The report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026" The global smart home market is projected to grow from USD 84.5 billion in 2021 to USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026. The most significant factors driving the growth of the smart home market is the increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population, the increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems.
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Browse 396 market data Tables and 110 Figures spread through 490 Pages and in-depth TOC on "Smart Home Market with COVID-19 Impact Analysis and Region - Global Forecast to 2026"
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The smart furniture to register the highest CAGR during the forecast period.
The market for smart furniture is expected to grow at the highest CAGR during the forecast period. The shifting trend of the adoption of furniture that can be connected to IoT, coupled with increasing disposable income and changing lifestyle, is expected to contribute to the growth of the market. In addition, due to escalating property prices, many people are opting for smaller living spaces. Owing to space constraints, consumers prefer smart furniture that saves a significant amount of space. Smart furniture offer multiple benefits to consumers as they occupy minimal space, along with being interactive and transformative.
The proactive type software and services segment to register the highest CAGR during the forecast period.
The market for proactive software is projected to grow at a higher CAGR during the forecast period. The proactive software enable the transfer of a higher volume of data than the behavioral versions; they can provide end users with inputs on effective energy usage and actions on the physical parameters, such as ambient humidity and temperature, to reduce energy consumption. The algorithms associated with the proactive software and services can also comparatively analyze the energy usage patterns based on the time of the day, historical data, and weather conditions. Proactive software and services are more beneficial than behavioral as they send recommendation signals to end users to take necessary actions to reduce energy consumption; consequently, based on the users’ actions, the measures to control the electronic devices can be implemented. Proactive solutions are specifically designed to enable consumers to understand energy patterns and take effective measures to optimize their consumption.
Indirect sales channel to hold the largest share of smart home market during forecast period.
Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to end users. Indirect sales channels involve the sale of smart devices and products through both online and offline modes. Offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. Customers can easily review the product with specifications and design and can order online. Setup and installation services for smart home products and systems are usually provided when customers purchase products online. Apart from this, individual distributors procure devices from a variety of suppliers for sale to end users within their geographic areas.
APAC to register highest CAGR in Global smart home market during 2021- 2026.
The market in APAC is expected to grow at the highest CAGR during the forecast period. The growing inclination toward smart building infrastructure in developing economies of the region, such as Japan, South Korea, and China, a huge customer base, and rapid technological advancements in smart home products are driving the development of the market in APAC. Moreover, in developed countries, including Japan and South Korea, government initiatives such as net-zero homes are driving the smart home market. Furthermore, the market in Australia is mainly driven by consumer interest, while rapid housing developments in China are expected to increase the penetration of smart home systems in the country.
Major players in the smart home market are Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, , Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), and Lutron (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.
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