Global Smart
Home Market by Application (Lighting Control, Security & Access Control, HVAC
Control, Access Control, Entertainment & Other Control,
Home Healthcare, Smart Kitchen, Home Appliances) and
Region - Global Forecast to 2024
Smart
homes are getting popular among consumers due to its features such as better
security and other convenient features. Further, in smart homes, home
appliances such as air conditioner, security system, refrigerator and home
theater can be controlled by the owner and the person can also give command
either by remote or voice. Smart homes are like boon to disable people as it
allows the person to control all the activities simply by moving finger or by
speaking.
Market Size & Forecast
Global
smart home market is anticipated to flourish at a robust compound annual growth
rate (CAGR) of 15.1% over the forecast period 2017-2024 and is expected to
reach at a valuation about USD 130.1 Billion by the end of 2024.
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In terms
of region, global smart home market is segmented into five major regions i.e.
North America, Europe, Asia Pacific, Latin America and Middle East & Africa
region. Among these regions, North America region is dominating the global smart home market.
In terms of share, North America region accounted for near 60% share of global
smart home market in 2016. Further, high disposable income of consumers in this
region and rising inclination towards automation technology are expected to
foster the growth of global smart home market over the forecast period.
Europe
region stood at second position in the global smart home market and is likely
to witness a remarkable growth over the forecast period. Apart from this, Asia
Pacific region is expected to witness a robust growth during forecast period
due to rising need for efficient energy system and increasing number of new
residential projects in emerged economies such as Japan and South Korea. In
addition to this, Latin America and Middle East & Africa region are also
anticipated to record a satisfactory growth during the forecast period.
Growth Drivers & Challenges
Increasing
disposable income of the consumers and their inclination towards luxuries
lifestyle are the major growth drivers which are anticipated to foster the
growth of global smart home market over the forecast period. Moreover, rising
awareness and concern among people for better home security, health care and
their privacy are some of the major factors which have bolster the growth of
smart home market.
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Over the
past few years, it has been observed that rising adoption of internet of things
and their use with smart home appliances made smart homes more convenient and
advanced and have attracted the consumers towards it. Further, such factors are
anticipated to escalate the growth of global smart home market over the
forecast period. On the other hand, technological advancement and development
of new smart home technologies such as smartphone integration are expected to
foster the demand for smart homes in near future. Such features are anticipated
to increase the demand for smart homes in near future.
However,
high cost of smart homes is restraining the growth of global smart home market.
Moreover, rising threat regarding security and privacy breach due to installed
internet of things technologies in smart homes is likely to dampen the growth
of global smart homes market.
Key Players
Siemen AG, Financials,United
Technology Inc.,General Electric Company,Schneider Electric, Honeywell
International Inc., Ingersoll-rand PLC, Lutrons Electronics Co. Inc., Samsung
Electronics Co. Ltd., Acuity Brends Inc.,ABB Ltd., Johnson Controls Inc.
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