Rapid urbanization and industrialization in developing countries, such as India and China, are anticipated to drive the Asia Pacific CIoT market growth in the future.
A Zion Market Research report has predicted that the global consumer internet of things (CIoT) market will reach approximately $143.5 billion by 2025, growing at a CAGR of 17.42 per cent between 2019 and 2025.
According to the report, the CIoT market was valued at around $46.6 billion in 2018.
Consumer IoT is basically a wireless connection of millions of consumer devices, such as smartphones, smart fashion, smart wearable, etc., through the internet for accumulating and sharing information.
In 2017, North America was observed to hold a dominant market position and is anticipated to hold a substantial share of the global CIoT market over the upcoming years.
The report projected that the Asia Pacific CIoT market will be the fastest growing market globally over the forecast time frame. Rapid urbanization and industrialization in developing countries, such as India and China, are anticipated to drive the region’s market growth in the future.
Key drivers of CIoT market
The increasing number of IoT-based consumer applications, such as smart homes, personal assistants, wearable tech, and smart security systems is likely to steer the consumer internet of things (CIoT) market in the future, the report noted. In addition, the CIoT market is expected to be further driven by the growing demand for advanced IoT-based home technology and rising number of IoT-based security systems worldwide.
The report also highlighted some major factors restraining the market growth that include complex infrastructure, compatibility and privacy issues related to IoT applications.
New growth opportunities
As per the report, the rising number of personal IoT devices is likely to create new growth opportunities for the market over the forecast time frame.
In 2017, over 27 billion devices were connected through IoT and this number is estimated to reach 125 billion by 2030.