The global annual revenue from residential IoT device sales will reach $167.2 billion in 2027, according to a new report conducted by Navigant Research.
Paige Leuschner, research analyst with Navigant, said: “IoT is a term that has gained mindshare because of the possibilities it presents around connectivity.
“There are more connected devices and data than ever before and the industry is only beginning to scratch the surface of opportunity IoT has to offer. IoT is already present in the home and it continues to gain momentum as technologies emerge that empower consumers to better monitor and control their lives.”
Increased consumer awareness on the benefits of IoT technologies is also expected to positively impact on the market.
The Asia Pacific region is expected to dominate the market with sales increasing from $19.1 billion in 2018 to $65.5 billion in 2027.
North America is expected to generate $42.3 billion in revenue by 2027 whilst sales will reach $51.7 billion in Europe.
Factors restraining the market include:
- Lack of interoperability
- Consumer consciousness of data privacy
- Failure to monetise IoT
- Market immaturity
Download the executive summary here...