The global smart home market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for improved energy efficiency in homes to minimize energy bills and carbon emissions. Consumers are increasingly adopting smart home systems as these allow monitoring and control of energy usage more efficiently. Home automation systems allow homeowners to control their appliances with the help of smartphone apps and eliminate power consumption of unattended appliances and devices when not in use.
The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances. Precise control over heating and cooling of a home with a programmable smart thermostat is achieved through utilization of smart home technology. In addition, a home automation system helps in preventing hazards such as fires as it gives full control over the lighting and heating systems.
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Some Key Highlights From the Report
In August 2020, Google announced that it had taken an investment stake in alarm company ADT and also signed a deal to tie ADT’s installer network to the Google ecosystem of smart home products. The deal is expected to help Google by bringing professional installers into the homes of consumers to resell and install Google’s products and also help ADT by giving it a lower cost-cost security offering.
Behavioral segment accounted for largest revenue share in 2020. Behavioral software and service is increasingly utilized in smart homes as it helps in increasing energy efficiency of homes and minimizes energy bills based on behavioral data analysis.
Entertainment control segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising disposable income among consumers in developing countries is boosting demand for volume & multimedia controls, and home theater system controls.
North America accounted for largest revenue share contribution to the global smart home market in 2020. Rising adoption of smart home technology to increase energy efficiency and minimize energy bills is expected to drive market growth during the forecast period.
Key players in the market include Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB.
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Software and Service Outlook (Revenue, USD Billion; 2018–2028)
Product Outlook (Revenue, USD Billion; 2018–2028)
Security & Surveillance
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Key questions answered in the report
What will be the market size in terms of value and volume in the next five years?
Which segment is currently leading the market?
In which region will the market find its highest growth?
Which players will take the lead in the market?
What are the key drivers and restraints of the market’s growth?
The report segments the Smart Home market on the basis of geography, end-user, end-use, product application, type, share, growth rate and size to reveal where the industry will be in the coming years. The researchers assessing the industry have included the details about the recent decisions and events such acquisition and mergers, collaborations, product launch and investments. Important decisions connected with such events come handy for business owners when positioning their brands in the global market and finalizing the marketing strategies.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Smart Home Market Segmentation & Impact Analysis
4.1. Smart Home Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Stringent environmental regulations
22.214.171.124. Rising need to reduce bacterial or algal contamination in water systems
126.96.36.199. Increasing demand for biocides for municipal water treatment
4.2.3. Market restraints analysis
188.8.131.52. Fluctuating prices of raw material
184.108.40.206. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Smart Home Market By Application Insights & Trends, Revenue (USD Million), Volume (Kilo Tons)
Chapter 6. Smart Home Market By Product type Insights & Trends Revenue (USD Million), Volume (Kilo Tons)
Chapter 7. Smart Home Market Regional Outlook
Chapter 8. Competitive Landscape