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The Latin America, Middle East and Africa Consumer IoT Market would witness market growth of 18.6% CAGR during the forecast period (2021-2027).
The introduction of a 5G network to power IoT consumer electronics has gained popularity, allied sales would maximize in the upcoming years. The latest cellular network technology would provide speed and low latency to the consumer's market.
In the automotive industry, applications like connected car systems and in-car infotainment systems harness the potential of IoT capabilities. The key automotive OEMs have been entering into a partnership with component and solution vendors to create a purpose-built portfolio. With the help of this, they aimed to improve the customer experience.
With the rising demand for smart and advanced products across various nations of the region, the demand for consumer IoT is subsequently increasing. Additionally, the drastic rise in investment in the development and adoption of smart technologies and devices within the healthcare industry of the region would create lucrative opportunities for the major market players.
However, the high cost attached to the connected devices with the growing number of security concerns would act as barriers to the growth of the regional consumer IoT market during the forecast period. Thus, regional players are aiming to address these challenges by launching advanced connected devices. Therefore, these factors are likely to boost the growth of the regional consumer IoT market during the forecasting period.
The Brazil market dominated the LAMEA Consumer IoT Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,884.3 million by 2027. The Argentina market is poised to grow at a CAGR of 19.2% during (2021 - 2027). Additionally, The UAE market would witness a CAGR of 18.3% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Consumer IoT Market is Predict to reach $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.
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