Market Research Report
South Korea Smart Home Market, Number, Household Penetration (by Application Areas), Policies, Trends & Key Company Profiles - Forecast to 2026
|Published by||iGate Research Pvt Ltd||Product code||766018|
|Published||Content info||113 Pages
Delivery time: 1-2 business days
|South Korea Smart Home Market, Number, Household Penetration (by Application Areas), Policies, Trends & Key Company Profiles - Forecast to 2026|
|Published: January 22, 2020||Content info: 113 Pages||
South Korea offers a lucrative market opportunity for the Smart home industry, as the smart home market in the country is projected to reach nearly US$ 7 Billion by 2026. Smart home is a system that allows home owner to control and monitor different devices in home including the heating, lighting, security, and entertainment, automatically and sometimes remotely via the Internet. In South Korea, household penetration for smart home applications is estimated at around 22% in 2019.
The Korean government is in the process of updating its national smart home standards to prepare for the era of the Internet of Things (IoT). The major Korean electronics manufacturers are also working actively on the IoT and smart homes. In 2017, South Korea launched an alliance of leading information and communication technology and construction firms to nurture the smart home industry. The alliance is supposed to exchange related technologies for the building of smart homes, develop big data-based smart services, standardize regulations and launch marketing activities for the expansion of this business field.
The growth of Smart home market is attributed to factors such as significantly growing IoT market, cost reduction measures enabled by home automation systems, large number of manufacturers expanding their product portfolios, and increasing importance of home monitoring from remote locations. With the increasing demand of smart home devices, security and privacy breach is also increasing. The issues pertaining to privacy and security breach are restraining the growth of the smart home market.
In terms of Smart Home applications, Smart Appliances captured maximum share of the South Korea smart home market. Smart appliances are the next generation of home appliances that have the ability to receive, interpret, and act on a signal received from a user, and then they automatically adjust their operation to save energy. Control and Connectivity is the second largest application segment of the South Korea smart home market, followed by Security applications at the third spot. Control and Connectivity is at the heart of smart home solutions, enabling everything from smart appliances to lighting, from temperature control to security. Home Entertainment market captured nearly 14% share of the market in 2019, while the Comfort and Lighting application captured least share of the South Korea smart home market.
On the basis of Smart Home volume, Control and Connectivity segment captured highest share of the South Korea Smart Home active households in 2019. Home Entertainment and Comfort and Lighting segment accounted for 2nd and 3rd highest share of the South Korea Smart Home active households respectively in 2019. The growth of home automation and rapid developments in wireless smart technology has led to an explosion in the range of smart home entertainment devices, thus driving the market for smart home. Security application captured least share of the Smart Home active households in 2019. With improvement in network infrastructure, broadband and internet penetration has increased, and consumers are increasingly opting for wireless and technologically advanced products to ensure more security for their families. As the trend towards home automation and smart homes grows, the market will witness significant growth.
iGATE RESEARCH report titled "South Korea Smart Home Market, Number, Household Penetration (by Application Areas), Policies, Trends & Key Company Profiles - Forecast to 2026" provides a comprehensive assessment of the fast-evolving, high-growth South Korea Smart Home Industry.
This 113 Page report with 42 Figures and 4 Tables has been analyzed from 8 viewpoints:
iGATE RESEARCH employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. This report is built by using data and information sourced from Proprietary Information Database, Primary and Secondary Research Methodologies, and In house analysis by iGATE Research dedicated team of qualified professionals with deep industry experience and expertise.