Smart Home Market Research Report
Smart Home Market
GMI Research forecasts that the
increasing business potential of AI-enabled smart speakers will lead the market
to grow at a compound annual growth rate (CAGR) of 11.6% during the forecast
period 2019-2027. According to the smart home market forecast, the market
incurred a total revenue of USD 69 billion in 2019 and is predicted to touch
USD 166 billion in 2027.
Smart Home is a convenient home
setup that is fully equipped with lighting, heating, and electronic devices
that can be easily controlled via any internet-connected place in the world with
the help of smartphone or other networked device. Some of the smart appliances that
are used in the home includes Smart locking systems, Smart TVs, Smart security
cameras, Smart Entertainment systems, and other systems.
The significant factors responsible
for the growth of the smart
home market size includes the accelerating adoption of smart devices among
the end-users, followed by the strong demand for real time home security
solutions and different types of consumer electronics at the global level. With
the continuous expansion of internet user base, the individuals are
increasingly opting for home monitoring systems which can be automatically
controlled with the help of smartphones or smart gadgets from any part of the
world. This factor will have a positive impact on the growing smart home market
share.
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As per the smart home market
analysis, numerous government initiatives are emphasizing on spreading
environmental awareness through encouraging the adoption of energy-saving and
low carbon emission solutions, thus surging the market growth. The Smart home reduces
the energy consumption and enhances the safety and security of the home while
delivering an unforgettable experience to individual. The market research
illustrates that the leading players are heavily investing in the development
of the technologically advanced smart home systems and solutions which will
open new doors for the market growth. Furthermore, the growing implementation
of smart speakers, home appliances, and light control systems among the target
customers will further support the market growth. On the other edge, the high
cost related to the installation of the smart appliances will impact the smart
home appliances market, thus hampering the growth of the market over the coming
years.
China smart home market is
witnessing strong demand due to the continuous growth of the smart home
industry and the increasing implementation of hardware and software solutions
in various industry verticals. Moreover, the US smart home market is growing at
a substantial rate attributed to the emerging trend of smart lighting controls,
HVAC controls and security control. This factor is also contributing to the
growth of the US smart home market size over the coming years.
Players in Smart Home Market:
·
Honeywell International Inc.
·
Siemens AG
·
Johnson Controls
·
Schneider Electric
·
United Technologies
·
Amazon Inc.
·
Apple
·
Google
·
ADT
·
Robert Bosch GmbH
Market Segmentation:
Smart Home Market Report Segment
by Product:
·
Lighting Control
o Relays
o Occupancy
Sensors
o Daylight
Sensors
o Timers
o Dimmers
o Switches
o Accessories
and Other Products
·
Security and Access Control
o Video
Surveillance
§ Hardware
§ Software
o Access
Control
§ Biometric
§ Non-Biometric
·
HVAC Control
o Smart
Thermostats
o Sensors
o Control
Valves
o Heating
and Cooling Coils
o Dampers
o Actuators
Pumps and Fans
o Smart
Vents
·
Entertainment Control and Other Controls
o Entertainment
Control Products
§ Audio,
Volume, and Multimedia Room Controls
§ Home
Theatre System Controls
§ Touchscreens
and Keypads
o Other
Control Products
§ Smart
Meters
§ Smart
Plugs
§ Smart
Hubs
§ Smart
Locks
§ Smoke
Detectors
·
Smart Speaker
·
Home Healthcare
·
Smart Kitchen
o Smart
Refrigerator
o Smart
Coffee Makers
o Smart
Kettles
o Smart
Dishwashers
o Smart
Ovens
o Smart
Cooktops
o Smart
Cookers
·
Home Appliances
o Smart
Washers
o Smart
Dryers
o Smart
Water Heaters
o Smart
Vacuum Clean
·
Smart Furniture
o Smart
Tables
o Smart
Desks
o Smart
Stools and Benches
o Smart
Sofas
o Smart
Chairs
Smart Home Market Report Segment
by Software & Services:
·
Behavioural
·
Proactive
Smart Home Market Report Segment by
Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
About GMI
Research
GMI Research is a full-service
market research and business-consulting organization that offers global as well
as medium and small businesses with bespoke industry and market analysis to
help them in making the toughest business decision. We have a team of industry
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needs of our clients. GMI Research’s analysts rely on secondary research to lay
down the foundation of every report. We use not only the internal but also the
external databases to cull out relevant information of the industry. Our main
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