Market Analysis
The smart home market size is estimated to grow at a CAGR of over 12.3% and is expected to reach USD 254.78 Billion by the end of the forecast period. A smart home or home automation includes the use of internet-connected devices for managing and monitoring different home systems and appliances. This is an advanced technology that helps to make operations of various home appliances more convenient and is also an energy saver.
Several factors are adding to the global smart home market growth. Some of these factors as per the MRFR report include a surge in climate change, increasing adoption of cloud-based technologies, instability in the prices of electricity, the need to tackle security issues, the emergence of the latest wireless technologies such as entertainment controls, HVAC controller, and security and access regulators, rapid advances in IoT, and rise in internet users. Besides, growing consumer disposable income in developing economies, the rising significance of home monitoring in remote locations, the need for energy saving and low carbon emission-oriented solutions, the rapid proliferation of smart gadgets and smartphones, and growing concern about safety are also adding market growth.
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Regional Analysis
North America had the greatest market share, accounting for 36.55% of the global market during the historic forecast period. One of the factors driving the market is the growing number of government efforts to assist energy-efficient building, which provide benefits such as lower lifetime costs, improved energy savings, and lower greenhouse gas emissions. In the last four years, smart home gadget adoption has been one of the fastest rising technical trends in Mexico. In Latin America, the country was one of the first to commercialize Google's smart voice assistant (Home). Furthermore, the Mexican government has taken various steps to reform energy consumption habits and telecommunications networks, which has pushed consumers to choose a connected network at their homes.
Market Segmentation
The Smart Home Market is classified into components and regions.
The smart home market is categorized into hardware, smart appliance, AI speaker, and services based on components. The hardware segment is holding the highest market share in the past years. The hardware segment is further segmented into security, home automation, home entertainment, and home healthcare. The security segment consists of video surveillance systems and access control.
The Services segment is comprised of Energy Consumption & Management Services, Security Services, Healthcare Services, and Entertainment Services.
Industry News
The increase in many customer preferences for video doorbells, voice-assisted technologies such as Alexa and Google Home, and other surveillance systems is predicted to drive the market's growth.
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The Smart Home Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the smart home market include ABB Ltd., Control4 Corporation, Crestron Electronics, Emerson Electric Co., Honeywell, Legrand S.A., Lutron Electronics, Schneider Electric S.A., Siemens AG and Tyco International Ltd.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Smart Home Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/smart-home-market/download-sampleMarket DynamicsThe growing demand for mobility and increasing need for standardization across the globe is driving the market growth.
High adoption of access control solutions owing to increasing crime rates globally is also expanding the market presence.
However, the high initial cost associated with smart home may limit the market growth.
