The global Smart Homes Market is projected to reach at 14.07% CAGR. Smart Homes Industry is growing globally due to rising need for energy saving and low carbon emission-oriented solutions, safety and security, increasing need of the consumer for convenience, the significant advancements in the IoT market, and large number of manufacturers expanding their product portfolios are some of the major factors driving the growth of the smart home market worldwide
The global Smart Homes Market is expected to grow at a CAGR of 14.07% between 2016 and 2022 from USD 46.97 billion in 2015 to USD 121.73 billion by 2022.
The report “ Smart Homes Market by Product (Energy Management System, Security & Access Control, Entertainment Control, And HVAC Control), Protocol and Technology (Protocol, Cellular Technology, And Communication Technology), Service (Installation, And Customization), And Geography (North America, Europe, APAC, And Row) – Trend and Forecast to 2020 ”, analyses and studies the major market drivers, restraints, opportunities, and challenges in the emerging nations.
“The Smart Home market expected to grow at a CAGR of 14.07%”
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Smart Home Market’s Key Drivers:
· Significant advancements in the IOT market
· Increasing need of the consumer for convenience, safety, and security
· Rising need for energy saving and low carbon emission-oriented solutions
· Large number of manufacturers expanding their product portfolios
Smart Home Market’s Restraints:
· Many products of smart homes have reached maturity in certain regions
· Issues relating to breach in security and privacy
Smart Home Market’s Opportunities:
· Strong initiatives from various government to promote green building and green cities
· Power-line communication technology to be the future in smart homes 60
Smart Home Market’s Challenges:
· Linking disparate system, limited functionality, and lack of open standards
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The report also profiles the key players in the smart home market with their respective market share analysis.
The prominent players profiled in Smart Home market report are
· Honeywell International Inc. (U.S.)
· Legrand (France)
· Ingersoll-Rand plc. (Ireland)
· Johnson Controls Inc. (U.S.)
· Schneider Electric SE (France)
· Siemens AG (Germany)
· ABB Ltd. (Switzerland)
· Acuity Brands, Inc. (U.S.)
· United Technologies Corporation (U.S.)
· Samsung Electronics Co., Ltd. (South Korea)
· Nest Labs, Inc. (U.S.),
· Crestron Electronics, Inc. (U.S.) and others
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“North Americas and Asia-Pacific are the major markets for smart homes”
North America held the largest share of the global smart home market in 2015 because of factors such as the increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions. The smart home market in Asia-Pacific is expected to grow at the highest rate.
Smart Home Market Regional Outlook Analysis
· North America
· Asia Pacific (APAC)
· Rest of World (ROW)
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In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews were conducted with key people in the smart home industry.
The Smart Home Market Report would help leaders/new entrants in this market in the following ways:
1. This report segments the smart home market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand a competitor better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions
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