Market Research Report
Global Smart Home Market - 2019-2026
|Published by||DataM Intelligence||Product code||910431|
Delivery time: 1-2 business days
|Global Smart Home Market - 2019-2026|
|Published: December 1, 2019||Content info:||
The Global Smart Home market is expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026. Due to the rise in internet penetration coupled with the increase in adoption of smart devices all around the world will grow the market for the Smart Home in the forecast period.
Smart Home constitutes of networked devices, and related services enable home automation. Considered are devices that are connected directly or indirectly via a so-called gateway to the Internet. Their main purposes are the control, monitoring and regulation of functions in a household.Smart home also called home automation, is an automation system that controls the lighting, climate, entertainment, appliances, and home security such as alarm systems of a household.
The report covers all the major trends and drivers playing a key role in the growth of the Smart Home market.Smart Home market segmented by Product, and Region.
The global Smart Home Market is primarily driven by a rise in internet penetration coupled with the increase in the use of smart devices all around the world. With increasing internet penetration across globe. The major factor for the growth of home automation is the sustainability of the resource, which is provided by the connected smart devices which help in controlling and monitoring of the home systems.
The growing construction of smart cities all around the globe is the other reason for the smart home market to have a positive impact in the coming years. Rising smart cities account for the increase in the adoption of technologies like IoT, AI and others.Smart cities are generally made up of smart buildings: homes, industry and office spaces where smart IoT devices can communicate with each other and the users to streamline how these spaces are used. There are huge investments in the development of smart cities all around the world, which also gives rise o smart homes. For instance, the Government of India (GoI) announced the 30 new cities under Smart Cities Mission, taking the total number of proposed smart cities to 90 cities. The government has announced to develop 100 smart cities in India. The government has planned to invest INR 1.91 trillion (US$ 30 billion) for the 89 cities under the mission. As per the proposed investment, 80% of the funds would be spent on area-based development (ABD) and the remaining 20% of the funds on ICT Solutions.
However, the high initial cost and the lack of standardization of the devices is hampering the growth of the Smart Home Market for the forecast period.
By Product, the global Smart Home Market segmented into Security& safetySystem, Energy resource management, HVAC Control, Lighting Systems, Media entertainment control, and Others. By Product for Security & safety systems has the dominant position in the Smart Home Market and is expected to retain its dominance in the forecasted period, due to rising security concerns al around the globe. However, due to the rise in the energy-efficient systems the lighting systems will grow with a higher rate in the forecast period. It is expected that Security & safety system will grow at a CAGR of ~XX% during the forecast period.
By geography, the global Smart Home Market segmented into North America, Asia-Pacific (APAC), Europe, South America, and Middle East and Africa (MEA).
North America holds the largest market share for Smart Home Market, due to large disposable income coupled with the easy adaptation of new technologies by the people in the region.The rise in sales of the smart home devices like smart speaker and fitness devices in the region is the other region for the growth, and most of the people own speaker. For instance, At the close of 2018, U.S. smart speaker adoption rose to 26.2% of the 18+ population or 66.4 million users.The new installed based data reflects a 40% rise over the previous year and reflects the use of 133 million smart speakers.
Europe is after North America in terms of market share for Smart Home due to the rising popularity of the smart security systems. Rising security concernsat less densely populated areas which make it compulsory for the detached and semi-detached houses to have smart security or monitored alarm systems to be installed and hence it has led to more sales of smart security systems in the regions.
Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Smart Home Market is a fragmented market with the presence of various global and regional players in the market. The major players include Honeywell International, Siemens AG, Johnson Controls International, Schneider Electric SE, and United Technologies Corporation. Other key players in the market include Amazon Inc., Apple Inc., Google, ADT, Robert Bosch GmbH, Assa Abloy, Legrand SA, ABB Ltd., Ingersoll-Rand PLC, Comcast Corporation, Hubbell Inc., Vivint.
In July 2019, Ikea's lineup of low-priced Tradfri smart lights and controllers continues to grow. Ikea is launching a few new products, while also bringing a few items to the US that were already on sale elsewhere. All the devices are compatible with Apple HomeKit, Amazon Alexa, and Google Home ecosystems through the use of a Tradfri gateway. The new products were first spotted by the smart home enthusiasts at Homekit Hero (via Dave Zatz).
In June 2019,Smart home appliance maker Wyze is expanding its lineup to include a new connected wall plug that's up for preorder today in a pack of two for $15. The device is pretty standard: it connects to an outlet, communicates with the Wyze mobile app, and lets you monitor and control power to whatever happens to be plugged in, be it a lamp or a coffee maker.It works with Amazon's Alexa and Google Assistant, but notably not Apple's HomeKit, as is the case with a lot of smart plugs out there.