Due to these and many other factors, the smart home market is expected to grow at a compound annual growth rate (CAGR) of REDACTED between 2017 and 2022 to attain a market value of REDACTED in 2022.
The global smart home market, with an impending demand for a universal solution, is driven by the intense focus of industry participants on pushing solutions across the mainstream market. This has led to multi-pronged developments, especially in the field of networking technologies.
With both proprietary and open-source platforms seeing new technologies being added on a daily basis, consumers are faced with the challenges of integrating these complex platforms into a single home technology system.
Driven by shifts in consumer behavior and technological developments, the market has been shifting from a luxury market into a mainstream market, and many new players are entering the mark.et as a result.
Smart home technology is still at the nascent stage because it is adopted by a small percentage of the population. According to Ashish Sharma, Director at Phynart, the advent of technology and a reduction in device prices are likely to result in the market growing at a healthy rate in the coming years.
The global smart home market, which until now was considered as an elite market, has been witnessing growing popularity across widespread social segments. The development of wireless, open and standard technologies has enabled this transition.
This has helped to reduce the cost of wiring and labor, thus reducing overall prices. In addition, the presence of many players has induced price competitiveness, forcing them to develop mainstream solutions.
The entry of telecommunications, cable companies, utilities and security service providers into the smart home market has helped to drive demand. Intense competition is rising among players, who are looking for technological innovations, alliances, and mergers and acquisitions as strategies to expand and retain their market shares.
The market revenue was REDACTED in 2016, and it is expected to reach nearly REDACTED in 2022, growing at a CAGR of REDACTED during the forecast period.
The various applications of the smart home market include heating, ventilation and air conditioning (HVAC); lighting; water; entertainment; and fire safety and security. Currently, the smart home technology is largely used in the safety and security application, giving this segment the largest revenue share at REDACTED in 2016.
It is expected to remain the largest market and to reach REDACTED by 2022. The entertainment application is expected to have the highest CAGR of REDACTED from 2017 through 2022.
The market is regionally segmented into North America, Europe, the Asia-Pacific region and the Rest of the World (RoW). North America had the highest revenue in the market in 2016 at REDACTED, and it is expected that it would continue to dominate the revenue share with a value of REDACTED in 2022.
North America is a technologically advanced region, so smart home technology initially formed a strong base in this region. The Asia-Pacific region is expected to have the best potential market growth, with an estimated CAGR of REDACTED from 2017 through 2022.
Emerging nations in this region are experiencing substantial economic growth, which is expected to drive the growth of the smart home market during the forecast period.
Browse Full Report at orbisresearch.com/reports/index/sm…tm_source=shreyas
This report represents an in-depth analysis of the global smart home technology market by component, technology, application and region. It discusses the different segments of smart home technology to derive specific market estimations.
It discusses a comparative study regarding the ways the technology has improved people’s lifestyles people and also saved energy. The report also discusses strategies adopted by major players in the global smart home technology market.
Patent analysis provides a snapshot of technological trends in the global market over time, as well as regionally, particularly for the U.S., Europe and Japan.
- 24 data tables and 46 additional tables
- An overview of the global market for smart home technologies
- Analyses of global market trends, with data from 2016 to 2017, and projections of compound annual growth rates (CAGRs) through 2022
- Analysis of the market by type, product, networking technology, and by region
- Insight into the market through market sizes, revenue forecasts, value chain, and market and product trends
- Discussion of current and future trends and analyses on the basis of competitive technologies
- Description of the competitive landscape, including leading players and their key developments, strategies, and profiles
- Profiles of the key companies in the market, including ABB Ltd., Amazon.com Inc., Control4 Corp., Daintree Networks Inc., General Electric, Google Inc., IBM and Schneider Electric SE
ACUITY BRANDS INC.
ADVANTECH CO. LTD.
CLIPSAL AUSTRALIA PTY. LTD.
CRESTRON ELECTRONICS INC.
CYTECH TECHNOLOGY PTE. LTD.
DAINTREE NETWORKS INC.
HONEYWELL INTERNATIONAL INC.
JOHNSON CONTROLS INTERNATIONAL PLC
LUTRON ELECTRONICS CO. INC.
PHILIPS LIGHTING HOLDING B.V.
SAVANT SYSTEMS LLC
SCHNEIDER ELECTRIC SE
SIEMENS BUILDING TECHNOLOGIES AG
SYNAPSE WIRELESS INC.
Table of Content
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Chapter 4 Market Breakdown by Networking Technology
Chapter 5 Market Breakdown by Component
Chapter 6 Market Breakdown by Application
Chapter 7 Market Breakdown by Region
Chapter 8 Analysis of Market Opportunities
Chapter 9 Patent Review and New Developments
Chapter 10 Company Profiles
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