The Global 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. Some of the factors driving the growth of the market include, increasing awareness among consumers, rapid digitization, and high penetration of smartphones, stringent governmental regulations on energy consumption & emission, and increased demand for smart home energy management systems. Moreover, the swelling aging population has also created ample room for the smart revolution in the healthcare sector. However, consumer’s concern regarding data security, complex installation paired with the high price of smart home appliances are some of the factors which are acting as some of the complex challenges, that are hampering the growth of the smart home industry. Despite such challenges, the potential growth for telecom operators, insurance providers and emerging business opportunities especially in the Asia Pacific region are anticipated to attract global players to invest and come up with technologically advanced home appliances products.
“Penetration rate of smart appliances is estimated to occupy a prominent share of XX% in the overall market.”
The global smart home industry can be segmented across different areas of application which encompasses safety and security, lighting, HVAC, entertainment, smart appliances, and energy management among others. At present, the penetration rate of smart appliances is estimated to occupy a prominent share of XX% in the overall market. With the change in consumer preferences and promotional marketing of lighting and HVAC appliances, these application areas are likely to be among the top trend during the forecast period
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“Amongst the end-users, the residential segment holds the major share in the global smart home market”
Moreover, the market is further bifurcated into the various end-users, wherein the residential segment holds the prime share in the global smart home market. With the rapid advancement in technologies, changing lifestyles and rising disposable income of the consumers, mid-range apartments/houses are likely to rule the smart home market by 2025 followed by luxury villas and apartments. Mid-range apartments/houses segment of residential smart home market generated a revenue of US$ 11,297.4 million in 2018. In addition, among the commercial end-users’ segment, hospitals conquered the market by occupying the lead share in the market, hotels would display maximum CAGR growth of XX% over the forecasted period in the respective market.
“Asia-Pacific region is expected to witness the highest growth during the analyzed period”
For a deep-dive analysis of the industry, the study is conducted across five regions, including North America, Europe, Asia Pacific, Middle East and North Africa (MENA) and Latin America. North America plays chief role in the technological market due to first-mover advantage. 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. Owing to this, North America smart home market was valued at US$ 19,891.6 million in and is estimated to register reasonable compounded growth of 18% over the analyzed period. However, the Asia-Pacific region owing to increasing disposable income paired with government initiative is expected to witness the highest growth during the analyzed period.
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Competitive Landscape-Top 20 Market Players
Some of the major players analyzed during the study include, 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, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, and Vivint Inc. These companies can pool in investment from their other business to the smart home market and come up with innovative products pertaining to the increasing demand for smart home appliances.
Reasons to buy:
The smart home market study presents the current market size, trend, forecast until 2025. The analysis presented in the report is a combination of deep-dive secondary research and input from Key Opinion Leader of the industry
The report presents a quick review of overall industry performance at one glance
The report covers in-depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies, and recent developments
Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry.
Examination of industry attractiveness with the help of Porter’s Five Forces analysis
The study comprehensively covers the market across different segments and sub-segments
The report presents a deep dive regional level analysis of the industry
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Dan Carter was a reporter for nomad Labs, before becoming the lead editor. Dan has over forty bylines and has reported on countless stories concerning all things related to tech and science. Dan studied at CSUF.