Market Research Future published a research report on “Smart Home Device Market Research Report – Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Smart home devices are capable of managing major electrical appliances and other equipment with the assistance of the internet. The penetration of internet of things (IoT) and increasing adoption of smart devices in future homes can lead to large scope for the market. The global smart home device market report by Market Research Future (MRFR) contains drivers and challenges for the period of 2019 to 2024 (forecast period). The COVID-19 outbreak and its impact on the industry are explored in the report.
The global smart home device market is expected to reach USD 40.23 billion by the end of the forecast period at a CAGR of 18.9% over the forecast period. It was valued at USD 14.55 billion in 2018.
The construction of smart homes and proliferation of internet of things (IoT) which connect various devices in a connected ecosystem is expected to drive market demand. The increased automation in homes owing to portability of devices, ease of installation, and cost efficiency are likely to impact the market positively. The changing demand for DIY connected homes can have a positive influence on the market.
The COVID-19 pandemic has negatively affected the Smart Home Device Market owing to shutdown of production units and the virus affecting consumer buying behavior. However, the presence of online channels can offer a window to manufacturers for pushing their products into the market. Moreover, the influence of social media and other mediums will fare well for the market.
But technical complexities and network concerns for connectivity can hamper the Smart Home Device market growth.
Amazon.com Inc., Wink Labs Inc., ADT Inc., Cree Inc., Robert Bosch GmbH, Nest Labs, SkyBell Technologies Inc., Logitech International SA, Honeywell International Inc., PHILIPS LTG N V/ADR, Google LLC, SimpliSafe Inc., Apple Inc., Brilliant Home Technology Inc., NETGEAR Inc., Samsung Electronics Co Ltd, Vivint Inc., and others are key players of the global smart home device market.
Recently, Amazon changed the design of Echo speakers from vertical to spherical as well as advances in speech recognition technology is likely to attract tech-savvy users. Moreover, the leaning towards recyclable materials by the company for its speakers will spell a hit and spike the sales in the U.S.
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The global smart home device market has been segmented based on product, connectivity, and platform/virtual assistant.
By product, the smart home device market has been segmented into smart surveillance cameras (standalone security camera, video doorbell camera and others), smart hubs and controllers (smart speakers, smart panels and switches, smart remote control, and others), smart locks and security system (biometric controlled locks, fire control system, and others), smart kitchen appliances (precision cookers, smart coffee makers, microwave/ovens, and others), smart HVAC (smart thermostat, smart wall panels), smart lighting (smart bulb and light, smart wall switch), and other home appliances (vacuum cleaners, fitness devices, smart bed, and others).
By connectivity, the smart home device market has been segmented into Bluetooth, Wi-Fi, Zigbee, and others.
By platform/virtual assistant, the smart home device market has been segmented into Samsung Bixby, Amazon Alexa, Apple Siri, Google Assistant, and others.
By region, the smart home device market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Central and South America.
North America is expected to lead the market owing to adoption of new technologies such as artificial intelligence and presence of smart home device manufacturers in the region. In addition, the U.S. is one of the most lucrative regions for the global smart home device market owing to construction of smart homes in suburbs and launch of new devices for the customer.
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