Wednesday 24 April 2019

Smart Home Market insight worth $151.4 billion by 2024

MarketsandMarkets 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 12.02%. The growth of the smart home market is driven by many factors, such as a large base of internet users and rapid adoption of smart devices; increased public awareness of fitness and healthy lifestyles owing to the high disposable income in developing countries; high importance of home monitoring from remote locations; rise in the need for energy-saving and low carbon emission solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; existence of various market players focusing on expanding their smart home product portfolios; and widespread concern about safety, security, and convenience.

Highlights

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·         The market for smart speakers is likely to grow at a high rate during the forecast period”
·         “The market for proactive type software and services to grow at a higher rate during the forecast period”
·         “The smart home market in APAC is expected to grow at a high rate during the forecast period”
·         The smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany).

Need more knowledge? Request sample pages of the “Smart Home Market” report.

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