Consumer IoT Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Consumer IoT Market is segmented by Type (Hardware, Solutions, Services), Application (Home Automation, Consumer Wearables, Consumer Electronic, Healthcare, Automotive), and Geography (North America (United States, Canada), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Consumer IoT Market Size

Consumer IoT Market Summary
Study Period: 2020- 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 17.52 %

Major Players

Consumer IoT Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Consumer IoT Market Analysis

Consumer IoT market is expected to register a CAGR of 17.52% during the forecast period. IoT technology has become a keystone for conducting consumer-driven activities, thus, empowering them to upgrade their existing preferences with newer and updated models. The adoption of smart home technology is another area of application witnessing rapid growth.

  • Further, in February last year, Leaders from Consumers International, the Cybersecurity Tech Accord, and I Am the Cavalry—representing more than 400 organizations globally—worked together through the World Economic Forum's Council of the Connected World to recognize an emerging consensus on baseline cyber security provisions for consumer IoT devices.
  • A wide range of consumer categories, including fitness, healthcare, automobiles, and the home, create the consumer Internet of Things. Smartwatches, earbuds, and televisions have been rising for the last few years. Further component-level miniaturizations, increased sensor accuracy, and data analysis are paving the way for connected medical accessories.
  • Additionally, allied sales are expected to maximize as 5G network rollouts for powering IoT consumer electronics gain traction. The new cellular network technology is expected to offer speed and low latency to the consumer market.
  • Accordingly, in the wake of rising demand, most FMCG industry players may experience shelving IoT devices and networks, thus, reducing the supply/availability-level constraints. This is also a result of lowering the cost of IoT hardware and services, with the cost of sensors and controllers dropping over the years.
  • On the automotive front, applications like connected car systems and in-car infotainment systems leverage IoT capabilities. Major automotive OEMs have collaborated with component and solution providers to develop mission-critical offerings. This is their take on competing across an enhanced customer experience stack.
  • The recent shutdown of businesses across the globe owing to the influence of COVID-19 is expected to influence the consumer IoT market negatively, as prices of chips, sensors, and other components used in IoT devices may increase over time due to no production and exhaustion of stocks maintained by the manufacturers in few months. ​

Consumer IoT Industry Segmentation

IoT is a network of internet-connected objects. These objects collect and exchange data using sensors embedded within them. IoT systems connect specialized devices designed for specific purposes with limited programmability and customizability. Moreover, IoT systems store and process data in a distributed manner.

The Consumer IoT Market is segmented by Type (Hardware, Solutions, Services), Application (Home Automation, Consumer Wearables, Consumer Electronic, Healthcare, Automotive), and Geography (North America (United States, Canada), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Type
Hardware (Components, such as Processors, Sensors, Gateways, Controllers, and Switches)
Solutions (Independent Software and Integrated Platforms)
Services (Device Lifecycle Management, Remote Monitoring, and implementation Services)
By Application
Home Automation (Smart Thermostats, Meters, Locks, etc.)
Consumer Wearables (Smart Watches, Glasses, Fitness Trackers, etc.)
Consumer Electronics (Smart TV and Other Connected White Goods)
Healthcare (Medical-grade Devices and Wearables, Platforms, etc.)
Automotive (Infotainment System, Connected Cars, etc.)
North America
United States
Rest of Europe
Rest of Aisa-Pacific
Latin America
Rest of Latin America
Middle East and Africa
Saudi Arabia
South Africa
Rest of MEA

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Consumer IoT Market Trends

This section covers the major market trends shaping the Consumer IoT Market according to our research experts:

Home Automation is Expected to Account for Maximum Market Share

  • With the growing penetration of high-speed internet, the adoption of connected devices and smart home applications is increasing, especially in Europe, North America, and Asia-pacific regions. Some majorly incorporated solutions include voice assistants, smart thermostats, smart lighting, security cameras, smart locks, and smart doors.
  • Further, the consumer propensity toward the adoption of smart speakers is increasing. This is, in turn, driving the demand for other connected devices, which may be controlled via such devices. According to Loup Ventures, globally, the smart speaker market's revenue is expected to reach USD 35.5 billion by 2025.
  • Further, the developments in the smart home IOT hardware propel market growth. For instance, in November last year, The IoT Bundle is a kit Arduino released that includes all the necessary hardware, software, and parts for creating its connected gadgets.
  • Devices with IoT capabilities may contribute to cost and energy savings in domestic applications. For instance, according to the UK-based company Carbon Trust, which sells occupancy sensors, these devices can tell if someone is in the room. The company also asserts that a machine like this one has the potential to lower energy consumption in houses by 30%. In comparison, its Daylight sensors can save energy use by up to 40%.
  • Automated HVAC control systems and smart thermostats are increasingly becoming part of homes. For instance, Nest is one of the famous smart home device manufacturers. It is a learning thermostat that automatically adjusts temperature based on the location using a far-field sensor to determine the time and temperature from a distance; the device also works with Alexa. Multiple device manufacturers have been witnessed collaborating with solution providers to enter this segment category.
Consumer IoT Market : Internet of Things (loT) active device connections worldwide from 2018 - 2025 (in billions)

North America Occupies the Largest Market Share

  • North America is one of the significant markets for the consumer IoT market in terms of market size. The wide-scale adoption of IoT technologies in many industries like automotive, retail, healthcare, and consumer electronics is one reason for the growth of the IoT market in this region.
  • Further, between Q3 of 2021 and Q1 last year, IoT companies with expertise in AI and analytics, IoT software, and semiconductors/chips accounted for almost 45% of all significant IoT-related acquisitions. The acquirer's ambition to build a complete technological stack or product portfolio and lessen external dependency was an essential motivator in several of these transactions. Among the important announcements are Panasonic's $8.4 billion purchase of Blue Yonder and Generac Power Systems' acquisition of Ecobee.
  • It is one of the leading regions in terms of research into developing IoT applications in new end-user industries. According to Cisco, the US and Canada are expected to have the highest average of per capita devices and connections by 2022.​
  • Furthermore, the rising number of chronic cases and a growing number of diabetes cases have increased the adoption of IoT-enabled devices in the healthcare sector in the region. The rapid adoption of smart connected devices and rising digitalization is likely to drive this market's growth in North America.
  • On the other hand, the growth of companies providing supporting technology for consumer IoT also boosts the market's growth. Microsoft Azure Sphere is a new microchip technology that enables device manufacturers to create equipment with native, highly secure cloud integration. This latest offering from the company can connect the billions of MCU-based devices that cannot currently be connected securely due to limited computing and storage capabilities.​
Consumer IoT Market : Growth Rate by Region

Consumer IoT Industry Overview

The global consumer IoT market needs to be more cohesive. The major players have used new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. Some of the key developments in the market are:

  • November 2022 - A Memorandum of Understanding was signed between Disrupt-X, an IoT platform provider based in the UAE, and LORIOT, a global IoT company based in Switzerland, to assist the adoption of the next generation of IoT solutions leveraging the adequate LoRaWAN® infrastructure. The partnership primarily focuses on the European Market when promoting IoT technologies.
  • September 2022 - International connectivity and IoT enabler BICS has teamed up with global technology Thales to remove obstacles to eSIM adoption in IoT devices to maximize the potential of IoT for businesses. As a connection provider partner with BICS, Thales has developed a ground-breaking eSIM activation solution for IoT devices. This strategy has succeeded in the consumer electronics industry and simplifies IoT implementation.

Consumer IoT Market Leaders

  1. Intel Corporation

  2. Microsoft Corporation

  3. Sony Corporation

  4. Apple Inc.

  5. IBM Corporation

*Disclaimer: Major Players sorted in no particular order

Consumer IoT Market Concentration

Consumer IoT Market News

  • December 2022 - To deliver NB-IoT connection across the U.K., Vodafone has chosen specialist IoT solutions provider Alliot Technologies as its official IoT partner. With the scope, innovation, and efficiency of Vodafone's dependable network at its disposal, owing to this arrangement, Alliot technologies may dramatically expand its product line. As a result, our portfolio and additional NB-IoT devices may launch on the market.
  • June 2022 - Microsoft Corp. and The Procter & Gamble Company have announced a multi-year partnership using the Microsoft Cloud to support P&G's transition to digital manufacturing. The two businesses will use the Industrial Internet of Things (IIoT) to accelerate and expand P&G's digital manufacturing platform, boost customer satisfaction, and raise productivity while lowering costs.

Consumer IoT Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Assessment of COVID-19 on the Consumer IoT Market


    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Adoption of Connected Devices and Technology Proliferation Among Consumers

      2. 5.1.2 Impact of 5G and Increased Cellular Networks

      3. 5.1.3 Increasing home automation is expected to flourish the market

    2. 5.2 Market Challenges

      1. 5.2.1 Government Regulations, Security and Privacy of Data and Interoperability Concerns


    1. 6.1 By Type

      1. 6.1.1 Hardware (Components, such as Processors, Sensors, Gateways, Controllers, and Switches)

      2. 6.1.2 Solutions (Independent Software and Integrated Platforms)

      3. 6.1.3 Services (Device Lifecycle Management, Remote Monitoring, and implementation Services)

    2. 6.2 By Application

      1. 6.2.1 Home Automation (Smart Thermostats, Meters, Locks, etc.)

      2. 6.2.2 Consumer Wearables (Smart Watches, Glasses, Fitness Trackers, etc.)

      3. 6.2.3 Consumer Electronics (Smart TV and Other Connected White Goods)

      4. 6.2.4 Healthcare (Medical-grade Devices and Wearables, Platforms, etc.)

      5. 6.2.5 Automotive (Infotainment System, Connected Cars, etc.)

    3. 6.3 Geography

      1. 6.3.1 North America

        1. United States

        2. Canada

      2. 6.3.2 Europe

        1. Germany

        2. UK

        3. France

        4. Spain

        5. Rest of Europe

      3. 6.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. Rest of Aisa-Pacific

      4. 6.3.4 Latin America

        1. Brazil

        2. Mexico

        3. Argentina

        4. Rest of Latin America

      5. 6.3.5 Middle East and Africa

        1. UAE

        2. Saudi Arabia

        3. South Africa

        4. Rest of MEA


    1. 7.1 Company Profiles*

      1. 7.1.1 AT&T Inc.

      2. 7.1.2 Microsoft Corporation

      3. 7.1.3 Sony Corporation

      4. 7.1.4 Apple Inc.

      5. 7.1.5 LG Electronics

      6. 7.1.6 Alphabet Inc.

      7. 7.1.7 Hewlett Packard Enterprise (HPE)

      8. 7.1.8 Honeywell International Inc.

      9. 7.1.9 Cisco Systems Inc.

      10. 7.1.10 Intel Corporation

      11. 7.1.11 IBM Corporation

      12. 7.1.12 Schneider Electric SE

      13. 7.1.13 Symantec Corporation

      14. 7.1.14 Qorvo Inc.



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Consumer IoT Market Research FAQs

The Consumer IoT Market is studied from 2020 - 2028.

The Consumer IoT Market is growing at a CAGR of 17.52% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2020- 2028.

North America holds highest share in 2022.

Intel Corporation, Microsoft Corporation, Sony Corporation, Apple Inc., IBM Corporation are the major companies operating in Consumer IoT Market.

Consumer IoT Industry Report

Statistics for the 2023 Consumer IoT market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Consumer IoT analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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