Consumer IoT Market Size

Statistics for the 2023 & 2024 Consumer IoT market size, created by Mordor Intelligence™ Industry Reports. Consumer IoT size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Consumer IoT Industry

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Consumer IoT Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 139.51 Billion
Market Size (2029) USD 206.60 Billion
CAGR (2024 - 2029) 8.17 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Consumer IoT Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Consumer Internet of Things (IoT) Market Analysis

The Consumer IoT Market size is estimated at USD 139.51 billion in 2024, and is expected to reach USD 206.60 billion by 2029, growing at a CAGR of 8.17% during the forecast period (2024-2029).

  • Iot is the base of digital transformation worldwide, helping to transform many consumer, industrial, government, and defense applications. Even though IT spending fell in 2022, it is expected to grow in 2023. IoT will drive this IT expenditure with approximately 19% growth in 2023, as mentioned in a report by IoT Analytics. IoT deployment helps overcome labor shortages and could speed up digital transformation initiatives.
  • Integrating 5G and IoT can promote many sustainability use cases in various industries. 83% of organizations have improved their efficiency by introducing IoT technology. For instance, with IoT applications in Water Industry, the utility company can recognize, monitor, manage, and monetize water distribution effectively in regions impacted by water scarcity. Smart Water solutions
  • IoT is changing the healthcare industry with innovations like robot surgeons and smart hospitals, which take patient care to the next level. IoT devices that use sensor data help in health condition monitoring, early diagnosis, in-patient treatment, and more. For instance, Apple Smartwatch, which works on an IoT platform, is integrated with Fall Detection System and Emergency Call services that help save lives on time.
  • The COVID-19 outbreak changed the perspective of consumers toward IoT. The introduction of IoT robots is catching demand in sectors like household, retail, manufacturing, healthcare, and others. For instance, Skilancer Solar, a clean-tech firm, developed a waterless robot for cleaning small-scale solar power plants on household rooftops. These robots will help to clean the panels as per requirement, without any human involvement.
  • IoT may bring convenience and improve the productive time of daily tasks, but the implementation of it is pretty expensive, so there is slow adoption of this technology. The high cost involved in developing and maintaining these IoT devices restrains the market growth.

Consumer IoT Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)