The Connected Homes Market size is analyzed to grow at a CAGR of 10.4% during the forecast 2021-2026 to reach $845 Million by 2027. A connected home is a term that is integrated with a strong network of interconnection and interoperability of diversified solutions through devices, for denoting security, healthcare, communications, entertainment, home automation, and more. The penetration of the internet of things into commercial, and industrial sectors as well as the promising penetration of Home Automation sectors to simplify life through a remotely controllable network for several home appliances are some of the pertinent factors that are successfully contributed to the growth of the Connected Homes Market. The emergence of various technologies, including occupancy sensors, Ambient assisted living (AAL), video surveillance along more precise Smart Personal Objects Technology services, and daylight sensors are estimated to drive the Connected Homes Market. Moreover, the demand for premium electric power distribution solutions in residential areas, along with the successful implementation of the biometric access control, and sophisticated wireless technologies for the hyper-consumerist society in the developed nation, including entertainment systems, HVAC Controller, and various other popular home automation platforms for smart home design are analyzed to drive the growth of the Connected Homes market.
Connected Homes Market Segment Analysis – By Offerings
By Offerings, the Connected Homes Market is segmented into Hardware, Software systems and Solution. The Hardware segment is analyzed to hold the maximum share of 44.34% in 2020 of the Connected Homes. The rise of managed smart home application, explosion of home automation equipment, and the proliferation of consumer-facing standards to aim optimum customer experiences are some of the factors that are driving the growth of the Connected Homes market. The trend of Hypermodernity is influencing the Some Point solutions products, which are Plugs, switches, thermostats, lightbulbs, cameras and many more, demonstrate the scope of the market. In January 2019, Google launched a new set of tools called Google Assistant Connect to make it easier for device manufacturers to integrate with Google Assistant technology, specifically when a device needs to respond to voice commands. With the advent of 5G and IoT, there is a rapid transformation in the digital world that denotes enabled solutions to alleviate quality of life, which contribute to accelerate the growth of the Connected Homes Market.
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Connected Homes Market Segment Analysis – By Application
By Application type, the Connected Homes Market is segmented into Safety & Security, Communication, Medical Assistive, Energy Management, Heating, ventilation, and air conditioning (HVAC), Smart Kitchen, Entertainment and Others. The Safety & Security segment is analyzed to grow at the highest CAGR of 35.12% during the forecast period 2021-2026. There are some emerging Connected Homes application for the Hyperconsumerism people, starting from SmartThings by Samsung Electronics, Nest Cam, Goji Smart Lock, Piper from Icontrol Networks, Inc., to Apple’s new HomeKit, which have heavily contributed to the growth of the market. In June 2020, Apple announced the updated features in iOS 14 to Homekit. This smart home device framework offers more promising features, custom-tailored lighting routines with face recognition notification. Meanwhile, the enormous advantages of the connected devices and the rapid adoption of various wireless technologies like Bluetooth and ZigBee for home monitoring systems accelerate the growth of the market. All these conspicuous factors combined with the launches of integrated hardware and software solutions for customized smart home requirements have driven the Connected Homes Market size.
Connected Homes Market Segment Analysis – By Geography
North America is estimated to be the major region with a share of 38% in 2020 for the Connected Homes market. The growth of the market in this region is primarily due to the availability of a plethora of sophisticated wireless control products, strong demand for smart and connected homes advancements and prevalent Hypermodernity culture in the U.S.A. In January 2020, ADT, Home security and automation firm launched the first do-it-yourself DIY Home Security Platform, known as Blue. The connected security products include cameras, sensors and hubs for professional monitoring and storage. Today, more consumers are looking forward to adopting IoT & AI enabled solutions to aim for a better and quality life, and thus, DIY Home Automation vendors are addressing comfort & convenience through these connected devices. These are the significant conspicuous factors that are influencing the Connected Homes Market size, in these regions immensely.
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Connected Homes market Drivers
Growing demand for Customized automated homes drive the growth of the Connected Homes market
The phenomenon of automated homes is an exclusive domain of luxury living for the uber-rich community. In recent years, due to the upcoming solution for Connected Homes automation projects, the market has witnessed an unprecedented demand owing to the improved lifestyle, surging concerns about safety and security and rising disposable income. Consumers are aware of smart automated systems for energy consumption, elevated entertainment sections and more, which are also driving the growth of the market as buyers are opting for customized solutions from third parties to add automated elements within budget. Owing to the latest rush to adopt smart home platforms across India, in October 2020, Apple introduces compact HomePod mini, a powerful smart speaker with amazing sound, which offers an intelligent assistant, a great music listening experience and other smart home capabilities, with built-in privacy and security. Hence, these factors are significantly driving the Connected Homes Market share, firmly.
Rising concern for security and energy savings promote the growth of the Connected Homes market
The security is the primary reason for the customer to adopt Connected Homes Automation system, along with the rising awareness towards the potentials of energy savings. Thus, the DIY Home Automation industry enables customers to control lights, video surveillance, and other diversified energy consumption solutions, such as temperature regulation, lights out and shades down to aim household expenses. These smart home systems are not considered as commodification as more people are having custom technology with simple solutions to streamline the respective requirements. In May 2020, Massachusetts-based Smart home company Savant acquired GE Lighting for combining innovative solution of Savant with GE Lighting’s legacy for better consumer reach. In order to provide comfortable, safe, and healthy homes, this strategic acquisition will enhance smart home solutions along with accessible lighting technologies. To get a complete integrated and intelligent home, the merge of real-time data, smart devices, voice control in one system is imperative and expensive. Therefore, the rapid introduction of the integrated home automation offers personalized services to monitor and control the entire home, which influences the growth of the Connected Homes market.
Connected Homes Market Challenges
Concerns about Compatibility and Privacy are analysed to create hindrance to the market
The successful integration of the connected Homes solutions is gaining immense popularity across the globe due to the various innovative services. There are certain limitations for investing in a Connected Homes solution, in terms of Security System, as they are constant reliance on internet connection, less convenience due to programmable features, and significant investment cost. There are several Home Automation solution providers that offer connected Homes services to ensure smart management platforms, but manual operations are tricky due to the constant updates or upgrades of technology. Moreover, the lack of policy and other government regulations such as local police support for connected Homes services are also a huge concern that acts as a major drawback to hinder the growth of the Connected Homes industry.
Connected Homes Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Connected Homes Market. The Connected Homes top 10 companies include:
Lowe’s Iris and Nortek
Crestron Electronics, Inc
Honeywell International, Inc
Leviton Manufacturing Company, Inc
Lutron Electronics Co , Inc
In February 2020, Panasonic launched a new Smart Home Platform, known as Miraie in India that is compatible with Alexa and Google Assistant.
In January 2020, the leading provider of smart and secure front door solutions, August launched New Wi-Fi Smart Lock™ with the advanced functionality and security packages that enable customers to monitor and manage their home security from their phone, from anywhere in the world.
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The Safety & Security segment is analyzed to grow at the highest CAGR of 35.12% during the forecast period 2021-2026. There is some emerging Connected Homes applications for the Hyperconsumerism people, starting from SmartThings by Samsung Electronics, Nest Cam, Goji Smart Lock, Piper from Icontrol Networks, Inc., to Apple’s new HomeKit, which have heavily contributed to the growth of the market.
North America is estimated to be the major region with a share of 38% in 2020 for the Connected Homes market. The growth of the market in this region is primarily due to the availability of a plethora of sophisticated wireless control products, strong demand for smart and connected homes advancements, and prevalent Hypermodernity culture in the U.S.A.
The security is the primary reason for the customer to adopt Connected Homes Automation system, along with the rising awareness towards potentials of energy savings. Thus, the DIY Home Automation industry enables customers to control lights, video surveillance, and other diversified energy consumption solutions, such as temperature regulation, lights out and shades down to aim household expenses.
A. Smart Connected Assets And Operations Market
B. Smart Home Devices Market
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