Smart Home Market
Global Smart Home Market is predicted to witness a compound annual growth rate of 11.6% over the forecast period (2019-2027), owing to the rising number of internet users and penetration of smart devices. Government agencies are emphasising on spreading environmental awareness encouraging the use of low carbon discharge and energy-efficient solutions.
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A smart home refers to the setup equipped with heating, lighting, and electronic devices to be controlled remotely through internet used to perform enormous functions such as safety access to home, managing temperature, and home theatre. As per the smart home market analysis, the growing concerns towards safety has surged the need to adopt real time home security solutions, which is one of the major factors fuelling the smart home market. Smart homes have gained immense prominence and nearly 30 million US households are projected to install smart home technology over the coming years. They help reduce energy usage and improve the safety of home. Thus, several leading giants are investing in the research and development of technologically sophisticated smart home solutions which is likely to pave the way for smart home market growth.
By Product, the Entertainment Control and Other Controls segment is forecast to dominate the market over the forecast period, owing to the ongoing technological innovation in wireless communication. For example, Amazon Echo a smart speaker developed to responds to voice commands using Alexa, browses internet, manages smart home devices and streams music depending upon the choice and demand of user. With the rising electricity bills, consumers are seeking for smart meters, locks, detectors, and plugs.
By Software & Services, the Behavioural segment is anticipated to hold a larger share over the coming years. The Behavioural solution offers direct feedback to the end-users by interpreting energy-driven data and forwarding the information to the users. Surging demand of smart home and energy management markets steered by increasing connectivity between machine-to-machine solutions and the Internet of Things (IoT) will bolster the smart home market size.
Key Developments
In 2018, Amazon Inc., introduced Amazon Echo, a smart speaker, used for streaming media, making video calls and managing the smart home devices.
In 2017, Apple innovated the HomePod, a smart speaker, which manages the smart home products depending upon the command of the end-user and helping to answer phone calls.
Smart Home Market Segmentation:
Smart Home Market 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
· Other Control Products
§ Smart Meters
§ Smart Plugs
§ Smart Hubs
§ Smart Locks
§ Smoke Detectors
· Smart Speaker
· Home Healthcare
· Smart Kitchen
§ Smart Refrigerator
§ Smart Coffee Makers
§ Smart Kettles
§ Smart Dishwashers
§ Smart Ovens
§ Smart Cooktops
§ 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 Homes Market by Software & Services
· Behavioural
· Proactive
Smart Home Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· 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
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