Market Overview:
The Smart home industry is at the niche stage, however, the industry has witnessed its wide adoption in the past few years, especially in the developed countries such as the US, and the European Union. Increasing awareness among consumers, rapid digitization, high penetration of smartphones, stringent governmental regulations on energy consumption & emission, and increased demand of smart home energy management system are attributed to be the major trends and drivers for the industry in the global space. Accredited to this, global smart home market fetched the total revenues of US$ 32,171 million in 2017 and is expected to grow at a CAGR of XX.0% during the forecasted period 2018-2024. Moreover, the swelling aging population has also created ample room for the smart revolution in the healthcare sector. However, consumer’s concern regarding data security, complex installation paired with the high price of smart home appliances are some of the factors which are acting as some of the complex challenges, that are hampering the growth of the smart home industry. In spite of such challenges, the potential growth for telecom operators, insurance providers and emerging business opportunities especially in the Asia Pacific region are anticipated to attract global players to invest and come up with technologically advanced home appliances products. Insights presented in the Report: Global smart home industry can be segmented across different areas of application which encompasses safety and security, lighting, HVAC, entertainment, smart appliances, and energy management among other. At present, the penetration rate of smart appliances is estimated to occupy a prominent share of 25.3% in the overall market. With the change in consumer preferences and promotional marketing of lighting and HVAC appliances, these application areas are likely to be among the top trend during the forecast period
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Moreover, the market is further bifurcated into the end-user industry, wherein the residential segment holds the prime share in the global smart home market contradicting with the commercial segment. With the rapid advancement in technologies, changing lifestyles and rising disposable income of the consumers, mid-range apartments/houses are likely to rule the smart home market by 2024 followed by luxury villas and apartments. Mid-range apartments/houses segment of residential smart home market generated a revenue of US$ 9,486.6 million in 2017. In addition, although, hospitals under commercial smart home segment conquer the market by occupying the lead share in the market, hotels would display maximum CAGR growth of 27.3% over the forecasted period in the respective market For a deep dive analysis of the industry, the study is conducted across five regions, including North America, Europe, Asia Pacific, Middle East and North Africa (MENA) and Latin America. North America takes the upper hand in the technological market due to first mover advantage. Increasing demand for smart devices, high penetration of smartphone & internet, and stringent regulations on energy consumption has helped North America to dominate the smart home market in the current scenario. Owing to this, North America smart home market was valued at US$ 17.272.2 million in and is estimated to register reasonable compounded growth of 18% over the analyzed period. However, Asia-Pacific region owing to increasing disposable income paired with government initiative is expected to witness the highest growth during the analyzed period Top Companies Covered: Some of the major players operating in the market include Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, and Vivint Inc. These companies have the ability to pool in investment from their other business to the smart home market and come up with innovative products pertaining to the increasing demand for smart home appliances. Reasons to buy the Report: The study includes market sizing and forecasting analysis validated by authenticated key industry experts The report presents a quick review of overall industry performance at one glance The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry. Examination of industry attractiveness with the help of Porter’s Five Forces analysis The study comprehensively covers the market across different segments Deep dive regional level analysis of the industry
Customization Options:
The Global Smart Home Market can be customized to regional/country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.
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