Consumer IT industry is soaring over the period. However, in recent years, the consumer IT has revolutionized by rising multidisciplinary impact of technology across the life of consumers. With consumer being more adaptive and aware of the importance of information technology in their day to day lives, governments across the world are working towards IT infrastructure developments to initiate the concept of smart cities. Covering these enormous developments in consumer IT industry, our consumer IT domain covers reports on emerging technologies in this segment. Some of our top selling titles in the consumer IT domain includes the global mobile payment market, global mobile and wireless backhaul market, global smart shade devices market, the global gaming market and so on.
In our consumer IT market research reports we are laser-focusing on soaring consumer applications such as gaming, retail, and healthcare. It has been observed that the number of software have been developed in the last 5 years targeting these application industries. Further, in our consumer IT domain, we are covering the rapidly growing internet of things market. This market has penetrated quickly into the technology space and is continually finding its usage in major technologies. If the IoT market continues to grow at this pace, it is expected that it can reach $580 billion by 2023 which is a threefold growth as compared to the current growth rate. With interconnected devices, the technology segment will boom giving solid market growth opportunities. The companies are aware of this growth and are positioning themselves to extract maximum benefits from the provided opportunities. Another major insight from the consumer IT industry is the significant development in wearable technologies which is attributing to more than 15% growth by 2023. Rising applications such as fitness & sports, entertainment and multimedia, fashion and garments are fuelling immense growth in the market.
The consumer IT segment is expected to witness tremendous growth in coming years with the rising internet penetration across the world. The internet penetration worldwide has increased from 44.3% (during 2014 -2015) to 49.0% (during 2016-2017). Although most of the population developed economies such as North America and Western Europe is connected to the internet, there is still immense scope in the developing regions such as India, Philippines, Indonesia, Vietnam, Mexico, Peru, Brazil, South Africa, Nigeria and Turkey. Raising awareness and increasing purchasing power in these regions, and several public-private initiatives are likely to boost the consumer IT industry.
We have been covering merging titles such as global mobile backhaul market, which is holding immense potential in the future. With the growing popularity of smart devices such as mobiles, tablets etc, the backhaul market has gained much attention which supports our consumer IT industry analysis. Though it is in its infancy stage right the long-term growth outlook for the same looks bullish in the long term. LTE market is also gaining steam and is expected to benefit the mobile backhaul market well. This market is expected to reach $23.3 billion by 2018 with a compounded annual growth rate of 12.2%.
Focusing on these emerging trends our consumer IT domain is extensively focusing to cover up all these emerging trends and aspects impacting the consumer data. The report provides rich data sourced from various reliable databases such as The World Telecommunication/ICT Indicators database, UN data, Organisation for Economic Co-operation and Development (OECD) and so on. Each of our research on consumer IT is a result of extensive secondary and primary research. The reports are intended to enable the buyer to understand the adoption and growth scenario of information technology in the respective consumer markets across the various regions.