The global Smart Home market is expected to reach US$ 162.69 Bn by 2027, with a growing CAGR of 10.7% during the forecast period (2021-2027).
Home automation technology has given birth to the smart home that brings in a new level of comfort to a conventional home. The Smart Home industry has witnessed enormous consolidation over the years. Though there has been consolidation the emerging companies in the smart home market space have the potential to provide innovative products with the purpose of changing the industry. These emerging players are growing with the support of new technologies, government support, crowdfunding, adoption of social media, and the use of technologies such as rapid prototyping, further driving the market for the smart home.
The use of technology such as the Internet of Things (IoT) is increasingly shaping smart homes. Further, the growing awareness regarding energy efficiency and cost efficiency is adding to the overall industry growth. In addition to this, the government across the globe are undertaking initiatives to support the smart homes market. Some of the initiatives supporting the growth of smart homes are the ‘Digital India’ campaign, “Das Haus” Vision: Innovation in Renewables and Energy Efficiency, Energy Plus House, and WiMAC@home (Wireless Media and Control at Home), among others.
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Points Covered in this report are:
To share detailed information about the key factors such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.
To study and analyze the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Players covered in the Smart Home Market report is:
- Honeywell
- Siemens
- com, Inc.
- Schneider Electric
- Johnson Controls
- ADT
- ABB
- ASSA ABLOY
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Smart Home Market by Technologies:
- Bluetooth
- Wi-Fi
- Zigbee
- Infrared
- EnOcean
- DALI
Smart Home Market by Product:
- Lighting Control
- Security & Access Control
- HVAC Controls
- Entertainment & Other Controls
- Smart Speakers
- Home Healthcare
Smart Home Market by Region Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, The Asia Pacific region is expected to grow at a rapid pace owing to the presence of abundant natural resources like minerals, ores, among others, in countries like China, India, Australia, Malaysia, and other Asian countries. These countries carry out mining and construction activities to extract natural resources in the region. The construction industry of the region has started adopting Smart Homes for site inspection and for speeding up construction activities on site.
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Smart Home Market Key Findings:
- Based on the technology, the CDMA network held a significant market share in 2020
- Based on the product type, the security and access control is anticipated to account for a 23.4% share in smart home industry analysis by 2027
- Based on regions, the Asia Pacific region is witnessing a growth rate of 12.8% in the smart home industry
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