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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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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