The North America Consumer IoT Market would witness market growth of 15.7% CAGR during the forecast period (2021-2027).
IoT technology plays a crucial role in performing consumer-driven activities, hence, enabling them to modernize the current preferences with the latest and advanced models. IoT finds considerable applications in smart home technology, thereby propelling the market growth during the forecasting period.
As per the Internet & Television Association's study of 2020, the total number of IoT-connected devices would reach 50.1 billion from 34.8 billion in 2018. Factors such as the integration of connectivity competence in many devices and applications, and the growth of several networking protocols, thereby propelling the growth of the consumer IoT market across several end-user industries.
The US is the major contributor to the overall demand for consumer IoT devices, hence propelling the growth and demand for connected devices in the regional market. In addition, customers are extremely connecting them to several apps to track different kinds of data. The growth of the market would be driven by the rise in the adoption rate of smartwatches by customers residing in the regional market. Factors like high demand for the flexible panel, growing health awareness among consumers, and the rising demand for smartwatches in developed nations like the US and Canada, are anticipated to accelerate the growth of the Consumer IoT market in the upcoming years.
The US market dominated the North America Consumer IoT Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $43.7 billion by 2027. The Canada market is expected to grow at a CAGR of 18.3% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 17.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Consumer IoT Market is Estimated 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.
By Component
By Connectivity
By Vertical
By Country
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