Market Study Report has added a new report on Smart Home market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of Smart Home market in tandem with its competitive terrain.
Global smart home market to reach USD 152.9 billion by 2027. Global smart home market is valued approximately at USD 76.5 billion in 2020 and is anticipated to grow with a healthy growth rate of about 10.4% over the forecast period 2021-2027.
Major market player included in this report are:
- Johnson Controls International
- United Technologies Corporation
- Schneider Electric
- Honeywell International, Inc.
- Siemens AG
- Amazon, Inc.
- Apple Inc.
- Robert Bosch Gmbh
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Smart home refers to the type of home which is equipped with heating, lighting, and electronic devices that can be controlled by computer or smartphone, remotely. The main objective of the smart home is to enhance the convenience and quality of life. Other goals include more efficient use of energy and greater security due to remote-controllable, connected devices. A range of home appliances, such as the lights, washing machine, coffee maker, and others can be time-controlled.
The global smart home market is being driven by growing number of internet users and increasing adoption of smart devices and rapid proliferation of smart gadgets and smartphones. Furthermore, use of lighting controllers with in-built data-connectivity technology will provide new opportunities for the global smart home industry. Also, market players across the globe are strengthening their geographical presence through undertaking various strategic initiatives, which is also expected to have a positive impact on the market growth.
For instance, in 2019, Apple, Amazon, Google, and Zigbee Alliance entered a collaboration to develop a new working group with the intent to manufacture and promote the adoption of a royalty-free, new, connectivity standard for enhancing the compatibility among Smart home products, with security as a prime design tenet. Also, in 2018, Johnson Controls International acquired Lux Products Corporation, which is a major provider of smart products and residential thermostats.
Lux Products Corporation markets a range of successful commercial and residential product lines such as timers, smart home thermostats, including Geo and Kono. Such strategic moves by the market players are expected to fuel developments in smart home which is likely to boost the market growth. However, issues related to breach in privacy and security may impede market growth over the forecast period of 2021-2027.
The regional analysis of the global smart home market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America accounts for the largest share in terms of market revenue in the global smart home market over the forecast period 2021-2027.
Factors such as presence of majority of the key market players in the region, technological developments and advancements, increasing demand and adoption of real-time energy management systems and smart technologies, etc. contribute towards the largest market share of the region in the forecast years.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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