According to the analytics firm, Report Consultant, between 2019 and 2027, the global consumer internet of things (CIoT) market was expected to grow at a CAGR of 17.42% to reach about US$ 143.5 billion by 2027 (Source: “Consumer Internet of Things (CIoT) Market is Expecting Revolutionary Growth 2019,” www.marketexpert24.com, November 19, 2019).
The key factors for the growth in the market were the swelling number of internet users; increasing adoption of smart devices; growth in disposable incomes in developing economies; heightened awareness about fitness; surge in consumer preference for a better lifestyle; rise in the significance of home monitoring from remote locations; and the setting up of rules by the concerned governments for security of IoT devices. Furthermore, government funding of R&D related to IoT was expected to create new opportunities in the CIoT market.
However, there were certain deterrents for the growth such as risk of data privacy and breaches associated with data security. It was observed that many of the early CIoT devices lacked the ability to update software or firmware, which made them vulnerable to attacks by hackers, as there was no way to patch up vulnerabilities. The fault lay with both customers, who in their over-enthusiasm did not stress on security features and manufacturers, who were keener to bring their devices faster to market than provide security features.
Industry observers believed that if the makers of CIoT devices embraced privacy-by-design and addressed security issues, they would be able to eventually win consumer trust, thereby further spurring the growth of CIoT.
