The global smart home market accounted for 74.6 billion in 2019. The smart home market is estimated to register growth at a CAGR of 12.0 % during the forecast period.
COVID-19 has impacted smart home market severely. It is estimated to foresee decline of 5-10% due to this global pandemic. The corona virus outbreak has adverse impacts on major markets such as china and US. There is a disruption in supply chain due to lockdown and movement restrictions which led to decrease in demand for smart home systems worldwide. The construction activities are halted and the manufacturing facilities are also temporarily shutdown. It has hampered the demand and supply of smart home systems.
For more details, visit: Global Smart Home Market By Product (HVAC Control, Security & Access Control, Entertainment & Other Control, Home Healthcare, Home Appliances, Others), By Software & Services, By Region–Forecast & Opportunities to 2026
The introduction of IoT in residential and consumers segment has gained immense popularity. The IoT connects software algorithms, products, services, and end-users which enables smooth data flow and helps in making real-time decision. The residential and commercial sectors are immensely benefited through connecting the household products over the internet. This is primary factor drives growth in smart home market.
On the basis of product, the smart homes market is segmented into light control, security & access control, HVAC control, entertainment & other controls, home healthcare, home appliances, smart kitchen, smart furniture. The entertainment and other controls segment is estimated to hold largest market share in the smart homes market. Entertainment is considered as an important part of our life. It provides rejuvenation and relaxation. The entertainment control system allows users to centralize all connected devices and then to listen, watch and control the equipments from every corner of our home independently or simultaneously. The convenience offered for controlling as well as managing the entertainment systems is a prime driver for growth. The demands for such systems are increasing rapidly which is driving growth in smart homes market segment.
On the basis of software and services the smart homes market is segmented into proactive and behavioral. The behavioral type software and services are estimated to hold largest market share during the forecast period. The development of user-friendly and technically advanced software solutions along with the provision of improved real-time services to customers has led to highly competitive market. The awareness about reducing energy consumption for household purpose is increasing and implementation of government’s environmental regulations in many regions have led to increase in demand for installing smart homes. The behavioral services and software segment is likely to generate higher revenue by installation of smart homes
The Asia-Pacific region is projected to grow at highest CAGR during the forecast period. The strong economic growth along with increasing population and improved standards of living is likely to drive growth in this region. The urbanization is increasing rapidly in Asia-pacific region and demands for technologically advanced infrastructure is rising day-by-day. China accounted for largest market size in Asia-pacific region in 2019. Due to growth of highly technologically advanced software and hardware in Japan and china, both these countries are projected to account for largest market share during the forecast period.
The key market players in smart homes market are United Technologies, Honeywell International, Johnson Controls, Schneider Electric, Amazon Inc, Apple Inc, Google, Robert Bosch Gmbh, ABB ltd., Samsung Electronics, LG Electronics, Siemens AG, Comcast Corp., Sony and Ingersoll-Rand PLC.
- What are the expected industry trends over the next three to five years?
- Which of the smart home product is likely to lead by 2025?
- Which of the software & services segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?