The new report by Expert Market Research titled, ‘Global Smart Home Market Report and Forecast 2022-2027’, gives an in-depth analysis of the smart home market, assessing the market based on its segments like Product, Software and Services, and Regional markets among others. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): 34.2 billion USD
- Forecast CAGR (2022-2027): 15%
Consumer desire for video-assisted technologies, video doorbells, and surveillance systems is rising as internet penetration increases and the Internet of things (IoT) becomes more widely used in automated devices. Furthermore, the growing number of urban smartphone users with hectic lives is driving up demand for home convenience, which is fuelling market development. Smart homes are becoming more economical and easier to operate as a result of this, and people are increasingly choosing them to improve the security of their houses. Additionally, smart detectors and smart water leaks enable users to respond proactively, preventing costly damage to the property. Smart home demand is also being fueled by the emergence of customised goods based on unique consumer demands. Technological improvements that enable wireless connection are boosting demand for home theatre system control and smart home theatres to improve the entertainment experience, resulting in considerable market growth. Additionally, the growing popularity of smart refrigerators that can adjust the temperature based on the contents and Wi-Fi-enabled coffee machines that allow for a hassle-free coffee-making experience are driving up demand for smart kitchens. This is fueling the market's overall expansion.
Industry Definition and Major Segments
A smart house is defined as a residence with automated appliances and equipment that can be managed over the internet. A smart house allows the user to remotely manage and monitor features such as security, temperature, and lighting, among others. It may be set up using either a wireless or a hard-wired network. Smart houses are capable of executing sophisticated activities such as automatically illuminating evacuation routes in the case of a fire alarm, in addition to basic operations like as turning off lights, dimming lights, and shutting curtains. Connectivity is projected to become a more prevalent trend in the next few years, to the point where it will be an incorporated standard in practically every household gadget and equipment.
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By product, the smart home market is segmented into:
- Lighting Control
- Security and Access Control
- HVAC Control
- Entertainment
- Home Healthcare
- Smart Kitchen
- Home Appliances
- Smart Furniture
- Others
The smart home market can be broadly categorised on the basis of its Software and Services into:
- Proactive
- Behavioural
The major regional markets of the smart home market are:
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East and Africa regions
Market Trends
The globe has undergone a digital change as a result of the coronavirus epidemic. The majority of those who are remaining at home are striving to rearrange their living areas to accommodate work and other activities at home. As a result of the increasing upgradation of houses by embracing the newest technology breakthroughs to help in numerous applications, the market is developing. Furthermore, the increasing ownership and usage of smart speakers, particularly among the youth, to make living spaces more pleasant, relaxing, and multipurpose during home quarantine is giving the smart home sector a boost. Independent living among millennials and Generation Z, as well as their hectic lives, are driving up demand for smart home goods, boosting market growth even further. Furthermore, smart home technology saves energy while delivering convenience, and people are increasingly turning to it to lessen their carbon footprints. Furthermore, smart homes are simple to set up and interface with other devices, all while increasing security, moving the industry forward. In addition, the market is predicted to increase due to the use of developing technologies such as artificial intelligence (AI) and machine learning to recognise users' behaviours and preferences and improve their user experience.
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Key Market Players
The major players in the market are Honeywell International, Inc, Johnson Controls International., Schneider Electric, Siemens AG, United Technologies Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
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Smart Home Market Research Report, by Component (Software, Service), Application (Lighting Control, Security Control, HVAC Control, Home Healthcare, Smart Kitchen Home Appliances), Technology (networks, protocols, wireless) — Global Forecast till 2023Market ScopeThe smart home market 2020 can possibly attain a tremendous valuation of USD 137.96 Billion by 2023, projects Market Research Future (MRFR).
It also estimated that the market can advance at a rate of 14% between 2018 and 2023 (forecast timeframe).Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/974Top Drivers and Key BarriersWith the alarming surge in climate change, instability in electricity prices and the rising adoption of cloud-based technologies along with IoT are some of the top growth inducers in the smart home market.
All across the globe, the need to tackle security issues has mounted significantly in recent years, fueling the need for smart home market.Furthermore, the emergence of the latest wireless technologies like security and access regulators, HVAC Controller, and entertainment controls has foster considerable market expansion.
With the rapid advancements in Internet of Things (IoT) that has led to price drops of processors and sensors, more and more manufacturers are now offering automation in homes, which also works in favor of the worldwide market.Well-known companies such as ABB Ltd. And Honeywell International Ltd. are highly focused on developing automated home solutions, which helps expanding their customer base in the market.
This advanced platform is strongly supported by artificial intelligence, which has helped both the parties gain high favor among their customers.Smart Home Industry TrendsFaster Adoption of Live TVA prominent smartphone trend gaining speed in the smart home space is the rapid adoption of live video streaming and internet TV services, which include Netflix and Amazon Prime videos.
Given the fast speed of internet and a faster broadband used in homes, Android TVs, streaming service and internet TVs platforms have managed to create a significant niche among a vast population across the world.
New York June 27, 2019 - According to a new report released by Research on Global Markets, the global smart home market is expected to reach a value of USD 151 Bn and expand at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period.
Home automation technology enables homeowners to control smart appliances using their smartphones or other networking devices from anywhere at any time.New product launches by companies is keeping the competitive streak alive and hence boosting the development of smart home markets.
In 2018, wireless technology held 95.4% of the market share, however, cellular network segment is expected to expand at a CAGR of 34.7% during the 2018-2023 period.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Growing awareness and need for advanced security solution in the region have led to the increased adoption of smart home solutions.There are still certain challenges to the global adoption of smart homes.
Moreover, smart homes are still seen as a luxury rather than a necessity Key segments of the report: 1.
Smart Home Market is comprehensive and accurately presented in the report with the help of detailed market information and data, critical findings, error-free statistics, and reliable forecasts.
The report digs deep into important aspects of the global Smart Home market, including competition, segmentation, regional expansion, and market dynamics.
Each leading trend of the global Smart Home market is carefully studied and elaborately presented in the report.
Players can become informed about unknown future challenges in the global Smart Home market and prepare effective strategies to better deal with them.Global smart home market is expected to gain market growth in the forecast period of 2020 to 2027.
Data Bridge Market Research analyses that the market is growing with a CAGR of 17.4% in the forecast period of 2019 to 2027 and expected to reach USD 304,127.48 million by 2027.
Increasing usage of smartphones is a driving factor for the market growth.Due to the pandemic, we have included a special section on the Impact of COVID 19 on the Smart Home Market which would mention How the Covid-19 is affecting the Smart Home Industry, Market Trends and Potential Opportunities in the COVID-19 Landscape, Covid-19 Impact on Key Regions and Proposal for Corrugated Board Players to Combat Covid-19 Impact.Get Sample PDF of Smart Home Market Report (including COVID19 Impact Analysis) @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-smart-home-marketSmart Home Market Scope and Market SizeGlobal smart home market is segmented on the product type, technology and software & service.
