The increase in the number of internet users and the adoption of smart devices have led ReportBuyer to forecast the global consumer IoT market will reach $104.4bn by 2023.
In its recently released report, ReportBuyer projected that the global consumer IoT market would reach $104.4bn by 2023, growing at a CAGR of 17.4%. The market was estimated to be worth $46.8bn in 2018.
Some of the factors that will lead to the market growth include the expected increase in the number of internet users and adoption of smart devices.
The report's authors cited increasing awareness of smart devices focused on fitness, increasing disposable incomes in developing economies, consumer preference for increased convenience and better lifestyle, and government regulations for security of IoT devices as some of the other driving factors.
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Conversely, a restraining factor for the market was suggested to be data security and data privacy breaches.
"The high number of interconnected devices controlling physical infrastructure and increased connectivity, which makes these devices and their networks more vulnerable to cyberattacks," said the report's authors.
Home automation devices for security and energy management are expected to comprise the largest share of the consumer IoT market by 2023. Furthermore, the APAC region is set to see the highest growth rate during the forecast period.
ReportBuyer outlined: "The increasing reach of internet across residential spaces, high consumer base, rapid urbanization, increasing disposable income and improving IT infrastructure are a few of the key determinants supporting the growth of the consumer IoT market in APAC."