According to a 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 valued at USD 97.5 billion in 2020 and is projected to expand at a CAGR of 17.39% over 2021-2027, subsequently attaining a valuation of USD 299.52 billion by the end of the forecast period.
 

As per the report findings, mounting demand for internet connected home appliances serves a major impetus for worldwide consumer IoT market growth. Rapid digitalization and adoption of smart network devices is adding substantial momentum to industry development.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3862722/
 

Furthermore, surge in demand from healthcare industry for monitoring applications owing to prevalence of clinical diseases such as diabetes is propelling the demand for consumer IoT enabled devices. Additionally, ongoing 5G network deployments, development and innovation of new web applications, and integration of connection capability across a vast array of gadgets and applications are also enhancing the market remuneration scope.
 

For those unversed, consumer IoT is a broad concept referring to an array of internet-connected devices such as electronic gadgets, mobile phones, fashion accessories, and wearable devices. The internet of things differs from consumer IoTs in terms of applications and devices.
 

Despite the positive outlook of global consumer IoT industry, heavy consequences associated with IoT privacy protection and violations, coupled with lack of communication standards and common protocols are likely to hamper the overall remuneration in the upcoming years.
 

Rising risks of device malfunctioning are also posing additional challenges for the industry. However, increasing government support for R&D activities on IoT, and federal regulations promoting sustainable construction will unlock new opportunities for businesses operating in this domain.
 

From a regional frame of reference, North America currently captures a majority market share owing to strong penetration for IoT technologies in industries such as department stores, manufacturing, consumer electronics and universal health care.
 

Moreover, the smart home technology application in North America is expected to grow substantially in the forthcoming years. The Consumer Technology Association (CTA) reported that 69% of individuals in the United States possess at least one smart home device, with the number of allied devices reaching 35.2 million units in 2020.
 

Prominent players in global consumer IoT market sphere are Amazon.com Inc., Cisco Systems Inc., NortonLifeLock Inc., General Electric Company, International Business Machines (IBM) Corp., STMicroelectronics N.V., Intel Corp., NXP Semiconductors N.V., Texas Instruments Inc., and Qualcomm Inc.