The global smart home market is calculated to increment from US$ 88.4 billion in 2020 to US$ 172.4 billion by 2026, garnering a CAGR of about 14.02% over the evaluated period.
The smart home, often called as home automation, embraces the employment of Internet-connected devices to control and track several household devices. It is cutting-edge technology that makes cross-device operations more convenient and energy efficient. This technology involves controlling all of the electronic devices that are present in the home using wireless technology. It provides comfort, energy efficiency, security and convenience to end users by allowing them to control all electronic devices via a smart home application on their mobile phones or other networked devices.
Growing advancements in technology in numerous household devices are supporting the development in the global smart home market. The smart home framework needs a smartphone application or an online portal to communicate with an automated system. The business scope comprises an analysis of controllable devices that are managed by switches, sensors, timers, remote controls, and others to control.
The growing importance of the home surveillance system, the advancement of the Internet of Things (IoT) and the growing consumer awareness of efficient energy savings have propelled the demand in global smart home business. On the other hand, the high cost of existing smart devices and security and privacy concerns could hamper global growth globally.
Recent developments:
Market growth and trends:
Market Drivers and Restraints:
Globally, the growing importance of the need to respond to security concerns is expected to drive growth in demand for smart homes over the forecast period. In addition, the launch of several novel wireless technologies, such as the HVAC controller, security and access controllers and entertainment controls, is foreseen to fuel market growth. In addition, recent advances in the Internet of Things (IoT), which have resulted in lower prices for sensors and processors, should encourage manufacturers to promote automation in the home sector.
The growth of this system is credited to multiple factors like a large group of Internet users and surge in the adoption of smart equipment; awareness of fitness and healthy lifestyles in the face of high disposable incomes in developing economies; great importance of home surveillance from remote locations; growing need for energy efficient and low carbon solutions; cost reduction measures allowed by the market; rapid proliferation of smart phones and smart devices; existence of market players focused on expanding their adoption in smart home product portfolios; and a widespread concern for the safety, security, and smart home comfort market.
Market segmentation:
The global smart home market is segmented by product and technology. Depending on the type of product, the market is classified into lighting control, security & access control, HVAC, entertainment, smart speaker, home healthcare, smart kitchen, home appliances, and smart furniture. Based on technology, the global smart home market is separated as wireless technology and cellular network technology.
Regional Analysis:
The Asia Pacific smart home market is touted to expand at the most considerable rate over the outlook period. Factors that stimulate market growth in this region include strong economic growth, an increase in population, an improvement in the standard of living and rapid urbanization leading to sophisticated infrastructure. China is likely to account for the largest size of the APAC market in 2018. However, with the development in the smart home business and the vast implementation of hardware and software solutions in nations of China and Japan, the market is foreseen to multiply at a notable rate throughout the prediction period. APAC is considered a great market for smart home system due to the high implementation rate of various products, such as lighting controls, HVAC controls, security and access controls, among others, in the smart home market of this region.
Key players in the market:
The global smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (United States), Schneider Electric (France), Honeywell International, Inc. (United States), and Siemens AG (Germany). Some of the main strategies adopted by these players to compete in the market include product launches and developments, partnerships and mergers and acquisitions.
Amazon, Inc. (USA), Apple Inc. (USA), Google (USA), ADT (USA), Robert Bosch GmbH (Germany), ASSA ABLOY (Sweden) and ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand SA (France), GE (United States), Comcast Corp. (USA), Hubbell Inc. (USA), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (United States), Lutron Electronics Co. Inc. (United States), Vivint (United States) States) and Axis Communication AB (Sweden), among others. These players have embraced a product development and launch system, mergers and acquisitions, as well as partnerships and collaborations to grow in the smart home market.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Smart Home Market, By Product
6.1.1 Lighting Control
6.1.2 Security & Access Control
6.1.3 HVAC
6.1.4 Entertainment
6.1.5 Smart Speaker
6.1.6 Home Healthcare
6.1.7 Smart Kitchen
6.1.8 Home Appliances
6.1.9 Smart Furniture
6.1.10 Market Size Estimations & Forecasts (2021-2026)
6.1.11 Y-o-Y Growth Rate Analysis
6.1.12 Market Attractiveness Index
6.2 Smart Home Market, By Technology
6.2.1 Wireless Technology
6.2.2 Cellular Network Technology
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Product
7.2.3 By Technology
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Product
7.3.3 By Technology
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Product
7.4.3 By Technology
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Product
7.5.3 By Technology
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Product
7.6.3 By Technology
8. Key Player Analysis
8.1 Johnson Controls International
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 United Technologies Corporation
8.3 Schneider Electric
8.4 Honeywell International, Inc
8.5 Siemens AG
8.6 Amazon, Inc
8.7 Apple Inc
8.8 Google
8.9 Robert Bosch GmbH
8.10 ADT
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
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Apr 2021
