Smart Home Market by Application(Security & Access, Lighting Control, Heating Ventilation & Air Conditioning, Smart Kitchen), by Software (Proactive, Behavioral).
GLOBAL SMART HOME MARKET was valued at USD 59.57 Billion in the year 2017. Schneider Electric Se (France), General Electric Company (US), Siemens AG (Germany), Samsung Electronics Co., Ltd.
(South Korea), ABB Ltd. (Switzerland), Legrand S.A (France) are some of the key players in the Smart Home Market with General Electric Company holding the significant market share because of its better global presence both at production and at an operational level. Rising research and development expenses to address the changing demand of end users, similarly, growth strategies such as Collaboration between top players like Honeywell and Huawei for developing the smart building projects were adopted.
ADT, Vivint, Comcast and AT&T from America and eQ-3, RWE, Verisure and Loxone from Europe are the new entrants which have already established their business in developing smart homes. This suggests that there are growth opportunities for new entrants in the smart home market.
Global Smart Home Market is further estimated to grow at a CAGR of 13.08% from 2018 to reach USD 124.57 Billion by the year 2023. North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period.
At a country level, developed markets like the U.S. as well the emerging markets like China with highest population base holds a notable market share in 2017 and it is projected to grow at a gradual pace in the coming years.
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Technological advancements in different segments like self-monitored security systems for smart homes
Government grants provided to promote green buildings and eco-system
The high cost of switching from existing devices to updated ones
Smart Homes provide opportunities for lateral growth to various sub-segments like lighting controllers and in-built data-connectivity technology
Device maintenance issues for the product such as UV purifier and humidifier for smart home
Segmentation done on the basis of Application includes Security & Access, Lighting Control, Heating Ventilation & Air Conditioning, Smart Kitchen, Home Healthcare, Home Appliances, Entertainment of which the Lighting Control segment is expected to hold the highest market share during the forecast period. This is increasing due to the investment of government in a smart city project.
Peer-to-peer connections between devices for the autonomous functioning of devices are created by this lighting controller.
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The Entertainment segment is also expected to grow at the highest CAGR during the year 2018-2023. This growth is attributed due to the use of wireless entertainment systems.
Key Benefits for Stakeholders
Real estate builders
Sensor Component Manufacturers
Raw Material & equipment suppliers
Interior Designers and Project Consultants
Home Appliances Vendor, Network, and Communication service provider.
Security & Access
Heating Ventilation & Air Conditioning
Key Market Players
Schneider Electric Se
General Electric Company
Samsung Electronics Co., Ltd.
Honeywell International, Inc.
United Technologies Corporation
Johnson Controls, Inc.
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