Smart Home Market:
The GMI Research’s latest analysis reveals that the Smart Home Market is slated to register a CAGR of 11.6% over the forecast period. This is mainly attributed to the strong adoption of smart devices among the end-users and the growing demand for real-time home security solutions and consumer electronics.
Smart Home Market’s leading Manufacturers:
- Honeywell International Inc.
- Siemens AG
- Johnson Controls International
- Schneider Electric SE
- United Technologies Corporation
- Amazon Inc.
- Apple
- ADT
- Robert Bosch GmbH
- Samsung Electronics
- Xiaomi
- LG Electronics
Smart Home Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The strong adoption of smart devices among the end-users and the growing demand for real-time home security solutions and consumer electronics worldwide are the key drivers propelling the growth of the smart home market size. With the increasing internet user base, consumers’ have drastically shifted towards the adoption of home monitoring systems that can be automatically managed utilizing smart gadgets or smartphones worldwide. This significant shift to raise the security of the homes will boost the demand for the market at a global level. According to the smart home market analysis, several government initiatives are emphasizing on spreading environmental awareness using energy-saving and low carbon emission solutions, thus promoting the customers to opt for smart lighting systems globally.
Smart homes are increasing in popularity, with about 30 million US households are projected to add smart home technology during the forecast period. The rising demand for smart home technologies, including energy management solutions, smart lighting systems, to grow convenience is further stimulating the growth of the US smart home market. Smart homes help reduce energy consumption and enhance the safety and security of the home while giving an amazing experience to the end-user. Multinational organizations are investing in the development of technologically advanced smart home systems and solutions, which will open doors for the growth of the smart homes market share in terms of revenue in the upcoming years. As per the smart home market research, the growing introduction of smart speakers, home appliances, and light control systems among the target customers will further fuel the market’s demand. On the other hand, the huge cost included in the installation of smart home appliances is one of the factors hindering the growth of the global smart homes market during the forecast period.
Software & Services Segment Drivers
Based on Software & Services, the market is segmented into behavioral and proactive. The behavioral is anticipated to rise at a faster CAGR over the coming years owing to the strong demand for smart home and energy management markets as a result of the increasing connectivity between machine-to-machine solutions and the Internet of Things (IoT). The behavioral type of solution offers direct feedback to the end-user by analyzing energy-related data and forwarding the information to the users.
Smart Home Market Segmentation:
Segmentation by Product:
- Lighting Control
- Relays
- Occupancy Sensors
- Daylight Sensors
- Timers
- Dimmers
- Switches
- Accessories and Other Products
- Security and Access Control
- Video Surveillance
- Hardware
- Software
- Access Control
- Biometric
- Non-Biometric
- HVAC Control
- Smart Thermostats
- Sensors
- Control Valves
- Heating and Cooling Coils
- Dampers
- Actuators Pumps and Fans
- Smart Vents
- Entertainment Control and Other Controls
- Entertainment Control Products
- Audio, Volume, and Multimedia Room Controls
- Home Theatre System Controls
- Touchscreens and Keypads
- Other Control Products
- Smart Meters
- Smart Plugs
- Smart Hubs
- Smart Locks
- Smoke Detectors
- Smart Speaker
- Home Healthcare
- Smart Kitchen
- Smart Refrigerator
- Smart Coffee Makers
- Smart Kettles
- Smart Dishwashers
- Smart Ovens
- Smart Cooktops
- Smart Cookers
- Home Appliances
- Smart Washers
- Smart Dryers
- Smart Water Heaters
- Smart Vacuum Clean
- Smart Furniture
- Smart Tables
- Smart Desks
- Smart Stools and Benches
- Smart Sofas
- Smart Chairs
- Entertainment Control Products
- Video Surveillance
Segmentation by Software & Services:
- Behavioural
- Proactive
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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