The Smart Home Market will touch USD 137.96 billion at a 14% CAGR between 2020- 2027, reveals the latest Market Research Future (MRFR) report. A smart home or home automation includes the use of internet-connected devices for managing and monitoring different home systems and appliances. This is an advanced technology that helps to make operations of various home appliances more convenient and is also an energy saver.
Several factors are adding to the global smart home market growth. Some of these factors as per the MRFR report include a surge in climate change, increasing adoption of cloud-based technologies, instability in the prices of electricity, the need to tackle security issues, the emergence of the latest wireless technologies such as entertainment controls, HVAC controller, and security and access regulators, rapid advances in IoT, and rise in internet users. Besides, growing consumer disposable income in developing economies, the rising significance of home monitoring in remote locations, the need for energy saving and low carbon emission oriented solutions, the rapid proliferation of smart gadgets and smartphones, and growing concern about safety are also adding market growth.
On the flip side, high installation cost, the threat of cyberattacks and privacy concerns, lack of standardization, and lack of skilled labor may impede the global smart home market growth over the forecast period.
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The ongoing COVID-19 pandemic has a mixed impact on the smart home market. This crisis has impacted the purchasing habits and buying behavior of consumers. Though people are spending maximum time at home, they are focusing more on purchasing essential goods instead of IoT devices. This decreasing interest may have a negative impact on the market growth. The outbreak has impacted manufacturing operations worldwide. The delay in the production of smart systems due to government-imposed lockdowns has also impacted market growth. On the brighter side, IoT helps to prevent the spread of the virus by stopping the need to touch things. Devices like smart lights, smart TVs, and smart locks can be used touchless through voice assistants like Google Assistant, Siri, and Alexa, which may have a positive impact on the market growth.
The MRFR report highlights an inclusive segmental analysis of the global smart home market based on component, application, and technologies.
By component, the global smart home market is segmented into services & software. The service segment is again segmented into professional service & managed service. The software segment is again segmented into behavioral and proactive. Of these, the software segment (behavioral) will lead the market over the forecast period.
By technologies, the global smart home market is segmented into wireless, networks, and protocols. The networks segment is again segmented into LTE networks, CDMA networks, and GSM/HSPA networks. The protocols segment is again segmented into a digital multiplexer (DMX), Ethernet, digital addressable lighting interface (DALI), KNX, and others. The wireless segment is again segmented into Wi-Fi, Bluetooth, Zigbee, z-wave, and others. Of these, the wireless segment will spearhead the market over the forecast period.
By application, the global smart home market is segmented into home healthcare, smart kitchens and appliances, HVAC control, entertainment, and other control, lighting control, and security and access control. Of these, the entertainment and other control segment will dominate the market over the forecast period.
By region, the global smart home market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will sway the market over the forecast period. High disposable income, growing demand for home healthcare, and the presence of several key players are adding to the global smart home market growth in the region.
In the APAC region, the global smart home market is predicted to have favorable growth over the forecast period. Demand for smart home projects, increase in urbanization, growing adoption of cloud technologies, rise in awareness related to security and safety, increasing government investment in smart cities, and rising standard of living are adding to the global smart home market growth in the region.
In Europe, the global smart home market is predicted to have the second-largest share over the forecast period for the surging need for smart homes.
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The prominent players profiled in the global smart home market report include Leviton Manufacturing Company, Inc. (U.S.), Lutron Electronics Co. Inc. (U.S.), Acuity Brands, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Legrand S.A. (France), ABB Ltd. (Switzerland), Johnson Controls, Inc. (U.S.), Ingersoll-Rand PLC (Ireland), Honeywell International, Inc. (U.S.), Schneider Electric (France), General Electric Company (U.S.), United Technologies Corporation (U.S.), and Siemens AG (Germany).
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