Smart Home Market lucrative opportunities by 2026
The Global Smart Home Market size was valued at US$ 76.2 Bn in 2017 and is expected to reach US$ 191 Bn by 2026 to exhibit a CAGR of 12.17 % during the forecast period.
Smart Home is the term generally used to define a residence that has appliances, lighting, heating, air conditioning, TVs, computers, entertainment audio & video systems, security, and camera systems that are capable of communicating with one another and can be managed remotely by a time schedule, from any room in the home as well as remotely from any location by phone or internet. The smart home is one that gives its owners comfort, security, energy efficiency, and satisfaction at all times, regardless of whether anyone is home.
Installation of smart products provide the home and its resident’s different benefits, the same benefits that technology and personal computing have brought to us over the past 30 years convenience and savings of time, money and energy.
Growth of the smart home market is driven by different factors like base of internet users, enlarged adoption of smart devices, rise in the awareness of fitness and healthy lifestyles owning to the high disposable income in developing economies, high importance of home monitoring from remote locations, increase in the need for energy saving and low carbon emission solutions, cost reduction measures enabled by smart homes, fast growth of smartphones and smart gadgets.
Rising adoption of entertainment and other control systems, lighting control solutions, smart speakers, and home appliances increasing the growth of the smart home market.
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Smart homes have gained an increased awareness of both policies and government regulations across the globe.
The major restraints of the smart home market are climate change, fluctuating energy prices, energy security, and supply concerns have necessitated new ways of producing, delivering and consuming energy.
Entertainment and other controls segment are expected to hold the largest share of the smart home market during the forecast period due to entertainment has become an important part of life as it gives composure and rejuvenation. Most of the control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is managed by the convenience provided by these controls for managing as well as controlling the entertainment systems within a house. Evolution in wireless communication technologies is a key factor in improving the growth of the market for home theater system controls, by that means driving the overall smart home market for entertainment controls.
The component services segment holds the largest market size during the forecast period owing to increase connectivity between machine-to-machine solutions and the Internet of Things is handling the growth of the smart home and energy management markets, which has, affected the growth of the market for software and services for smart homes. The behavioral type software and services help examine energy-related data and onward it to end users.
According to market researchers, smart speakers such as the Amazon Echo or Google Home are the fastest-growing classification of the speakers, with a five-year growth rate of 39.1%. Smart lighting, thermostats, door intercoms, and security systems are also becoming increasingly popular. Amazon Echo, Google Assistant and ULE-based products boosting growth on the market
Due to the huge growth rate, smart speakers are set to be the third-largest segment on the smart home market to hold the largest share of the market. An ever-growing number of providers are developing products that are compatible with Amazon’s Alexa or Google Assistant. Voice assistants such as Siri, Cortana, and Bixby are also enjoying increasing popularity.
Key players operating in the global smart home market include Johnson Controls International, United Technologies Corporation, Schneider Electric, Honeywell International, Inc., and Siemens AG. These are the currently dominated players in the global smart home market.
Other players operating in the smart home market are Amazon, Inc., Apple Inc., Google, ADT, Robert Bosch GmbH, ASSA ABLOY, ABB Ltd., Ingersoll-Rand PLC, ABB, Legrand S.A., GE, Comcast Corp. ,Hubbell Inc., Samsung Electronics Co., Ltd., LG Electronics, Sony, Control4 Corp., Lutron Electronics Co. Inc., Vivint, and Axis Communication AB, among others. The smart home market is currently dominated by Johnson Controls International, United Technologies Corporation, Schneider Electric, Honeywell International, Inc., and Siemens AG.
In July 2018, Siemens AG (Germany) company adjoined new functionalities to the Synco IC cloud platform for remote heating, ventilation, and air-conditioning control.
October 2018, Johnson Controls International (Ireland) received Lux Products Corporation (US), a leading provider of residential thermostats and smart products. LUX markets several successful residential and trading product lines ranging from timers to smart home thermostats, including Kono and Geo.
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Scope of the Global Smart Home Market
Global Smart Home Market, by Product
Lighting Control
Security & Access Control
HVAC
Entertainment
Smart Speaker
Home Healthcare
Smart Kitchen
Home Appliances
Smart Furniture
Global Smart Home Market, by Component
Software
Services
Global Smart Home Market, by Region
North America
Europe
Asia-Pacific
Middle East & Africa
South America
Key Players operating in the Global Smart Home Market
Johnson Controls International
United Technologies Corporation
Schneider Electric
Honeywell International, Inc.
Siemens AG.
Amazon, Inc.
Apple Inc.
Google
ADT
Robert Bosch GmbH
ASSA ABLOY
ABB Ltd.
Ingersoll-Rand PLC
Legrand S.A.
Comcast Corp.
Hubbell Inc.
Samsung Electronics Co.
LG Electronics
Sony
Control4 Corp.
Lutron Electronics Co. Inc.
Vivint
Axis Communication AB
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