Due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of global smart homes market.
Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the global market growth.
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In addition, the rapid growth in global smart homes market is also attributable to the increase in demand for smart home appliances. Adoption of advanced electronic technology enables various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, on account of which growth in global market for smart homes is anticipated during the forecast period.
As per the findings of the research, home entertainment system segment has been the largest revenue generator among the various product segments in the global smart homes market. Smart home healthcare segment is expected to witness the fastest growth during the forecast period.
Among various technologies, Wi-Fi technology was the most widely adopted technology and was the largest contributor to the global smart homes market; whereas, RFID segment is expected to witness the fastest growing technology during the forecast period. In the security access and control segment, audio-video surveillance was the most revenue generating product, while products supporting fingerprint recognition are expected to witness the fastest growth in demand, during the forecast period.
the global smart homes market is projected to reach $70,208.6 million by 2023, growing at a CAGR above 14% during 2017 - 2023. In recent years, extensive rise in access to Wi-Fi technology is facilitated by rapid growth in IoT.
Since, a number of automation devices operate through wireless connectivity, Wi-Fi technology enables remote monitoring and effective control of these devices. Moreover, the proliferation of Wi-Fi technology in residential sector is expected to further aid in the expansion of the global smart homes market.
This includes Wi-Fi enabled lighting control system, security & threat control, wireless home appliance operation, and entertainment system. Geographically, North America has been the largest market for smart homes; whereas, the market is expected to witness the fastest growth in Asia-Pacific, during the forecast period.
The anticipated high growth in Asia-Pacific can be attributed to factors such as advancement in home automation technologies, rapid growth in industry digitalization, new technological developments in telecom industry, along with setting up of advanced hardware and software manufacturing units, and increasing adoption of data analytics across industries in the region. The telecom industry in Asia-Pacific has grown by leaps and bound, with rapid increase in the number of internet subscribers.
This has directly led to increase in the adoption of smart devices at a rapid pace, and is further helping the smart homes industry in escalating the use of smart phones and tablets for controlling different home equipment. Further, due to growing concerns related to energy usage and the increasing shortage of natural resources, the region has a high potential to adopt smart home solutions that conserve energy in near future.Factors propelling growth in the global smart homes market include significant increase in demand for smart home appliances, surge in demand for smart home healthcare solutions, amplified adoption of IoT and related technology in household sector, and rising need for energy saving solutions having lower carbon footprint.
Demand for smart home appliance is also gaining pace with consumers realizing the importance and benefits of installing energy efficient electrical appliances at homes and offices. With adoption of smart energy efficient home appliances, consumers are saving big on usage of energy, by means of automatic temperature settings, automated functioning, and scheduled programmable operations.
Further, advancement in technology has enabled various smart home appliances installed at different location within a house, to be controlled by one device, such as smart phones or a remote. More convenience and comfort with energy saving smart home appliances would continue to lure more consumers and escalate the market growth globally.
Demand for smart home healthcare solutions is also a key factor driving the growth of global smart homes market. Latest mobile health and digital technologies are escalating the demand for smart home healthcare in the global smart homes market.
Smart home technology, in combination with innovative and advanced health monitoring technologies helps in detecting health status changes. Further, integrated health monitoring components help in maintaining higher quality of nursing at homes, in turn replacing the need for comparatively expensive healthcare services at hospitals for elderly people.
The research states that the global smart homes market is moderately competitive, with players investing in advanced research & development of new home automation solutions. Some of the key players operating in the global smart homes market are Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Limited, Johnson Controls Inc., Samsung Electronics Co. Ltd., United Technology Corporation, and Cisco Systems Inc.
Most of the major vendors in the global smart homes market are actively focused on enhancing their products and service offerings to meet the ongoing demand for smart homes solutions, through activities such as merger & acquisition, and partnerships. Vendors such as Johnson Controls and Hitachi air conditioning with their joint venture, recently announced expansion of market reach in Asia with use of Ayla Networks.
Through this, both companies aim to fuel industry leading technology and innovation in smart HVAC products, globally.
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