Growing Adoption Of Smart Devices Projected To Fuel Global Consumer Internet Of Things (CIoT) Market Growth
Consumer internet of things (CIoT) market is an interrelated system of digital and physical objects, utilized personally by a customer. These interconnected devices are presented with unique identifiers (UIDs) to identify and access several objects for a number of purposes. All the networks of the user around their home and personal devices are covered by CIoT. In Internet of Things, the devices are incorporated with numerous microcontrollers and wireless technologies making simpler to share customer information and data without any direct communication of one individual with other or the computer.
The global consumer internet of things (CIoT) market is projected to witness growth during the forecast period owing to increasing count of internet users and implementation of smart devices, along with rise in disposable incomes and mounting cognizance about fitness across the world. Further, government spending in R&D associated with IoT is also expected to bring opportunities for the global market growth. Consumer inclination for better lifestyle & enhanced convenience, government norms for safety of IoT devices, and the rising importance of home monitoring from distant places are also expected to drive the expansion of the global consumer internet of things (CIoT) market. To cite, in early October 2020, a voluntary cyber security labeling scheme was launched by the Cyber Security Agency of Singapore (CSA) for consumer smart devices to enhance IoT security, better protect Singapore’s cyberspace, and increase overall cyber hygiene levels.
The global consumer internet of things (CIoT) market is bifurcated based on network infrastructure, node component, end-user, solutions & services, and region. By node component, the market is divided into sensor, processor, memory device, connectivity IC, and logic device. By network infrastructure, the market is segregated into storage, server, gateway, and Ethernet switch & routing. By solution & service, the market is classified into professional & managed services and software & platform solution. By end-user, the market is segmented into consumer electronics, wearable devices, home automation, healthcare, in-car infotainment, automotive, and traffic management.
Regionally, North America is projected to govern the global consumer internet of things (CIoT) market during the forecast period. this regional growth can be credited to factors such as the rising need for smart devices from customer electronics, home automation applications, and wearable.
The prominent player within the global consumer internet of things (CIoT) market include Texas Instruments Incorporated, Qualcomm Technologies Inc., Intel Corporation, NXP Semiconductors, IBM Corporation, STMicroelectronics, Symantec Corporation, GENERAL ELECTRIC, Schneider Electric, TE Connectivity, Amazon.com Inc., Cisco, Google, Apple Inc., SAMSUNG, LG Electronics, Microsoft, Sony Corporation, Honeywell International Inc., AT&T Intellectual Property, and Hewlett Packard Enterprise Development LP.