How big is the Consumer IoT Market?

The Consumer IoT Market size is expected to reach USD 139.51 billion in 2024 and grow at a CAGR of 8.17% to reach USD 206.60 billion by 2029. Read More

What is the current Consumer IoT Market size?

In 2024, the Consumer IoT Market size is expected to reach USD 139.51 billion. Read More

Who are the key players in Consumer IoT Market?

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

Which is the fastest growing region in Consumer IoT Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Consumer IoT Market?

In 2024, the North America accounts for the largest market share in Consumer IoT Market. Read More

What years does this Consumer IoT Market cover, and what was the market size in 2023?

In 2023, the Consumer IoT Market size was estimated at USD 128.97 billion. The report covers the Consumer IoT Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Consumer IoT Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Consumer IoT Market Trends

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

Market Trends of Consumer IoT Industry

Home Automation is Expected to Account for Maximum Market Share

The increasing use of smartphones and the introduction of high-speed networks have enabled people to adopt IoT technologies in their routine tasks. As 5G adoption accelerates, the global IoT market is expected to reach 2,465.26 billion USD by 2029.
The digitization of cities is one area that Governments are focussing globally. IoT is the major building block behind these smart city projects. Hong Kong-based GLy Capital Investment provided funds to German-based Volocopter for project Neom. The project will involve the development of Velocity air taxis to transport passengers and goods, enabling the physical and digital infrastructure to match.
Feb 2023 - A team of Singapore entrepreneurs visited the Smart City Command Control Centre in India as they plan to invest in Smart City projects, particularly in UP state, with facilities like the integrated traffic management system, the solid waste management system, and health ATMs.
October 2022 - The technology company ABB released SmartTouch 10 for smart home automation. This will help indoor communication, replacing the need for an additional indoor video station. The device can manage entire building installation, from IP cameras to lighting, shading, scene, and temperature control. A notification center informs users about all actions and missed visits.

Consumer IoT Market: Revenue estimation by companies in the global smart city from 2020 to 2025* in billion USD

Understand The Key Trends Shaping This Market

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North America Occupies the Largest Market Share

North America is a pioneer in adopting most technological innovations and advancements, and the adoption of IoT is reshaping various industrial and consumer sectors throughout the region. The 5G adoption in the region is high, and a total of 108 million 5G connections have been laid by Q3 2022. The autonomous 5G deployments that are underway will drive the market for IoT as a whole.
February 2023 - Canadian-based IoT company, Eleven-x, will help North America municipal parking with the smart parking system that will monitor parking spots and provide real-time data on availability. This will reduce congestion in the area and optimize parking enforcement, further improving urban mobility.
August 2022 - North America's biggest IOT Pay platform was acquired by GrubMarket. This acquisition will help GrubMarket to use IOT Pay's technology and payments infrastructure to streamline the food supply chain industry. IOT Pay is also looking forward to rolling out a digital banking solution for small and medium-sized businesses (SMBs).