Global Smart Home Market

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Global Smart Home Market size was valued at US$ 76.2 Bn in 2019 and is expected to reach US$ 191 Bn by 2026 to exhibit a CAGR of 12.17% during the forecast period.

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

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Global Smart Home Market Dynamics:

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 provides the home and its residents' various 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 the base of internet users, enlarged adoption of smart devices, rise in the awareness of fitness and healthy lifestyles owing 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, the fast growth of smartphones and smart gadgets.

The rising adoption of entertainment and other control systems, lighting control solutions, smart speakers, and home appliances increasing the growth of the smart home market.

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 theatre 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 behavioural 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 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 in 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.

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.
Global Smart Home Market, Key Highlights:

• Global Smart Home Market analysis and forecast, in terms of value.

• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Smart Home Market

• Global Smart Home Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

• Global Smart Home Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

• Global Smart Home Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Smart Home Market are also profiled.

The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.
Scope of the Global Smart Home Market: Inquire before buying

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
Global Smart Home Market Key Players

• 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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