Smart Home as a service allows consumers to enjoy smart home products and services without large up-front investments. Through subscription models, consumers can gain access to a variety of connected devices that can automate lighting, security, heating/cooling and more. These products and services allow homeowners to control and monitor their homes remotely through apps or voice assistants.
The global Smart Home as a Service Market is estimated to be valued at US$11.3 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the Smart Home as a Service Market is the increasing demand for home automation. As more consumers adopt smart devices, they look for hassle-free options to enjoy these interconnected experiences. Service models provide flexibility to add, upgrade or cancel devices as needs change without long-term commitments. This has boosted the popularity of pay-per-use subscription offerings. Additionally, technologies like cloud computing and artificial intelligence have further enabled service providers to remotely monitor homes, proactively fix issues and offer personalized assistance based on user behavior patterns. These advanced capabilities are attracting more customers to outsource smart home maintenance and support through all-inclusive service packages. While security concerns and interoperability challenges remain, the proliferation of 5G and open architectures are expected to strengthen the business case for Smart Home as a Service solutions in the coming years.
SWOT Analysis
Strength: Smart Home as a service offers greater flexibility and scalability for consumers. With a subscription-based model, customers can easily upgrade devices and features without large upfront costs. Service providers can also use usage data to personalize and improve the service over time.
Weakness: Initial setup and installation of smart home devices may require technical expertise which could present difficulties for some users. Compatibility issues between different devices from multiple brands is also a potential weakness.
Opportunity: Growing consumer acceptance of cloud-based technologies and subscription models present an opportunity for further market expansion. Demand is expected to increase as costs continue declining and more IoT-enabled appliances are introduced.
Threats: Privacy and security concerns around extensive data collection could reduce customer trust. Increased competition from traditional product manufacturers entering the service space may also threaten market share over time.
Key Takeaways
The Global Smart Home As A Service Market Share is expected to witness high growth over the forecast period driven by declining technology costs and the adoption of new IoT devices. The global Smart Home as a Service Market is estimated to be valued at US$11.3 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to remain the largest regional market for smart home as a service through 2030. Wide availability of high-speed internet infrastructure and willingness to adopt new technologies provide a solid foundation for growth. Europe and Asia Pacific are also growing rapidly supported by government initiatives to develop smart cities across major countries like China, India, and Japan. Overall widespread urbanization and improvements in living standards bode well for future demand.
Key players: Key players operating in the smart home as a service market are ADT, Vivint, Comcast, CenturyLink, Deutsche Telekom, Johnson Controls, Anthropic, and Frontpoint Security Solutions. ADT is a leading provider of monitored security and smart home automation systems for residential and business customers across the US and Canada. Vivint focuses on providing AI-powered whole home automation through innovative devices and service packages.
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October 10, 2018: This report focuses on the global Smart Home as a Service status, future forecast, growth opportunity, key market and key players.
The study objectives are to present the Smart Home as a Service development in United States, Europe and China.In 2017, the global Smart Home as a Service market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025.The key players covered in this studyATCenturyLinkJohnson ControlsThe ADT CorporationDownload sample Copy of This Report at: https://www.radiantinsights.com/research/global-smart-home-as-a-service-market-size-status-and-forecast-2018-2025/request-sample Vivint, Inc.Charter Communications (TWC)Comcast CorporationFrontpoint Security SolutionsIngersoll-Rand plc (Nexia)Protection One Alarm Monitoring, IncMarket segment by Type, the product can be split intoManaged ServicesIntegrated ServicesAccess This Full Report @ https://www.radiantinsights.com/research/global-smart-home-as-a-service-market-size-status-and-forecast-2018-2025 Market segment by Application, split intoSecurity and AccessLighting and WindowAudio-Visual and EntertainmentEnergy Management and ClimateMarket segment by Regions/Countries, this report coversUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South AmericaThe study objectives of this report are:To analyze global Smart Home as a Service status, future forecast, growth opportunity, key market and key players.To present the Smart Home as a Service development in United States, Europe and China.To strategically profile the key players and comprehensively analyze their development plan and strategies.To define, describe and forecast the market by product type, market and key regions.In this study, the years considered to estimate the market size of Smart Home as a Service are as follows:History Year: 2013-2017Base Year: 2017Estimated Year: 2018Forecast Year 2018 to 2025For the data information by region, company, type and application, 2017 is considered as the base year.
Whenever data information was unavailable for the base year, the prior year has been considered.About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process.
We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets.
In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.For More Information, Visit Radiant Insights Contact: Michelle Thoras Corporate Sales Specialist, USA Radiant Insights, Inc Phone: 1-415-349-0054 Toll Free: 1-888-202-9519 Email: [email protected] Blog URL: http://ictmarketforecasts.wordpress.com
The global Insights as a Service Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the insights as a service market include IBM Corporation, Accenture PLC, EMC Corporation, Dell EMC, Oracle Corporation, Good Data Corporation, NTT Data Corporation, Zephyr Health Inc., Capgemini SA, and Deloitte Touche Tohmatsu Limited..
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Insights as a Service Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/insights-as-a-service-market/download-sampleMarket Dynamics The need to get customer insights to sell products & services; due to the growth of big data; and the increase in the need for customer management in different companies are the major factor driving the Insights as a service market.
The increasing amount of data generated and the high need for businesses to scale up an enormous amount of statistical data and grow insights to make strategic decisions leads to high insights as a service demand across industries.
The growing adoption of IoT technology in insight-as-a-service and high adoption of IoT devices are positively impacting the Insights as a service market's growth.
