Smart home is a suitable home system where appliances and devices can be controlled remotely from any internet-connected place in the world using a smartphone or any other networked devices. The smart home system requires an interface application or web portal to interact with the automated system. The growth of the smart homes market is primarily driven by factors, such as perpetually growing internet users, increased adoption of smart devices, awareness of fit and healthy lifestyles, and rising sense of home safety and security.
Meticulous Research– leading global market research company published a research report titled “Smart Home Market by Product (Smart Speakers, Smart Lighting, and Smart Home Security), Standards & Protocols (Bluetooth, Wi-Fi, and ZigBee), and Geography – Global Forecast to 2025”.
According to this latest publication from Meticulous Research®, the global smart home market is expected to grow at a CAGR of 16.5% from 2019 to reach $144.0 billion by 2025.
Substantial growth in the global smart home market is mainly attributed to the growing significance of internet and Internet of Things (IoT) and evolution of the new breeds of smart devices. Growing sense of safety & security and the need for consistent monitoring has urged consumers to incorporate smart security & monitoring devices into their homes. Furthermore, the need for more practical and energy-efficient home and kitchen appliances has also encouraged the demand for smart appliances, thereby, complimenting the growth of the global smart home market. However, hesitance in acceptance of the latest technology coupled with the high cost of procurement of smart devices is expected to hinder the growth of the global smart homes market.
Global smart homes market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025- by product (smart lighting system, smart speakers, HVAC control, security & monitoring, smart entertainment system, smart home appliances, smart kitchen appliances, smart home healthcare system, and smart furniture), and protocols & standards (wireless protocol, wired protocol, and hybrid protocol). The study also evaluates industry competitors and analyzes the market at a regional and country level.
On the basis of product type, smart security & monitoring systems segment is estimated to command the largest share of the global smart home market in 2019. The growth is mainly attributed to the rising concerns associated with domestic theft and burglary. Smart safety and monitoring systems have proved its metal in reducing the number of criminal offenses with respect to home break-ins and hence, the system climbed to the top of the priority list of consumers who are ready to incorporate smart home concept. However, Smart speakers are expected to grow with the fastest growth rate in coming years, owing to the growing popularity of smart speakers such as Google Home and Amazon Echo. Smart speakers are proving their utilities as an interface between smart devices and consumers and hence are predicted to spearhead the segment in terms of growth rate.
On the basis of protocols & standards, wireless protocols and standards accounted for the largest share of the global smart homes market. Owing to the widespread adoption of wireless protocols such as Wi-Fi, Bluetooth, and ZigBee, among others helped wireless protocols & standards to dominate the market segment. Besides declining cost of wireless technology, introduction of 5G connectivity is also contributing to the overall growth of wireless protocols
On the basis of geography, the overall smart home market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with further country level analysis in each region. With respect to revenue, North America is by far the most commanding market and expected to maintain its dominance throughout the forecast period. The market growth in North America is majorly attributed to higher acceptance level of new technology by consumers and availability of variety of smart devices. However, Asia Pacific is offering some serious challenge to the dominance of North America in the global smart home market. Rising enthusiasm of consumers for smart devices, presence of young consumer groups, and growing disposable income has opened new doors of opportunity for smart home players in Asia pacific region.
The major players operating in the global smart home market are Google LLC (U.S.), Amazon (U.S.), Samsung (South Korea), Apple, Inc. (U.S.)., Siemens AG (German), United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), General Electric Company (U.S.), Legrand S.A. (France), and Sony Corporation (Japan), among others. OpenPR