According to SPER Market Research analysis, the global consumer IoT market expected to reach USD 153.83 billion in 2027 from USD 59.59 billion in 2019, registering a CAGR of 11.60% during the forecast period (2020-2027). The rapid pace of urbanization in developed regions and rising demand for connected smart devices estimated to propel the global consumer IoT market in the estimated periods. With the help of a smartphone or virtual assistant, they can automate chores such as laundry or repurchase of items in the refrigerator. Additionally, the growing demand for home monitoring in remote locations and the rising adoption of home automation devices expected to drive the growth of consumer IoT market. Connected devices provide consumers with new ways of shopping and transactions, as well as opportunities for businesses to learn from consumer behaviours to create better products and user experiences. In addition, the development of the Internet of Things can improve the efficiency of processes such as retail inventory management, warehouse operations, and customer analysis.

Additionally, the rapid economic development in developing countries resulted in augmented growth. SPER Market Research analysts estimates the consumer IoT has become a key information system in the IT and consumer electronics industry includes regional analysis on North America Asia-Pacific, Europe, South America, and Middle East & America.