Smart Home Market Key Opportunity, Covid-19 Impact, Analysis, Growth, Trends 2023
iCrowdNewswire Jan 8, 2021 4:03 PM ET
The smart home market 2020 can possibly attain a tremendous valuation of USD 137.96 Billion by 2023, projects Market Research Future (MRFR). It also estimated that the market can advance at a rate of 14% between 2018 and 2023 (forecast timeframe).
Top Drivers and Key Barriers
With the alarming surge in climate change, instability in electricity prices and the rising adoption of cloud-based technologies along with IoT are some of the top growth inducers in the smart home market
. All across the globe, the need to tackle security issues has mounted significantly in recent years, fueling the need for smart home market.
Furthermore, the emergence of the latest wireless technologies like security and access regulators, HVAC Controller, and entertainment controls has foster considerable market expansion. With the rapid advancements in Internet of Things (IoT) that has led to price drops of processors and sensors, more and more manufacturers are now offering automation in homes, which also works in favor of the worldwide market.
Well-known companies such as ABB Ltd. And Honeywell International Ltd. are highly focused on developing automated home solutions, which helps expanding their customer base in the market. Most of the companies are also adopting marketing hacks like mergers and acquisitions to design advanced solutions for homes. For facilitating advancements and innovations in smart homes advanced technologies, the Internet of Things and artificial intelligence are being increasingly implemented. For instance, in April 2019, Honeywell International Ltd. carried out a merger with Intel Corporation to come up an innovative security platform for home solutions. This advanced platform is strongly supported by artificial intelligence, which has helped both the parties gain high favor among their customers.
Smart Home Industry Trends
Faster Adoption of Live TV
A prominent smartphone trend gaining speed in the smart home space is the rapid adoption of live video streaming and internet TV services, which include Netflix and Amazon Prime videos. Given the fast speed of internet and a faster broadband used in homes, Android TVs, streaming service and internet TVs platforms have managed to create a significant niche among a vast population across the world. These live streaming TVs are particularly favored by users as they are able to view their favorite shows anytime they want and that too, anywhere.
Component, application and technology are the primary segments based on which the research on the smart home market has been conducted in the report.
With respect to component, the market segments specified in the report are software as well as services. The software segment has been narrowed down into proactive and behavioral, while the service segment has been considered for managed as well as professional service.
The application areas are security & access control, lighting control, entertainment & other control, HVAC control, smart kitchen and home appliances and home healthcare.
The technologies studied in the report are protocols, networks and wireless. The types of networks highlighted are GSM/HSPA networks, CDMA networks and LTE networks. The protocol-wise segments are KNX, Digital Addressable Lighting Interface (DALI), Ethernet, Digital Multiplexer (DMX), and others. Wireless segment covers z-wave, Zigbee, Bluetooth, Wi-Fi, and others.
The report geographically distributes the smart home market into Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
North America is on its way to take the lead in the global market, backed by factors like the high concentration of renowned companies like Crestron, Amx, Control4 Corporation and Honeywell International Ltd., among others. The regional market growth is also warranted by the high adoption rate of core communication technologies such as NFC, Bluetooth, Zigbee, Wi-Fi, and upcoming 5G network.
APAC, with the fastest expansion rate, is all set to establish its presence among the strongest regions in the global market. The smart home market is a big hit in the region, mostly because of the rapidly surge in urbanization and the soaring adoption rate of cloud technologies. The swiftly increasing awareness about security and safety, rising standard of living, and the growing government investments in smart city projects are all responsible for the market progression in the region. The region is also hailed for its fast adoption of green building policies. These eco-friendly initiatives are expected to create attractive opportunities for the smart home industry in the region. These will also boost the deployment of energy management smart devices such as smart meters, smart plugs and thermostats, giving further push to the market growth in the approaching years.
Johnson Controls, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Legrand S.A. (France), Schneider Electric (France), Ingersoll-Rand PLC (Ireland), General Electric Company (U.S.), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), United Technologies Corporation (U.S.), are the leading participants in the market.
Some other market vendors include Leviton Manufacturing Company, Inc. (U.S.), Acuity Brands, Inc. (U.S.), Lutron Electronics Co. Inc. (U.S.), to mention a few.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
+1 646 845 9312
Keywords: Smart Home, Smart Home Market, Smart Home Industry, Smart Home Sector, Smart Home report, Smart Home market size