The Global Smart Home Market was valued at USD 55.65 billion in 2016 and is projected to reach USD 174.24 billion by 2025, growing at a CAGR of 13.52% from 2017 to 2025.
A Smart Home is a residence that uses internet connected devices to enable the remote monitoring and management of appliances and systems. It provides homeowners security, comfort, convenience and energy efficiency by allowing them to control smart devices, often by a smart home app on their smartphone. Benefits of smart home include – safety, accessibility, energy efficiency, cost effectiveness, convenience, and easily controlled.
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1. Market Drivers
1.1 Increasing concerns related to safety and security
1.2 Need of home monitoring from remote locations
1.3 Rising need for energy saving and low carbon emission-oriented solutions
1.4 Reduction in costs by smart homes
1.5 Adoption of IoT, smartphones and smart gadgets
1.6 High government involvement to promote green and smart buildings
2. Market Restraints
2.1 High risk of device malfunctioning
2.2 Costly systems
2.3 Convenience driven market
2.4 Security and privacy concerns
The Global Smart Home Market is segmented on the software and service, application, and region.
1. Software and Service:
2. By Application:
2.1 Home Appliances
2.2 Home Healthcare
2.3 Smart Kitchen
2.4 HVAC Control
2.5 Entertainment and Other Control
2.6 Security and Access Control
2.7 Lighting Control
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3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. General Electric Company
2. Siemens AG
3. Honeywell International, Inc.
4. Johnson Controls, Inc.
5. Legrand S.A.
6. Acuity Brands, Inc.
7. Leviton Manufacturing Company, Inc.
8. United Technologies Corporation
9. Schneider Electric Se
10. Ingersoll-Rand PLC
11. ABB Ltd.
12. Samsung Electronics Co., Ltd.
13. Lutron Electronics Co., Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Smart Home Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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