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Global smart home market pegged USD 35.4 billion in 2017 and is further anticipated to become USD 89.9 billion by 2024. The market is further expected to witness a CAGR of 14.2% during the forecast period. The market is increasing every year due to constant evolution in technology globally. Smart home technology refers to a group of systems, devices and appliances that enables the users to connect to a mutual network that is controlled in a remote and independent manner. The functioning of various technologies in a home that works conjointly in a common system is also referred to as connected home. Smart home enables the users to witness advanced luxury and functionality that was impossible to tap few years back. It has been further estimated that with technological developments the smart home systems will facilitate leisure, easier and comfortable stay for its users.
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The major factor driving the growth of the global smart home market includes extensive demand for safety, convenience and security amongst the users in several developed as well as developing economies. The technology is further helping the households to manage all of their devices from a single place thus creating ample opportunities for the smart home market to grow exponentially. Smart home enables flexibility to its users in accommodating innovative appliances, devices and technology.
Geographically, North America is the largest revenue holder in the smart home solutions and products as it is extensively accentuating towards technological advancements to reduce usage of carbon emitted solutions in order to save energy. Moreover, prompt execution of IoT technologies in this region that helps in reducing fossil fuel emissions is further driving the growth of smart home market.
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Furthermore, Asia-Pacific is expected to witness fastest growth of xx% in smart home market. The manufacturers are continuously upgrading its technology in order to make the life of users efficient and convenient for its users. Additionally, there are several initiatives undertaken by the different government and non-government authorities to help the consumers in utilizing innovative technology and ensure secure, convenient and safe environment for them.
Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.