Research report presented by UnivDatos, Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating and Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users), and Geographical analysis (key regions and countries).
As per the research report, Global Smart Home Market is expected to exceed the market valuation of US$ 208 billion by 2027 expanding at a reasonable CAGR of 19.7% during the forecast period (2021-2027) from US$ 57.6 billion in 2020. Smart home encompasses to be one of the key focus areas which mainly means being connected in IoT world. Smart home technology refers to suite of devices, appliances or systems that are connected in a common network and can be controlled independently and remotely. As the homes are getting smarter and more efficient, the overall adoption is primarily accelerated by spur in smartphone penetration and tablets which interact with connected devices. Smart or connected technologies are continuously developing at an exponential rate credited to innovations such as cloud computing, IoT technology and artificial intelligence, rising penetration of smartphones and increasing internet penetration which further purpose to accelerate the digital transformation in the homes and thereby influencing the creation of new smart products and services.
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Rising consumer convenience, safety & security, energy consumption are the major factors driving the overall growth in the demand of smart home appliances including products related to safety & security, smart home entertainment and energy management among others. With the rising security awareness among the consumers paired with increasing disposable income, homeowners are willing to spend more on smart security technology, more than 45% of the house owners in the US are willing to spend more than US$500 up to US$1,500 on smart security device at their home. As per Quid visualization tool which employs artificial intelligence (AI) to draw connections within large sets of text data predicted that there are around 1,500 companies operating in the smart home ecosystem. These companies are bifurcated into security, health, and smart energy. Together these companies have received nearly US$12 billion in investments by 2018.
Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, and Vivint Inc. are some of the prominent players operating in the global smart home market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst product, smart appliances segment holds the major share”
Based on the product type, the market is fragmented into safety and security, smart appliances, hvac, home entertainment, lighting systems and energy management. The smart appliances segment dominated the market with a share of 26.4% in 2020 and is expected to maintain its dominance during the forecast period owing to the unprecedented level of energy consumption efficiency due to both the way they were built and their ability to automatically control energy currents according to customer usage and needs.
“Amongst technology, wireless network is anticipated to dominate the market during the analyzed period”
Based on technology, the market is mainly bifurcated into wireless and cellular networks. In 2020, wireless network accounted for a maximum market revenue share of 83.3% and is expected to remain dominant during the analyzed period owing to the fast transmission speed and low power consumption, ease in expansion and setup and in line with the modern "green low-carbon" appeal. However, the cellular networks segment is anticipated to grow at the highest CAGR over the forecast period. Furthermore, the wireless networks are segmented into Wifi Technology, Bluetooth, Zigbee, Z-Wave, and others (EnOcean, We Mo, Insteon). Also, the cellular network segment is divided into ethernet, power line communication, fiber optics, others.
“Amongst end-user, commercial segment is expected to grow at the highest CAGR during the forecast period”
The smart home technology is distributed in several end-users including residential and commercial. The residential end-users segment dominated the market with revenue size of US$ 43,862.4 million in 2020 and is expected to maintain its dominance during the forecast period as the consumers have significantly found the value of connected devices that help to automate their homes and offer greater energy efficiency. Wider adoption of smartphones and proliferation of connectivity within their homes and soaring IoT trend has resulted into an emerging paradigm where consumers can access to affordable tools to create more intelligent homes that purposes to enhance their comfort, security and efficiency. Furthermore, depending on residential end-users, the market is classified into luxury villas, luxury apartments, mid-range apartments, assisted homes and low energy homes. In addition, the commercial end-users are are divided into hotel, hospital and othe commercial buildings.
“North America signifies one of the largest markets of Smart Home Technology Market”
For a better understanding of the market dynamics of the Smart Home Technology market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia-Pacific, Latin America and MENA has been conducted. North America dominated the market and generated revenue of US$ 27,084.4 million in 2020 owing to the first-mover advantage. Increasing demand for smart devices, high penetration of smartphone & internet has helped North America to dominate the smart home market in the current scenario. However, the Asia-Pacific region owing to increasing disposable income paired with government initiative is expected to witness the highest growth during the analyzed period.
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