Global consumer IoT market expected to grow 15.9% to hit $204.8 billion by 2027
The Global Consumer IoT Market size is expected to reach $204.8 billion by 2027, rising at a market growth of 15.9% CAGR during the forecast period, according to a new report from ResearchAndMarkets.com.
IoT refers to a network that comprises internet-connected objects. These objects can gather and exchange data with the help of sensors integrated within them.
IoT systems are capable of connecting together specialised devices that are developed for particular purposes with a restricted degree of programmability and customisability.
In addition, IoT systems can store and process data in a distributed manner.
The electronics and semiconductor sectors have been severely impacted by the outbreak of the global pandemic.
Business and manufacturing facilities across numerous nations were closed due to the rising number of COVID-19 cases and is expected to remain closed in 2021.
In addition, the global supply chain has been severely disrupted by the partial or complete lockdown, thus creating challenges for the manufactures to outreach customers.
Moreover, nations under the lockdowns have experienced a significant decline in business and revenue because of the closure of manufacturing facilities.
The outbreak of the COVID-19 pandemic has severely impacted the operations of the production and manufacturing industries, which further impacted the development of the consumer IoT market.
A significant impact includes a large manufacturing disruption across Europe and a severe disruption in Chinese parts exports, which could hamper the growth of the consumer IoT market.
However the faster internet connectivity technology enables consumers to use connected devices in a better and easy way, thus boosting the market growth during the forecasting period.
In addition, internet connectivity technology facilitates connected devices to better transfer and cross-reference data, collect performance data of employees, and offer marketing products efficiently.
In addition, internet of things technology is utilised in various connected devices of many industries like aviation, agriculture, manufacturing, logistics, healthcare, and several other industries, helping them to collect and organise the data from several data streams and organise it effectively.
The report also finds that the growth of the overall consumer IoT market is expected to be driven by the growing adoption of connected healthcare devices such as remote monitoring equipment and heart-rate monitoring device among healthcare experts.
In addition, connected medical devices are of paramount importance for healthcare experts to focus on high-priority tasks and active patient engagement and provide patient-oriented care delivery services.
Therefore, these services require fast-speed internet connectivity among healthcare professionals and doctors, thereby propelling the growth and demand for the consumer IoT market.
Skilled employees are needed to manage the new software systems to install AI-based IoT technologies and skillsets.
Thus, the current workforce should be imparted training regarding how to operate the latest and advanced systems, the researchers state.
Industrial verticals are dynamic toward embracing the latest technologies; though, they are witnessing less availability of well-trained and proficient workers.
As the majority of the key market players are harnessing the potential of IoT solutions, thereby propelling the demand for extremely trained workers.