The Europe Consumer IoT Market would witness market growth of 15.5% CAGR during the forecast period (2021-2027).
Consumer IoT refers to connected gadgets which are developed for the consumer market like smart wearables, smart homes, smartphones, and others that can collect and provide information through the Internet. There are numerous real-life applications of consumer IoT like home security & smart domestic, wearable technology, personal healthcare, and asset tracking, among others.
Factors such as the massive demand for connected & wearable devices and the growing utilization of IoT devices in automotive are anticipated to drive the growth of the market in the upcoming years. Moreover, the market growth is further driven by the massive development of wireless platforms. On the other hand, some of the obstacles to market growth include data privacy and security-related concerns.
The high adoption of advanced technologies and devices is one of the crucial factors accelerating the growth of the consumer IoT market display panel market in this region. In addition, the rise in the inclination of the consumers towards the adoption of connected devices to simplify various tasks and the increasing population of fitness freak people are the major factors boosting the demand and growth of the consumer IoT market. Growing focus on remote monitoring in response to work from a home model and rising deployment of smart technologies are some of the major factors driving the demand for connected devices in the regional market. The robust healthcare system and high adoption rate of advanced devices in the healthcare sector of the regions would support the growth of the regional market.
The Germany market dominated the Europe Consumer IoT Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $17.7 billion by 2027. The UK market is exhibiting a CAGR of 14.7% during (2021 - 2027). Additionally, The France market would experience a CAGR of 16.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Consumer IoT Market Size will Hit $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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