Consumer IoT Market Worth $104.4 Billion by 2023 - Exclusive Report by MarketsandMarkets

CHICAGO, December 13, 2018 /PRNewswire/ --

According to the new market research report "Consumer IoT Market by Offerings (Node Components, Network Infrastructure, Solutions, snd Services), End-Use Application (Wearable Devices, Consumer Electronics, Healthcare, Home Automation, Automotive), and Geography - Global Forecast to 2023", published by MarketsandMarkets, the market is expected to grow from USD 46.8 billion by 2018 to USD 104.4 billion by 2023, at a CAGR of 17.39%. A few of the major driving factors for the growth of this market are growing number of internet users and adoption of smart devices, increasing awareness about fitness and rise in disposable incomes in developing economies, consumer preference for increased convenience and better lifestyle, increasing significance of home monitoring from remote locations, and government regulations for security of IoT devices.

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Network infrastructure to hold largest share of consumer IoT market during forecast period 

Network infrastructure is expected to hold the largest share of the consumer IoT market during 2018-2023. The increase in connected devices and consumer internet usage are leading to the generation of a huge volume of data. A diverse set of smart devices embedded with sensors generate either structured or unstructured IoT data. This leads to the need for high-capacity and high-speed storage. The generated data can be analyzed to get valuable insights; hence, intelligent storage models are replacing traditional storage systems, leading to the need for high-capacity and high-speed storage.

Home automation to hold largest share of consumer IoT market during forecast period 

Home automation is expected to hold the largest share of consumer IoT market based on end-use application by 2023. The increasing demand of home monitoring in remote locations as well as the growing adoption of home automation devices in applications such as security, and HVAC and energy management, among others, have been the key factors driving the growth of the consumer IoT market for home automation.