JULY 08, 2020: A Smart Home is a home with better, faster and enhanced operating abilities and performance. In a smart home, electronic devices such as fridge, television, air conditioning [heating, ventilation and air conditioning (HVAC)], lighting, and camera systems are usually controlled remotely using smartphones. Home automation is the linking of several appliances, along with monitoring and controlling devices used in a home through an intelligent network over a medium such as coaxial cable, electrical power wiring, infrared, radio frequency, or spread spectrum technology, coordinated by a computer. Globally, the smart home market is estimated to reach a value of INR 4.2 Tn by 2023, expanding at a compound annual growth rate (CAGR) of ~14.77% from 2018.
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In India, the smart home market is in its nascent stage and is expected to increase at an astounding growth rate in the coming years. Currently, the penetration level of smart homes is higher in Indian metropolitans such as Bangalore, Delhi, Mumbai and Pune, which accounts for the majority of the smart home market. Smart lighting, smart speakers, smart thermostats, smart home hubs and smart surveillance are some of the major smart home offerings in the country. Under the 'Make in India' program, the Indian government is taking measures to reduce customs duty on telecommunication devices to boost the electronics manufacturing sector, which is in turn expected to drive growth in the Indian smart home market.
Market segmentation
On the basis of end users, the Indian home automation market can be segmented into residential, commercial and hospitality. Within the home automation market, the residential segment accounts for more than half of the market.
In the commercial segment, security and access systems, and efficient building management systems are the major driving factors. The segment is dominated by three major companies: Samsung, Bosch and Honeywell.
Key growth factors
An increase in the working population and rise in income of the middle class are the key demand drivers of the smart home market in India. Favorable demographics and changing consumer behavior are providing a conducive environment for the growth of automated devices
The burgeoning demand for electricity and its increasing costs are major concerns for consumers. The smart home appliances allow devices to communicate among themselves in order to control the use of energy, thereby emerging as effective energy-saving solutions. Thus, consumers are increasingly adopting smart devices to minimize energy costs
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Threats and key players
Indian consumers are price sensitive, and high costs imply lower installation rates. Therefore, the adoption and penetration of smart devices in the country is limited
ABB India Limited, Honeywell Automation India Limited, Oakter, Silvan Innovation Labs Private Limited, and L&T Electricals and Automation Limited are some of the major companies offering smart home products in the country.
What's covered in the report?
Overview of the global and Indian smart home market
Historical, current and forecasted market size data for the global smart home market (2016 to 2023)
Qualitative analysis of the Indian home automation market and its segments (based on end users - residential, commercial, and hospitality)
The Internet of Things' (IoT) value chain in the India smart home market
Qualitative analysis of the major drivers and challenges affecting the market
Key smart home offerings in the country
Analysis of the competitive landscape and profiles of major players operating in the market
Why buy?
Get a broad understanding of the smart home market in India, the dynamics of the market and current state of the sector
Strategize marketing, market entry, market expansion and other business plans by understanding the factors driving growth in the market
Be informed regarding the key developments in the smart home market in India
Understand major competitors' business strategies and market dynamics, and respond accordingly to benefit from the market
Continued………………..
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The Global Smart Home Market size was valued at US$ 76.2 Bn in 2019 and is expected to reach US$ 191 Bn by 2026 to exhibit a CAGR of 12.17 % during the forecast period.The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters.
Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.Smart Home is the term generally used to define a residence that has appliances, lighting, heating, air conditioning, TVs, computers, entertainment audio & video systems, security, and camera systems that are capable of communicating with one another and can be managed remotely by a time schedule, from any room in the home as well as remotely from any location by phone or internet.
The smart home is one that gives its owners comfort, security, energy efficiency, and satisfaction at all times, regardless of whether anyone is home.Installation of smart products provide the home and its resident's different benefits, the same benefits that technology and personal computing have brought to us over the past 30 years convenience and savings of time, money and energy.Growth of the smart home market is driven by different factors like base of internet users, enlarged adoption of smart devices, rise in the awareness of fitness and healthy lifestyles owning to the high disposable income in developing economies, high importance of home monitoring from remote locations, increase in the need for energy saving and low carbon emission solutions, cost reduction measures enabled by smart homes, fast growth of smartphones and smart gadgets.Rising adoption of entertainment and other control systems, lighting control solutions, smart speakers, and home appliances increasing the growth of the smart home market.Smart homes have gained an increased awareness of both policies and government regulations across the globe.The major restraints of the smart home market are climate change, fluctuating energy prices, energy security, and supply concerns have necessitated new ways of producing, delivering and consuming energy.Entertainment and other controls segment are expected to hold the largest share of the smart home market during the forecast period due to entertainment has become an important part of life as it gives composure and rejuvenation.
Most of the control systems used in smart homes are audio, volume, and multimedia room controls.
The growth of the market for audio, volume, and multimedia room controls is managed by the convenience provided by these controls for managing as well as controlling the entertainment systems within a house.
The Global Smart Home Market size was valued at US$ 76.2 Bn in 2017 and is expected to reach US$ 191 Bn by 2026 to exhibit a CAGR of 12.17 % during the forecast period.Smart Home is the term generally used to define a residence that has appliances, lighting, heating, air conditioning, TVs, computers, entertainment audio video systems, security, and camera systems that are capable of communicating with one another and can be managed remotely by a time schedule, from any room in the home as well as remotely from any location by phone or internet.
The smart home is one that gives its owners comfort, security, energy efficiency, and satisfaction at all times, regardless of whether anyone is home.Installation of smart products provide the home and its resident's different benefits, the same benefits that technology and personal computing have brought to us over the past 30 years convenience and savings of time, money and energy.Request for Sample with Complete TOC and Figures & Graphs @https://www.trendsmarketresearch.com/report/sample/4077Growth of the smart home market is driven by different factors like base of internet users, enlarged adoption of smart devices, rise in the awareness of fitness and healthy lifestyles owning to the high disposable income in developing economies, high importance of home monitoring from remote locations, increase in the need for energy saving and low carbon emission solutions, cost reduction measures enabled by smart homes, fast growth of smartphones and smart gadgets.
Most of the control systems used in smart homes are audio, volume, and multimedia room controls.
The growth of the market for audio, volume, and multimedia room controls is managed by the convenience provided by these controls for managing as well as controlling the entertainment systems within a house.
The behavioral type software and services help examine energy-related data and onward it to end users.Get Discount On The Purchase Of This Report @https://www.trendsmarketresearch.com/report/discount/4077 According to market researchers, smart speakers such as the Amazon Echo or Google Home are the fastest-growing classification of the speakers, with a five-year growth rate of 39.1%.
Amazon Echo, Google Assistant and ULE-based products boosting growth on the marketDue to the huge growth rate, smart speakers are set to be the third-largest segment on the smart home market to hold the largest share of the market.
