Smart Home Market Report - Industry Size and Global Share 2021: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027
UnivDatos Market Insights released a report titled “Smart Home Technology Market By Product (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems and Smart Energy Management), Technology (Wireless (Wi-fi Technology, Bluetooth Technology, ZigBee Technology, Z- Wave Technology and Other Wireless Technology) and Wired (Ethernet Technology, Power Line Communication, Fiber to Home Technology and Other Wired Technology)), Payment Mode (Online, Offline), End-users (Residential End-Users (Luxury Homes, Mid-Range Apartments/Homes, Assisted Homes, Low Energy Homes), Commercial End-users (Smart Hotels, Smart Hospitals, Other Commercial Buildings)) and Region (North America, Europe, Asia-Pacific and Rest of World) - Current Analysis and Forecast (2019-2025).” Smart Home Market stood at US$ 38,649.3 million in 2018 and is expected to grow at a CAGR of 23.9% during the forecasted period 2019-2025.
Market Dynamics
The major
factors driving the market include increasing number of internet users,
increasing importance toward the need to counter security issues, the growing
importance of home monitoring in remote locations, growing need for
energy-saving and low carbon emission-oriented solutions, the rapid
proliferation of smartphones and smart gadgets, the introduction of innovative
wireless technologies, including HVAC Controller, security and access
regulators and entertainment controls, recent advancements in Internet of
Things (IoT) and convenience among the general population. However, the high
installation costs, rising awareness among consumers and lack of
standardization are anticipated to limit hinder growth over the forecast period.
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Technological Revolution Change
As technology is underpinning the revolution in the way we tend to live,
the home automation and artificial intelligence are expected to offer domestic
help in innovative ways including increasing standardization, machine learning,
and robots in the house, in-home healthcare getting smarter, faster, more
powerful networks, meaning better access to data and processing resources in
the cloud. In Europe, Instabus (Installation Bus) tend to become a known smart
home technology protocol for digital communication between smart devices.
COVID-19 Impact on Smart Homes Technology
The security of smart homes and buildings from cybersecurity risks has
become relevant than ever amid the COVID-19 pandemic. Currently, people spend
considerable time at home using smart cameras, wearables and telecommunications
to remain in touch with their business, doctors, government, school, friends
and family. With the quick shift to working from home, business leaders, and
sales and marketing and others are navigating new terrains trying to figure out
the way of effective communication for desired outcomes.
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Global
Smart Homes Technology Market report is studied thoroughly with several aspects
that would help stakeholders in making their decisions more curated.
Based on product type, the market is segmented into
·
Safety and Security
·
Smart Appliances
·
Heating Ventilating, Air Conditioning (HVAC)
·
Home Entertainment
·
Smart Lighting Systems
·
Smart Energy Management
As devices
such as phones, watches and even jewelry become smarter and smarter, people
would begin to realize the benefits of owning smart appliances. The smart
appliances tend to be flexible while the accommodation of new devices and
appliances providing improved energy efficiency and improved appliance
functionality.
Based on technology, the market is further bifurcated
into
·
Wireless Smart Home Technology
o
Wi-fi Technology
o
Bluetooth Technology
o
ZigBee Technology
o
Z- Wave Technology
o
Other Wireless Technology
·
Wired Smart Technology
o
Ethernet Technology
o
Power Line Communication
o
Fiber to Home Technology
o
Other Wired Technology
The
wireless technology is further bifurcated into Wi-Fi, Bluetooth, ZigBee, Z-wave
and other wireless technologies. Smart TVs helps in connecting the internet to
access content through applications, such as on-demand video and music by voice
or gesture recognition.
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Based on end-users, the market is fragmented into
·
Residential End-Users
o
Luxury Homes
o
Mid-Range Apartments/Homes
o
Assisted Homes
o
Low Energy Homes
·
Commercial End-Users
o
Smart Hotels
o
Smart Hospitals
o
Other Commercial Buildings
The
App-based Smart-Home technology uses the home network to communicate with the
Cloud. Cloud technology is a vital part of the Internet of Things, and both
have grown very popular in the last few years.
Smart Homes Technology Market Geographical
Segmentation Includes:
·
North America
·
Europe
·
Asia-Pacific
·
Middle East & Africa
·
Latin America
North
America plays a leading role in the technological market due to the first-mover
advantage. North America smart home market was valued at US$ 19,891.6 million
in 2019 and is estimated to register reasonable compounded growth of 18% over
the analyzed period owing to the increasing demand for smart devices, high
penetration of smartphone & internet, and stringent regulations on energy
consumption have helped North America to dominate the smart home market in the
current scenario. However, the Asia-Pacific region is expected to witness the
highest growth during the analyzed period owing to increasing disposable income
paired with the government initiative.
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The major players targeting the market 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
·
Samsung Electronics Co., Ltd.
·
United Technologies Corporation
·
Vivint, Inc
These
companies can pool in investment from their other business to the smart home
market and come up with innovative products about the increasing demand for
smart home appliances.
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