Future Growth of Global Smart Home Technology Market: Ken Research

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The proliferation and smartening of IoT devices have remarkably scaled up the potential for the industry and significant amount of data or information can be stored, collected, analysed and transmitted, helping the companies save substantial amount of money. However, concerns regarding privacy and hacking, high cost involved in complex installation and high prices of smart home devices needs to be addressed globally to experience the never-ending growth of smart home market.

According to the report analysis, ‘Smart Homes Technology Market: Current Analysis and Forecast (2021-2027)’ states that some of the major players profiled in the report includes Haier Electronics, Cisco Systems, Inc., Google, Amazon, Honeywell International, Crestron Electronics Inc., General Electric Company, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., and Siemens AG among others. Looking at the growth prospect and consumer growing concern over home security various companies have forayed in the global smart home technology market, offering smart devices such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and other devices. With an objective to enhance their product portfolio, the key market players have entered into various acquisitions and collaborations to expand their market reach and share.

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The global smart home market is segmented based on product, technology and end users. Therefore, the report is further being categorized by Product (security and safety, smart appliances, home entertainment, lighting and control, HVAC, energy management), by Technology (wired and wireless technology) and by End Users (residential & commercial), are some of the major focus areas considered while analysing and defining the penetration of smart home technology in different geographies. Currently, smart appliances dominated the global smart home market with a maximum share in terms of revenue. Based on estimation, the segment occupied a healthy share. Also, increasing demand for consumer electronics will further help the respective segment to grow at a higher rate of during the forecast period (2021-27).

In addition to this, the industry report also provides the penetration of smart home devices in different geographies and countries including North America, Europe, Asia-Pacific Latin America and Middle East and North Africa (MENA). As per the report, it estimates that the North America dominates the global smart home market followed by Europe and Asia Pacific at present. Moreover, positive impact on businesses of smart device manufactures and booming concept of Internet of Things has bolstered the growth of global smart home technology market.

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Furthermore, Wi-Fi technology application in smart home accounted a significant share in the market, while Ethernet wired connection occupied largest share in the respective technology. On the other hand, end-users, global smart home market are segmented into residential and commercial end-users and the smart home technology was more applicable among residential end-users. The segment dominated the market and is expected to maintain its dominance throughout the analysed period. Furthermore, depending on residential end-users, type, the market is further classified into luxury homes, mid-range apartments, assisted homes and low energy homes. Therefore, mid-range apartments occupied the largest share, followed by luxury apartments and luxury villas in the global smart home residential end-user segment market. This is majorly due to surging investments by major tech giants and venture capitalists to bring in innovation within smart home domain along with flourishing real estate sector and US recovery from subprime crisis has tremendously contributed towards the growth prospects of smart home technology worldwide.

Lastly, the benefits of smart home technology can also be witnessed among commercial end-users for instance hotels, hospitals and other commercial buildings. Technological breakthroughs have been successful in bringing about new shapes in the global smart home market. Smart home technology application was highly prominent among hospitals.

In the near future, it is anticipated that the smart homes technology market will increase at a double digit CAGR during the period 2021 – 2027 and this is largely due to strong competitiveness, flourishing IoT, spur in product development, R&D activities and dramatic uptake of technological advancements, investments by major peers, rising consumer awareness, spur in smartphone penetration have being significantly contributing in prospering the market size of smart home technology.

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Global Smart Homes Technology Market: Insights and Forecast, 2019-2025: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)

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Global Smart Homes Technology Market Propel Effectively Owing To Technological Breakthroughs: Ken Research

The smart home technology is an integration of technology and services through the network for an improved quality of living. The technology supports the user to decrease the workload and much more. The smart home technology facilitates the end users with the comfortable living, security, energy management amenities and advantages for disabled people. The smart home technology is equipped with the internet-connected devices for automating, controlling and optimizing operations, likewise security, temperature, lighting and entertainment. Such devices can be remotely monitored, controlled and admittance by the computer, tablet, phone or an individual system. The smart technologies utilized for linking gadgets and accessories have made it possible to automatically hold the situations in a building.

According to the report analysis, ‘Smart Homes Technology Market: Current Analysis and Forecast (2021-2027)’ states that the proliferation and smartening of IoT devices have unusually scaled up the probable for the industry and noteworthy amount of data or information can be stored, gathered, analyzed and transmitted, supporting the entities save substantial amount of money.

Home automation and smart homes are two ambiguous terms utilized in reference to a broad range of monitoring solutions, controlling, and automating operations in a home. Unlike simple home automation solutions (which could vary from motor-operated garage doors to automated security systems), smart home systems demand a web portal or a smartphone application as a user interface to cooperate with an automated system.​

Globally, the growing importance of the requirement to counter security issues is anticipated to fuel the requirement for smart and connected homes over the forecast duration. Moreover, innovative wireless technologies, comprising security and access regulators, entertainment controls, and HVAC controllers, are projected to propel market growth.

With the initiation of new government regulations concerning efficiency, the utilization of HVAC systems is projected to augment. This has opened a gateway to the smart HVAC control systems for the most forward-thinking heating and air conditioning units in buildings. Thus, the already prevailing HVAC equipment would have to be either substituted or retrofitted to adjust the energy effectiveness as per the government standards. This would propel the requirement for HVAC retrofitting, thereby increasing the entire market's growth positively.

Looking at the growth panorama and consumer increasing concern over home security various organizations have forayed in the global smart home technology market, proposing the smart devices such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and several other devices. With an objective to improve their product portfolio, the foremost market players have entered into several acquisitions and collaborations to enlarge their market reach and share. Foremost players profiled in the report comprises Haier Electronics, Cisco Systems, Inc., Google, Amazon, Honeywell International, Crestron Electronics Inc., General Electric Company, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., and Siemens AG among others.

Not only has this, assistances of smart home technology can also be observed among commercial end-users such as hotels, hospitals and several other commercial buildings. Technological breakthroughs have been efficacious in bringing about new shapes in the worldwide smart home market. Smart home technology application was majorly protuberant amongst the hospitals. Moreover, robust competitiveness, prosperous IoT, spur in product improvement, R&D activities and dramatic uptake of technological improvements, investments by major peers, increasing consumer awareness, spur in smartphone penetration have been progressively contributing in flourishing the market size of smart home technology.

However, apprehensions regarding confidentiality and hacking, high cost comprised in complex installation and high prices of smart home devices requirements to be addressed around the globe to experience the never-ending growth of smart home market. Furthermore, for better understanding of the industry the report analysis the infiltration of smart home devices in dissimilar geographies and countries comprising North America, Europe, Asia-Pacific Latin America and Middle East and North Africa (MENA). Based on estimation, North America registered the global smart home market, with more than xx% share during 2020. Positive impression on businesses of smart device manufactures and boosting the concept of Internet of Things has strengthened the growth of global smart home technology market. Europe and Asia Pacific followed North America with xx% and xx% shares respectively during 2020.

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Global Smart Homes Technology Market

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Augmenting Insights of Smart Homes Technology Global Market Outlook: Ken Research

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The technology of smart home utilizes the devices namely features, sensors and several other appliances linked to the Internet of Things (IoT) that can be remotely observed, controlled or accessed and deliver services that answer to the requirements of the clients. Not only have this, this stands for the Self-Monitoring and Reporting Technology. The technology was initially advanced by IBM and was referred to as Predictive failure analysis. The smart home technology enables clients to control and observe their linked home devices from the Smart Home Apps, Smartphones or several other networked devices. Clients can distantly control associated home systems whether they are home or far away. This enables for more effective energy and electric use as well as safeguarding the homes is secure.

Furthermore, the smart home technology underwrites to health and well-being advancement by accommodating the individual with the special demands, especially older people. The Smart home technology is now being effectively utilized to generate the smart cities. A smart city performs same to a smart home, where the systems are observed to more effectively run the regions and save the money. According to the report analysis, ‘Global Smart Homes Technology Market: Insights and Forecast, 2018-2024: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)’ states that in the Global Smart Homes Technology Market, there are numerous key players which recently performing more positively for leading the fastest market growth and registering the highest market share across the globe during the forecasted period more enormously while effectively increase the penetration of Smartphones and internet, especially in APAC economy, surging disposable incomes and urbanization, effective rise fir the Smart Home Energy Management System and enormous growth opportunity for telecom operators includes 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. and several others.

In terms of revenue, the smart home technology in has effectively accounted a remarkable growth with positive CAGR during the analyzed duration. The smart home technology market has monitored an overall increase in smart homes dispersion as well as smart devices implementation in last few years. Effectively growth in the number of smartphones, increasing responsiveness among consumers, rising requirement for the smart home energy management system and rigorous government regulations undertaken on energy consumption has extensively catalyzed the growth potential of the particular market.

Additionally, based on the countries, the North America takes the upper hand in the technological market owing to the foremost mover advantage and apprehensions more than 50% share in the respective technology. However, the Asia-Pacific region is anticipated to witness the main growth during the analyzed duration. Therefore, in the coming years, it is predicted that the Global Smart Homes technology Market will increase around the globe more significantly over the coming years.

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Global Smart Homes Technology Market

Related Reports:-

Europe Smart Homes Technology Market: Insights and Forecast, 2018-2024: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)

Asia-Pacific Smart Homes Technology Market: Insights and Forecast, 2018-2024: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)

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Ken Research
Ankur Gupta, Head Marketing & Communications
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