Global Consumer IoT Market to Reach $248.3 Billion by 2030
The global market for Consumer IoT estimated at US$103.4 Billion in the year 2023, is expected to reach US$248.3 Billion by 2030, growing at a CAGR of 13.3% over the analysis period 2023-2030. Consumer IoT Hardware, one of the segments analyzed in the report, is expected to record a 12.2% CAGR and reach US$127.2 Billion by the end of the analysis period. Growth in the Consumer IoT Software segment is estimated at 14.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $31.4 Billion, While China is Forecast to Grow at 12.7% CAGR
The Consumer IoT market in the U.S. is estimated at US$31.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$42.7 Billion by the year 2030 trailing a CAGR of 12.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.6% and 11.3% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 9.8% CAGR.
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