Global IoT in the Consumer Electronics Market
The Internet of Things has brought about a paradigm shift in the industry.
Jun 19, 2022The global Internet of Things (IoT) is garnering significant traction in the consumer electronics market. The rise in Internet use, the adoption of smart devices and increasing security concerns are key driving forces behind this market growth. Besides, the increasing use of personal IoT devices, such as wearables, smartphones and gadgets like laptops and tablets, alongside the growing applications of smart IoT devices in home automation, are major market trends.
In addition, technological advances that enable the integration of technologies like 5G, big data, deep learning cloud, machine learning and edge computing positively impact market growth. Citing the vast potential this market demonstrates, Market Research Future (MRFR) expects the global IoT market value in consumer electronics to escalate to $172 billion by 2030, growing at an 18 percent CAGR during the assessment period of 2020 to 2030.
The IoT in consumer electronics, popularly known as consumer IoT (CIoT), refers to the use of Internet of Things products in consumer electronics to interconnect physical and digital objects. The devices are integrated with wireless technologies and microcontrollers to make it easier to share consumer data and information between devices or to a computer without third-party interaction.
Depending upon their extensive usage and capabilities, the IoT technology is used to connect various personal and home devices, such as asset tracking, games and entertainment, health monitoring, home security and parental tracking, among others. To recognize and access various entities, these interrelated devices are provided with unique identifiers (UIDs).
Current Industry Trends
This year and in the years ahead, we’ll see more and more consumer electronics connect through the IoT. As consumers expect connectivity in everyday home products and electronics, the consumer IoT market will perceive increasing sales. With remote and hybrid work environments likely to continue further, the CIoT market is expected to see augmenting demand for e-learning and streaming capacity.
Moreover, emerging 5G IoT consumer electronics will provide new opportunities to maximize sales. The Internet, Wi-Fi and 5G boom opened new possibilities, particularly in smart homes, where electronic devices are connected in a network and to the cloud via the IoT. Using their sensors, these devices have become capable of computing and providing effective data that can be analyzed at the edge to understand usage patterns and routines.
How IoT Providers and Consumer Electronics Manufacturers Use Interconnected Spaces
With the integration of the IoT, consumer electronics are becoming increasingly smarter. Owing to the dominant role of connectivity, IoT-driven consumer electronics are witnessing a rapid surge in adoption. Looking at the rising integration of IoT-driven consumer electronics in people’s lives, many companies are strving to tap into the sprawling IoT market and leverage the full potential of the domain and the technology.
Well-established Internet of Things providers are working on numerous approaches to blending IoT technologies into electronics and fostering IoT-capable electronic products by expanding budgets. They are working on various possibilities to develop a meaningful solution that can connect a myriad of smart connected devices available from different vendors.
Also, these IoT technology providers develop an end-to-end IoT platform that can efficiently collect and analyze data and act on every aspect of communications between connected devices. They make significant investments in developing IoT protocols compatible with virtually every advanced consumer product, such as smart home appliances, HVAC systems, wearables and microcomputer boards.
They also offer an IoT gateway that can be integrated with third-party device gateways. With what the IoT promises, consumer electronics manufacturers worldwide are witnessing new business opportunities. They can tap into a variety of IoT use cases for their product monitoring, management and customization. These manufacturers leverage highly customizable, feature-rich IoT dashboards to ensure stress-free remote monitoring and controlling of their electronic devices.
Notable Industry Updates
On June 7, 2022, global IoT connectivity provider Soracom announced a collaboration with Sony Semiconductor Solutions’ Spresense solution to provide LTE connectivity for Spresense IoT microcontrollers. The Spresense system offers IoT innovators an exceptional platform for creating new connected experiences that take full advantage of edge and the cloud.
On June 1, OnMicro, an innovator in RF and system-on-chip (SoC) semiconductors, announced a distribution agreement with Takachiho Koheki, a Japanese electronics distributor, to promote OnMicro’s RF front-end and SoC products throughout the Japanese market. RF front-end ICs and Bluetooth SoCs are key enablers for today’s advanced consumer electronics and IoT devices. OnMicro’s high-performance products and high-volume capability help customers reduce long lead times and, in some cases, ease the shortage situation.
Pradip Shitole currently works as a team lead at market consultancy firm Market Research Future† An electronics and telecom engineer by education, he has prior experience in technology firms and market research.