabetes is augmenting industry outlook.
 

For the unversed, consumer IoT basically refers to a wide range of internet-connected individual devices like phones, fashion accessories, wearable gadgets, etc. These devices reduce human workload and offer convenience.
 

On the contrary, surging security concerns associated with the use of IoT devices, increasing power consumption, and risks associated with device malfunctions are likely to slow down the remuneration scope of the worldwide consumer IoT industry.
 

Speaking of geographical ambit, North America, Asia pacific, Europe, and Latin America are considered to understand the overall market dynamics. Among these, North America market is slated to register notable gains during 2021-2027, owing to rising usage of IoT technologies in industries like manufacturing, universal healthcare, departmental stores, etc.
 

Key players like Amazon.com, Inc., Cisco Systems, Inc., NortonLifeLock, Inc. (Symantec Corporation), General Electric Company, International Business Machines Corporation, STMicroelectronics NV, Intel Corporation, NXP Semiconductors NV, Texas Instruments Incorporated, and Qualcomm Technologies, Inc. are profiled in global consumer IoT market report.