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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

Report Description

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.

Definition:

Smart home can be defined as homes incorporated with advanced automated systems that control temperature, security, entertainment systems, lightning, multi-media, thermostats and door & window operations. All these systems appliances can be controlled using computers and smartphones and all of them are connected to internet because of which the user monitor and control the home appliances from remote places.

Market Dynamics (Drivers/Opportunities):

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.

The small, mid and large scale companies are highly investing in internet of things industry across the world. Many businesses are shifting from traditional practices to IoT technology. People are also upgrading their homes to smart homes using IoT. The demand for smart homes is increasing with growth in urbanization. Thus, drives growth in smart homes market.

The consumers prefer to install technologies such as voice-assisted technologies, surveillance systems and video doorbells. The expansion in usage of smartphones, social media and computers has lead to increase in awareness about technology. The internet users are increasing immensely day-by-day and it is likely to boost the smart homes market.

Market Insights, by Product

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.

Market Insights, by Software and Services

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

Regional Insights

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.

Key Companies & Market Share Insights

 

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.

Segments Covered in the Report

This report forecasts The Global Smart Homes Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global smart homes market report on the basis of product and solution & software.

Smart Home Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  3. Executive Summary
    • Market Snapshot
  4. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Smart Home Market, By Product, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Control
  • Security & Access Control
  • HVAC Control
  • Entertainment & Other Controls
  • Home Healthcare
  • Home Appliances
  • Smart Kitchen
  • Smart Furniture
  1. Smart Home Market, By Software and Services, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Proactive
  • Behavioral
  1. Smart Home Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Product
    • By Software and Services
    • By End-User
    • By Country
      • USA
        • By Software and Services
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Product
      • By Software and Services
      • By Country
        • Brazil
          • By Software and Services
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Product
        • By Software and Services
        • By Country
          • UK
            • By Software and Services
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Product
          • By Software and Services
          • By Country
            • China
              • By Software and Services
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Product
            • By Software and Services
            • By Country
              • Saudi Arabia
                • By Software and Services
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Sony
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • 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.
    • Ingersoll-Rand PLC
  2. Appendix
    • Interrelated Market

 

 

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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