IoT in Consumer Electronics Market - Size, Share, Industry Trends, and Forecasts (2024 - 2031)

By Product Type:

Based on the type, the market is segmented into smartphones, printers, wearable devices, smart TVs, kitchen appliances, and others.

Trends in the Product type:

• The evolution of advanced kitchen appliances and smart TVs to enhance the quality of life is simulated by the rising utilization of IoT platforms.
• The trend towards integration of cloud-based AI functions with various products for optimal control over devices.

The smartphones accounted for the largest revenue share of 32.78% in the year 2023 and are anticipated to register the fastest CAGR during the forecast period.

• The Internet of Things (IoT) plays a vital role in the current technological landscape, including home automation and more connected devices. The crucial aspect of IoT in smartphones is to establish communication among devices by forming a network and generating massive amounts of data for analysis.
• The major role of smartphones in the progress of IoT in consumer electronics is the ability to control and manage various devices with the help of smartphones through voice commands and others.
• In January 2023, Qualcomm Technologies, Inc. partnered with Nothing, Honor, Vivo, OPPO, Motorola and Xiaomi. The aim of the partnership is to provide satellite communication capabilities to smartphones. The satellite has the capability to connect with other device categories including IoT segments and computers among others.
• Thus, the ability to control and manage various devices is driving the smartphone segment and boosting the market.

By Technology:

Based on technology, the market is segmented into Near Field Communication (NFC), LoRaWAN, RFID, Artificial Intelligence (AI), and others.

Trends in the technology:

• The increasing need for enhancing convenience and energy efficiency in consumer electronics is boosting the demand for LoRaWAN technology.
• The rising demand for RFID in retail inventory management in the consumer electronics business is fueling the RFID segment.

The near field communication (NFC) accounted for the largest revenue share in the year 2023.

• The NFC technology is playing a significant role in IoT in consumer electronics due to the rising need for quick connection between devices.
• The NFC provides the facility to automate home operations ranging from locking doors to switching on and off lights.
• Additionally, the NFC technology provides robust security and helps revolutionize smart home automation.
• The integration of NFC with IoT in consumer electronics improves the interaction between devices and enhances user experience as well as helps new devices integrate easily with the existing setup.
• In March 2023, Infineon Technologies AG launched NGC1081, which is an NFC-based sensing controller that gives the ability to control and manage applications ranging from medical patches and disposable point-of-case testers to data loggers, smart thermostats, and sensor inlays with smartphones.
• Thus, the rising need for quick connection between devices and automated home operation is driving the IoT in consumer electronics market trends.

Artificial intelligence (AI) is anticipated to register the fastest CAGR during the forecast period.

• The integration of AI and IoT with consumer electronics helps in scheduling and predicting maintenance. AI provides the ability to learn and make decisions based on data and IoT helps to collect and transfer data for analysis.
• Additionally, smart home devices embedded with AI and IoT play a crucial role in adjusting the temperature, lighting, and other settings.
• There are numerous benefits of AI and IoT in consumer electronics including improved efficiency, enhanced decision-making, increased safety and security, and customization as per requirement among others.
• In August 2024, Wiliot launched WiliBot which is a generative AI chatbot that easily integrates with any ambient IoT-connected product. Chatbot aims to enable natural-language conversations with IoT-connected products.
• Therefore, the ability to help in scheduling and predicting maintenance is anticipated to boost the IoT in consumer electronics market opportunity market during the forecast period.

By Connectivity:

Based on the connectivity, the market is bifurcated into wired and wireless.

Trends in the connectivity:

• The emergence of 5G connectivity for covering large areas with less power consumption is driving the market.
• The trend towards Time-Sensitive Networking (TSN) in wired connectivity which is an extension to the standard Ethernet protocol is boosting the market.

Wireless accounted for the largest revenue share in the year 2023 and is anticipated to register the fastest CAGR during the forecast period.

• IoT consumer electronic devices are dependent on wireless connectivity for smooth communication between devices and transmit data to systems.
• The devices majorly use Bluetooth and Wi-Fi wireless connectivity for establishing connections with various consumer electronics.
• Moreover, Bluetooth is a short-range wireless communication technology that is optimized for low power consumption and supports smartphones and consumer electronics.
• The Bluetooth wireless connectivity is suitable for battery-powered IoT devices with secure communication and encryption for security.
• Additionally, Wi-Fi is one of the most commonly used wireless connectivity solutions for homes, offices, and public spaces with high-speed internet access. The advantages of Wi-Fi include strong encryption, high data rates, easy connection with smart home devices, and others.
• In June 2021, Libre Wireless Technologies Inc. launched MAVID 3M device which is a wireless IoT module with AI voice assistance for home appliances.
• Thus, Bluetooth and Wi-Fi wireless connectivity are driving the IoT in consumer electronics market trends.

By Sales Channel:

Based on the sales channel, the market is bifurcated into offline and online.

Trends in the sales channel :

• The surge in demand for smartphones, smart home devices, and wearable devices is propelling the online sales channel.
• The wide portfolio of consumer electronic products and offers is attracting customers to purchase products from online sales channels.

The offline accounted for the largest revenue share in the year 2023.

• Offline sales channel refers to the traditional way of selling goods directly to the customers.
• The primary factor driving the offline segment of the market is the strong store location which increases the footfalls, strong brand presence, and ability to offer personalized services.
• The offline segment consists of retailers, wholesalers, distributors, and manufacturers in the supply chain which provide a tangible product experience to the customers and enhance the decision-making in the offline segment.
• Thus, the ability to provide tangible product experience and personalized services is driving the global IoT in consumer electronics market demand.

The online is anticipated to register the fastest CAGR during the forecast period.

• The online sales channel refers to the sale of IoT consumer electronic devices through various platforms including e-commerce, online marketplaces, social media, and the company’s website. Additionally, the advantages of online sales channels include wider reach, lower overhead costs, and convenience.
• The integration of AI and virtual reality to enhance the online shopping experience and provide personalized shopping experiences as per the customer’s choice with flexible payment options is driving the growth of the segment.
• Therefore, the integration of AI, and virtual reality in enhancing personalized shopping experiences is anticipated to boost the progress of the market during the forecast period.

By Application:

Based on the application, the market is bifurcated into personal and professional.

Trends in the application :

• The adoption of machine learning and digital twin into IoT devices is driving the IoT in consumer electronics market share.
• The integration of AI and IoT in healthcare devices is spurring the market trend.

The personal accounted for the largest revenue share in the year 2023.

• The personal segment in the IoT in consumer electronics market refers to the utilization of various electronic devices including smart TVs, smartphones, kitchen appliances, and others for personal or single-person use.
• The adoption of IoT in consumer electronics in the personal segment is to enhance lifestyle, convince, health, and entertainment.
• The devices including speakers, wearable devices, smartphones, and others are some of the devices in the personal segment.
• In February 2023, Samsung Electronics launched Galaxy S23 smartphones with advanced features and specifications with the next level of mobile security which is preferable for personal use.
• Thus, the aim to enhance the lifestyle, convince, health and others is driving the personal segment.

The professional is anticipated to register the fastest CAGR during the forecast period.

• The professional segment refers to the utilization of consumer electronics in offices, and work environments for professional purposes. The adoption of IoT in consumer electronics in the professional segment is to enhance productivity, security, and efficiency in numerous industries.
• The devices include smart glasses, printers, health wearable devices, and others are some of the devices in the professional segment.
• In October 2024, Samsung launched Galaxy Wearables Ecosystem in India. The aim is to provide a Premium healthcare experience with Galaxy Ring.
• Therefore, the ability to enhance productivity, security, and efficiency is anticipated to boost the progress of the market during the forecast period.