The Internet of Things has brought about a paradigm shift in the industry.
June 19, 2022The global Internet of Things (IoT) is gaining importance in the consumer electronics market. The increase in internet usage, the adoption of smart devices and increasing security concerns are the main drivers of this market growth. In addition, the increasing use of personal IoT devices, such as wearables, smartphones and gadgets such as laptops and tablets, in addition to the growing applications of smart IoT devices in home automation, are important market trends.
Moreover, technological developments that enable the integration of technologies such as 5G, big data, deep learning cloud, machine learning and edge computing are positively impacting the market growth. Citing the huge potential this market demonstrates, Market Research Future (MRFR) expects the global IoT market value in consumer electronics to escalate to $172 billion by 2030, growing at a CAGR of 18 percent during the assessment period from 2020 to 2030.
The IoT in consumer electronics, popularly known as consumer IoT (CIoT), refers to the use of Internet of Things products in consumer electronics to connect physical and digital objects. The devices integrate with wireless technologies and microcontrollers to make it easier to share consumer data and information between devices or to a computer without third-party intervention.
Depending on their extensive use and capabilities, IoT technology is used to connect various personal and home devices such as asset tracking, games and entertainment, health monitoring, home security, and parental controls, among others. To identify and access different entities, these interconnected devices are provided with unique identifiers (UIDs).
Current Industry Trends
This year and in the coming years we will see more and more consumer electronics connecting via the IoT. As consumers expect connectivity in everyday home products and electronics, the consumer market for IoT will see increasing sales. As remote and hybrid work environments are likely to continue, the CIoT market is expected to see increasing demand for e-learning and streaming capacity.
In addition, the emerging 5G IoT consumer electronics will provide new opportunities to maximize sales. The rise of the internet, Wi-Fi and 5G has opened up new possibilities, especially in smart homes, where electronic devices are networked via the IoT and in the cloud. With the help of their sensors, these devices have become Able to compute and provide effective data that can be analyzed at the edge to understand usage patterns and routines.
How IoT providers and consumer electronics manufacturers are using interconnected spaces
With the integration of the IoT, consumer electronics are getting smarter. Due to the dominant role of connectivity, IoT-driven consumer electronics are rapidly being adopted. Looking at the increasing integration of IoT-driven consumer electronics into people’s lives, many companies are striving to tap into the vast IoT market and unleash the full potential of the domain and technology.
Established Internet of Things providers are working on a variety of approaches to combine IoT technologies with electronics and to advance IoT-enabled electronic products by expanding budgets. They are working on several possibilities to develop a meaningful solution that can connect a large number of smart connected devices from different vendors.
These IoT technology providers are also developing an end-to-end IoT platform that can efficiently collect and analyze data and respond to every aspect of communication between connected devices. They are investing significantly in developing IoT protocols that are compatible with virtually any advanced consumer product, such as smart home appliances, HVAC systems, wearables, and microcomputer boards.
They also provide an IoT gateway that integrates with third-party device gateways. With what the IoT promises, consumer electronics manufacturers worldwide are seeing new business opportunities. They can leverage different IoT use cases for their product monitoring, management, and customization. These manufacturers use highly customizable, feature-rich IoT dashboards to ensure stress-free remote monitoring and control of their electronic devices.
Notable Industry Updates
On June 7, 2022, global provider of IoT connectivity Soracom announced a partnership with Sony Semiconductor SolutionsSpresense solution to provide LTE connectivity for Spresense IoT microcontrollers. The Spresense system provides IoT innovators with an exceptional platform for creating new connected experiences that take full advantage of edge and the cloud.
On June 1 OnMicroan innovator in RF and system-on-chip (SoC) semiconductors, announced a distribution agreement with Takachiho Kohekic, a Japanese electronics distributor, to promote OnMicro’s RF front-end and SoC products in the Japanese market. RF front-end ICs and Bluetooth SoCs are important enablers for today’s advanced consumer electronics and IoT devices. OnMicro’s high-quality products and high-volume capabilities help customers reduce long lead times and, in some cases, alleviate shortages.
Pradip Shitole currently works as a team leader at market consultancy Market Research Future† He is an electronics and telecom engineer by training with previous experience in technology companies and market research.