Global Smart Home Market - Assessment Covering Growth Factors and Upcoming Trends (2019-2025)
The global report on the Smart Home Market published by
UnivDatos Market Insights (UMI) anticipates that the market is anticipated to
reach a valuation of US$ 170.1 billion by 2025 expanding at reasonable CAGR of
23.9% in the course of the forecasted period (2019-2025). The global smart home
market grew at a CAGR of 17.3% between 2014-2017 periods. The rapid adoption of
smart home devices can be attributed to the burgeoning smart device
installation, rapid uptake in smartphone penetration and changing lifestyle of
the consumers. Rising demand for comfort and convenience along with
proliferation of the internet of things has considerably surged the demand for
smart home devices ranging from energy-efficient solutions, home entertainment
devices, lighting control systems, and security systems among other smart
appliances. Moreover, with the rising IoT connected devices and enormous demand
for technologically advanced solutions, massive opportunity displayed by
Internet of Things has propelled the wireless innovation which has further
driven the smart home devices adoption rate. Wifi and Bluetooth have become
popular wireless connections to operate the smart home via smart devices. The
benefits of smart home technology can also be witnessed extensively among
various end-users wherein adoption of the smart home devices has been the game-changer
for the residential and commercial end-users. Hence, in 2018, smart appliances
including smart washing machines, smart refrigerators, and smart dryers, smart
microwaves and ovens among others held major share in the global smart home
appliances market. The segment is anticipated to bring in earnings of US$
46,713.1 million by 2025.
Alternatively, under wireless technology, Wi-Fi
enabled device is projected to expand rapidly throughout the analyzed period,
owing to drastic technological advancements in terms of cloud computing, BYOD
and artificial intelligence. Moreover, robust security, reliable connectivity
and other parameters have further influenced the embracement of wireless
technology among the smart device consumers. Moreover, mid-range house
apartments dominated the residential end-user segment with the highest adoption
of smart home devices and are expected to remain dominant throughout the
forecasted period. The rapid adoption of smart devices among homeowners and renters
owing to the benefits that smart devices offer would propel wide adoption of
such devices, especially in the developed and developing countries. In
addition, disruption is constantly occurring, as smart home technology is
gaining prominence among hospitality sector. Hotels, as well as hospital
industry, have also adopted smart devices to deliver quality services to their
end customers.
Growing recognition of economic and operational
benefits offered by smart home devices has resulted in the robust growth
potential of the technology. Usage of smart home services has significantly
benefitted the organizations and enterprises in terms of cost efficiency,
energy management along with fostering information technology. Rising demand
for energy-saving solutions has dramatically fostered the smart home technology
at global scale. Additionally, information technology has also witnessed
explosive growth over the past decades. IoT along with artificial intelligence
and increased smartphone penetration has gained wide prominence and continues
to attract huge spending. Global IoT spending is anticipated to reach US$ 1.2
trillion by 2022 and worldwide smartphone penetration is expected to hit beyond
50% by 2020. Substantial Surge in adoption of smart home devices ranging from
smart speakers, security devices and smart appliances among medium-income
consumers has further provided enormous growth opportunities for the companies
operating in the smart home technology industry.
For Regional/country-wise analysis of the overall adoption of Smart
Home Technology browse through:
https://univdatos.com/report/global-smart-homes-technology-market-insights-and-forecast-2019-2025
Unique variations of smart home technology are
bifurcated extensively into applications, technology type and end-users.
Determined by application type, smart home technology market is bifurcated into
safety and security systems, smart appliances, home entertainment, HVAC,
lighting and control systems and energy management systems. By 2025, smart
appliances segment is to command the global smart home market. The segment is
projected to bring in sales revenue of US$ 46,713.1 million by 2025. While
Wi-Fi, Bluetooth, Zigbee and Z-Wave are significant wireless services of
wireless technology available in the market. Wi-Fi is anticipated to witness
rapid adoption and Bluetooth is predicted to enjoy CAGR of 24.2% throughout the
forecast period of time. Residential and commercial buildings ranging from
luxury homes, mid-range apartments, assisted home, low energy homes, hotels,
hospitals are some of the major end-users of smart home technology. Mid-range
apartments segment held the major market share in residential smart home
end-user segment, wherein assisted homes and low energy homes are conversely
anticipated to showcase maximum CAGR during the forecast time period.
Additionally, for better investigation and
penetration of smart home technology, the report bifurcates the respective
market into distinct landscapes such as North America, Europe, Asia-Pacific,
Latin America and Middle East and North Africa (MENA). In 2017, North America
was the largest market for smart home devices, attributed to the intense
competition, innovation paired with rapid adoption of smart devices across
country such as US and Canada. Moreover, Europe and Asia Pacific are also
poised to register drastic advancement in smart home technology throughout the
forecast time period attributed to influx of numerous players, rapid smartphone
penetration, growing adoption of smart devices owing to rising need for comfort
and energy-saving solutions. Rising disposable income along growing
urbanization and smart city initiative undertaken by government entities in
different countries such as China, Japan and India constitute as some of the
key catalyst factors towards wide adoption of smart home devices.
Some of the major companies profiled in the report
includes Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA
ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc.,
Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Honeywell
International Inc., IBM Corporation, LG Electronics Inc., Monitronics International
Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation,
Vivint, Inc. and Samsung Electronics. The players consistently aim to focus on
product development, launch new products and enhance their existing portfolios
to expand their customer base and strengthen their market position through
partnerships and collaborations which further offers them growth opportunities
for geographic expansion in the smart home domain.
Global
Smart Home Market Segmentation
Market Insight, by Application
Safety and Security Systems
Smart Appliances
HVAC
Home Entertainment
Lighting Systems
Energy Management
Market Insights, by Technology
Wireless Technology
Wired Technology
Wireless Technology Market Insight, by
Technology Type
Wifi
Bluetooth
Zigbee
Z- Wave
Others
Wired Technology Market Insight, by
Technology Type
Ethernet
Power Line Communication
Fiber Optics
Others
Market Insights, by End Users
Residential End Users
Commercial End Users
Residential End Users, by Type of
Residential Buildings
Luxury Villas
Luxury Apartments
Mid-range Houses/ Apartments
Assisted Homes
Low Energy Homes
Commercial End Users, by Type of
Commercial Buildings
Hotels
Hospitals
Other Commercial Buildings
Market Insight, by Region
North America Smart Home Market Insight
Europe Smart Home Market Insight
Asia-Pacific Smart Home Market
Middle East Africa Smart Home Market
Latin America Smart Home Market
Top Company Profiled
Haier Electronics
ABB Limited
Acuity Brands, Inc.
AMX, LLC
ASSA ABLOY
Cisco Systems, Inc.
Control4 Corporation
Crestron Electronics Inc.
Deutsche Telekom AG
Emerson Electric Co.
General Electric Company
Samsung Electronics
Honeywell International Inc.
IBM Corporation
LG Electronics Inc.
Monitronics International Inc.
Schneider Electric S.E.
Siemens AG
United Technologies Corporation
Vivint, Inc.
UMI understands that you may have your own business
need, hence we also provide fully customized solutions to clients. The Global Smart Home Technology Market can be
customized to the regional/country level or any other market segment.
Contact Us
UnivDatos Market Insights (UMI)
Email: sales@univdatos.com
Labels: global Smart Home Market, Smart Home, Smart Home Market, Smart Home Market Size, Smart Home Technology Market, Technology
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