Smart homes are automated homes with various smart functions such as control lighting, entertainment systems, appliances and climate. It also consists of home security such as alarm systems and access control. Home devices are main element of the Internet of Things (IoT), when connected with the Internet. A smart home generally connects controlled devices to a gateway or central hub. The report provides analysis of global smart home market for the period 2016-2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. The global smart home market is anticipated to grow at considerable CAGR around 18% throughout the forecast period. Furthermore, Market players are primarily focusing on developing new innovative technologies that will supplement growth of the smart home market.
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 are some of the fundamental factors that are driving the smart home market growth globally. Growing advancements in the Internet of Things and emergence of high-speed Internet services are some of the major factors expected to fuel the growth of the smart home market across the globe over the forecast period. The rapid development of wireless Internet, the supply of mobile entities, superiority of low energy technologies, introduction of cloud services and other factors have opened a new era for smart home technology. 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. Growth in the adoption of smart energy management systems is also boosting the growth of smart home market. Growing population of smartphones and cost diminution measures enabled by smart homes are anticipated to fuel the overall market growth during the forecast period. Growing investments toward the smart devices, early adoption of various intelligent technologies and growing technological advancements are some of the factors responsible for the growth of the global smart home market. 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. However, high cost associated with the smart homes and lack of awareness towards modern technologies is some of the factors that may hinder the global smart home market.
Smart home Market, By Product
Global Smart home Market, by Geography
The market research study on “Smart Home Market (By Product: Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026” offers a detailed insights on global smart home market includes insights on its different market segments. Market dynamics with opportunities, drivers, and restraints with their impact are provided in the report. The report provides insights on global smart home market by product and major geographic regions. The report also covers basic technology development policies.
The global smart home market is characterized by the presence of experienced and established players. Some of the key players include Honeywell International Inc., Samsung Electronics Co., Schneider Electric SE, Siemens AG, Emerson Electric Company, ABB Ltd., United Technologies Corporation, LG Electronics Inc., Johnson Controls Inc., and Crestron Electronics, Inc.