Global smart homes market is expected to reach USD 97.61 billion during 2017–2025. Smart homes market is fragmented market with various medium and small companies present in the market. Moreover, there are very few worldwide accepted industry standards in this market. Widespread communications protocol for products embraces Ethernet, X10, 6LoWPAN, RS-485, ZigBee Bluetooth LE (BLE) and Z-Wave, or other proprietary protocols that are incompatible with each other.
Increasing mobility is one of the emerging trends in the global smart homes market. In the modern era, mobility is one of the important factors that allow people to be connected with their devices at home. Increasing consumer acceptance is an important factor bolstering the demand of smart homes in the global market. Customers have identified the security, value and energy-efficient solutions offered by smart homes. The ease of monitoring, managing, and controlling devices and home appliances at any time, from any place are boosting the customers’ acceptance of smart homes. The advent of the Internet of Things (IoT), technologies such as wearable’s, near field communications, Wi-Fi, smartphones, Bluetooth, and ZigBee protocols have additionally amplified the demand for smart home solutions.
Based on application, the smart homes market is bifurcated into lighting control, security and access control, HVAC control, entertainment control and others. The HVAC control segment will account for the highest market revenue share. Need for energy-efficient devices and concern for optimizing the use of energy are the factors bolstering the demand of HVAC control system in the global smart homes market. By geography, the global smart home market has been bifurcated into five regions that include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America currently dominates the market followed by Europe and Asia-Pacific.