Wearable tech will represent 46% of the consumer Internet of Things (IoT) market in 2022, followed by automated home (37%) and connected car (17%), according to GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Tech, Media, & Telecom (TMT) Predictions 2022 – Thematic Research’, reveals that wearable tech will generate $97.5 billion in revenues in 2022, representing both the largest and fastest-growing segment by revenue in consumer IoT by 2022.
Rachel Foster Jones, Analyst on the Thematic Team at GlobalData, shares her views on consumer IoT in 2022:
Wearable tech will generate $97.5 billion revenues in 2022
“Hearables will dominate wearable tech revenues in 2022, but smartwatches also remain popular. The explosion in interest for health and fitness monitoring shows no sign of declining and vendors are continuing to invest in advancing the capabilities of their devices to position themselves ahead of the competition.
“Competition in the smart glasses and augmented reality (AR) space is also intensifying. Google (NASDAQ:) will make a comeback in the space in 2022 after acquiring North in 2020. Meta will also debut its AR-capable headset and Apple (NASDAQ:) will compete by launching its AR headset later this year. Although it is a niche market, big tech will be a key growth driver for the market.”
Big tech and carmakers will collaborate on connected car
“The automotive landscape is shifting, and automakers are worried. Mergers and acquisitions (M&A) activity is intensifying as automakers will start forming strategic partnerships with big tech to remain in the game. The increased connectivity of more widespread 5G will boost vehicle-to-infrastructure (V2I) services in 2022, acting to increase the capability of the connected car.”
Smart security will lead the automated home
“Smart security will continue to dominate the automated home category in 2022, generating revenues of $78.7 billion. However, as concerns for ESG rise, the revenue of smart thermostats will increase by 31% from 2021. Consumers are becoming more ESG conscious and are looking to consume energy efficiently. Undoubtedly, smart thermostats will become the fastest growing automated home segment in 2022.”