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Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global Consumer Internet of Things (IoT) market is poised for significant growth, with an anticipated size of USD 334.78 billion by 2032. According to the latest analysis conducted by Emergen Research, the market is projected to achieve a robust revenue Compound Annual Growth Rate (CAGR) of 13.9% throughout the forecast period. This growth is primarily propelled by the increasing adoption of smart devices and the expanding user base of the internet.

One of the pivotal aspects driving the upsurge in market revenue is the utilization of IoT for enhancing customer care. Organizations are harnessing the data collected from IoT devices to perform advanced analytics, which yields valuable insights. These insights are crucial in comprehending customer trends and expectations effectively. Furthermore, IoT has revolutionized the concept of customer digital verification, with the integration of applications like biometric sensors, thus contributing significantly to the market's revenue expansion.

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The continuous progress in IoT technology plays a pivotal role in driving the expansion of market revenue. A noteworthy example of this is the announcement made on March 14, 2023, when Viakoo, a prominent player in IoT/OT vulnerability remediation, unveiled its collaboration with Presidio, a global provider of digital services and solutions. This collaboration is aimed at delivering comprehensive solutions for physical security, Internet of Things (IoT), and Operational Technology (OT) cybersecurity to their shared clientele.

The joint effort between Viakoo and Presidio is instrumental in promoting convergence between physical security and cybersecurity teams within organizations. This convergence is a strategic move designed to mitigate risks and thwart potential threats such as ransomware, data exfiltration, and advanced persistent threats. It's worth noting that the IoT landscape also comes with its share of challenges. One significant drawback is the inherent vulnerability of user data in the public domain of the Internet. This vulnerability opens the door for hackers to gain unauthorized access to private and sensitive information, thus acting as a significant factor hindering the growth of market revenue.

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Scope of Research

Major Companies and Competitive Landscape

The global consumer Internet of Things (IoT) market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

Strategic Development

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Some Key Highlights From the Report

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For the purpose of this report, Emergen Research has segmented the global consumer Internet of Things (IoT) market on the basis of offering, connectivity, end-use, and region:

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

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The rest is here:
Global Consumer Internet of Things (IoT) Market Size to Reach USD ... - GlobeNewswire