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.
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.
Market
Segmentation
Our-in depth analysis of the global smart home market
includes the following segments:
By
Application
Lighting Control
o Smart
lights
o Relays
o Daylight
Sensor
o Occupancy
Sensor
o Wireless
Lighting
o Centralized
Lighting System
o Exterior
Lighting
o Voice-Controlled
Lighting
Security & Access Control
o Video Surveillance
ü Hardware
ü
Software
ü Services
o Access
Control
§ Biometric
Access Control
§ Non-Biometric
Access Control
·
HVAC Control
o Humidity
and Temperature Sensor
o Smart
Vents
·
Entertainment & Other Control
o Smart
Audio/Video devices
o Smart
Home Theater Systems
o Other Controls
§ Smart
Switches
§ Swart
Plug
§ Smart
Meters
§ Smart
Locks
·
Home Healthcare
o Health
Status Monitors
o Physically
Activity Monitors
·
Smart Kitchen
o Smart
Juicer
o Smart
Coffee maker
o Smart
Dishwasher
o Smart
cooker
o Smart
Oven
o Others
(Smart Heater, Smart vents)
Home Appliances
o Home
Energy Dashboards
o Smart
Refrigerator
o Digital
Faucet
o Smart
Washing Machine
o Smart
Thermostat
o Smart
Induction Heat Plate
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.
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.
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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,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.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
To know more about this research, kindly visit: https://www.researchnester.com/reports/smart-home-market-global-demand-analysis-opportunity-outlook-2024/403
Contact for more Info:
Ajay
Daniel
U.S.
+1 646 586 9123
U.K.
+44 203 608 5919
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