According
to the new research report "Smart Home Market by
Product (Lighting Control, Security & Access Control, HVAC, Entertainment,
Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart
Furniture), Software & Services, and Region - Global Forecast to 2024",
the overall smart home market is expected to grow from USD 76.6 billion in 2018
to USD 151.4 billion by 2024, at a CAGR of 12.0%. The growth of the smart home
market is driven by factors such as the growing number of internet users and
increasing adoption of smart devices; increasing awareness about fitness and
rise in disposable incomes in developing economies; increasing importance of
home monitoring in remote locations; rising need for energy–saving and low
carbon emission-oriented solutions; cost reduction measures enabled by smart
homes; rapid proliferation of smartphones and smart gadgets; large number of
manufacturers expanding their smart home product portfolios; and growing
concern about safety, security, and convenience among people.
Browse 100 market data Tables and 65
Figures spread through 255 Pages and in-depth TOC on Smart Home Market
“Smart speakers likely to grow at a high rate during the forecast period”
Smart
speaker is a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless
protocols and powered by virtual assistant, which is driven by artificial
intelligence. There has been continuous increase in demand for smart speakers,
especially in smart homes, owing to increasing consumer demand for advanced and
multifunctional devices. Moreover, the proliferation of smartphones has enabled
the development of applications to stream music to a specific device, thus
fueling the demand for smart speakers. The market for smart speaker market is primarily
expected to be driven by the increased adoption of smart homes, high disposable
income, the popular trend of personalization, and the rapid proliferation of
multifunctional devices. Factors such as increasing focus of companies on
enhancing customer experience and consumer preference for technologically
advanced products over traditional products are expected to provide
opportunities to smart speaker providers. Further, recent developments in
artificial intelligence and natural language processing to enhance voice
recognition capabilities have increased the overall demand for smart speakers
in smart homes.
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“The market for proactive type software and
services to grow at a higher rate during the forecast period”
The
software and services pertaining to smart homes enable users to control smart
appliances and devices installed in their homes. There is high competition
between the software and service providers in the smart home market, which
revolves around developing technically advanced and user-friendly software
solutions as well as providing improved and real-time services to customers, on
the back of the growing awareness about reducing energy consumption within
households. Moreover, the environmental regulations implemented by government
bodies in most countries, both developed and developing, are further driving
the rate of smart home installations. The software and service industry is
generating huge revenues from the installation and marketing of smart homes and
is also providing services to the customers. These factors are expected to
contribute to the high growth rate of the market for software and services
during the forecast period.
The
proactive type software and services facilitate the transmission of data, along
with the best possible solutions, to end users for actions to be taken after
receiving the information. The proactive type enables the transfer of a larger
volume of data than the behavioral type; it can provide the inputs to end users
regarding effective energy usage and required actions on the physical
parameters to reduce energy consumption. Proactive solutions are more
beneficial than the behavioral type as they can also send recommendation
signals to end users to take necessary actions to reduce energy consumption;
further, based on the user’s actions, measures to control electronic devices
can be implemented. Owing to these advantages, the market for proactive type
software and services is expected to grow at a higher rate during the forecast
period.
“APAC expected to grow at a high rate during the
forecast period”
APAC
region is witnessing significant growth due to a few new residential projects
and efforts for strengthening building infrastructure at a significant rate.
There is a considerable demand for smart homes in the APAC countries, such as
Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, South Korea is
considered a huge market for smart home systems owing to the high demand for
various control devices pertaining to lighting control and entertainment
control in the country. The overall smart home market in APAC has high
growth potential, primarily driven by strong economic growth, rising
population, and rapid urbanization, leading to a sophisticated infrastructure.
Further, the major share of Japan and South Korea in the market in APAC can be
attributed to their leading position in terms of technological advancements in
smart homes. The market in China is expected to grow at the highest rate among
other APAC countries during the forecast period, owing to the rising automation
demand for many new and existing residential projects. The presence of a large
base of end users in advanced economies such as China, Japan, and South Korea
and the high demand for energy management systems are the major factors that
are likely to fuel the demand for smart homes in the APAC region.
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Players
such as Johnson Controls International (Ireland), United Technologies
Corporation (US), Schneider Electric (France), Honeywell International, Inc.
(US), and Siemens AG (Germany) are currently dominating the smart home market.
Other key players operating in the smart home space are Amazon, Inc. (US),
Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY
(Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland),
Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung
Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony
(Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US),
and Axis Communication AB (Sweden), among others. Almost all companies,
including key players, have adopted a few major strategies such as product
developments and launches, mergers and acquisitions, and partnerships and
collaborations to grow in the smart home market.
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