The Asia Pacific Consumer IoT Market would witness market growth of 15.9% CAGR during the forecast period (2021-2027).
Factors like a massive adoption of smart devices and growth in the number of internet users are anticipated to create lucrative growth opportunities for the players operating in the market. Additionally, the market growth is further driven by the rise in awareness regarding fitness & growing disposable incomes in developing countries. Major consumer IoT makers like Honeywell International, Intel Corporation, and Siemens are willing to put high investments on technologically upgraded, cost-effective, and more safe products and solutions for several applications.
There is a constant rise in the demand for connected devices in the region, which is highly supporting the growth of the regional consumer IoT market over the forecast period. In addition, this region has the largest manufacturing hub across different developing nations like China and India that would surge the growth of IoT-based devices in the regional market. Further, the presence of key players in this region would boost the growth of the regional market.
Some of the growth catalysts for the regional market are the rising popularity of Voice assistants, smart lighting, smart thermostats, smart locks, security cameras, and smart doors among the consumers in the regional market. Some companies are adopting different strategies to increase their market share, which is further estimated to boost the growth of the regional consumer IoT market over the forecast years.
The China market dominated the Asia Pacific Consumer IoT Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $16.5 billion by 2027. The Japan market is anticipated to grow at a CAGR of 15.2% during (2021 - 2027). Additionally, The India market would showcase a CAGR of 16.6% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software, and Services. Based on connectivity, the market is segmented into Wired and Wireless. Based on Vertical, the market is segmented into Home Automation, Automotive, Consumer Electronics, Healthcare, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Consumer IoT Market is Projected to reach USD 204.8 billion by 2027, at a CAGR of 15.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Schneider Electric SE, General Electric (GE) Co., Cisco Systems, Inc., NXP Semiconductors N.V., Texas Instruments, Inc., Intel Corporation, Qualcomm, Inc., and Honeywell International, Inc.
By Component
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