As indicated by Acumen Research and consulting, the global smart home market size is estimated to reach around USD 152 billion by 2026 with the CAGR of 18% over the forecast time period. Increasing advancements in internet of things (IoT), rising proliferation of Smartphone and smart gadgets, growing adoption by consumers, increase in the awareness towards healthy lifestyles and mounting demand for energy-efficient solutions and initiatives taken by favourable governments have boosted the growth of the global smart home market. The North America market is likely to expand at noteworthy CAGR due to escalating demand for home health care, increase in the implementation of new technologies and strategic initiatives adopted by the government.
Entertainment Segment is Expected to Contribute Largest Market Share in the Market
On the basis of product, the smart home market is bifurcated into HVAC, entertainment, lighting control, security & access control, home healthcare, smart speaker, home appliances, smart kitchen and smart furniture. Entertainment segment is forecasted to dominate the global smart home market during the forecast period owing to the advancements in the wireless technology and increasing demand for various entertainment devices. Entertainment has turned into an essential piece of life as it gives rejuvenation and relaxation. A multi room entertainment control system enables the consumer to bring together all connected gadgets and then watch, listen and control that equipment from each room in the house simultaneously. Main control systems used in smart homes are volume, audio and multimedia room controls. Owing to the convenience offered by various controls such as audio, volume, and multimedia room controls for controlling the entertainment systems within a house, the entertainment segment is anticipated to grow at highest rate during the forecast period. Additionally, various advancements in the wireless communication technologies is a major factor in boosting the demand for home theatre system controls, thereby propelling the overall smart home market for entertainment controls. Moreover, the growing popularity of smart hubs, smart plugs, and smart locks is also boosting the adoption of control systems. on the other hand, HVAC control systems segment is also anticipated to show significant growth rate during the forecast period owing to the increasing concerns about optimizing the use of energy and swelling need for energy efficient devices.
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North America to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global smart home market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to be the uppermost revenue generating region in the global smart home market. North America is forecasted to grow at considerable rate throughout the forecast period owing to the escalating demand for home health care and ongoing technological advancements in the region. Presence of large number of market players in the region are also expected to increase the growth of the regional market. Rapid growth in the adoption of IoT is the primary factor influencing the growth of the regional smart home market. Rising initiatives taken by governments and escalating demand for technologically advanced consumer electronic devices are helping the overall market growth. Increasing investments toward the smart devices, early adoption of various intelligent technologies and growing technological advancements in the region are some of the factors responsible for the growth of the regional market. Asia Pacific is also expected to witness a considerable growth during the forecast period owing to the changing lifestyle, large population and growing adoption of energy-efficient devices. Developing regions are also anticipated to witness substantial growth during the forecast period owing to the growing technological advancements and rise in awareness towards these technologies.
Samsung Electronics Co., Siemens AG, Emerson Electric Company and ABB Ltd. are Likely to Continue to Lead the Global Smart home Market
The smart home market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Honeywell International Inc., Samsung Electronics Co., Schneider Electric SE, Siemens AG, Emerson Electric Company, ABB Ltd., Ltd., United Technologies Corporation, LG Electronics Inc., Johnson Controls Inc., and Crestron Electronics, Inc.
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