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Smart Homes Market - Constant Technological Advancements in Connected Devices to Create Potential for Growth
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Leading players include Johnson Controls, Inc., ABB Ltd, Schneider Electric SE, Siemens AG, and Honeywell International, Inc. They focus on offering tailor-made smart home automation solutions to meet a variety of specific requirements of individual end users in various regions. Numerous prominent players are also harping on differentiated offerings to stay ahead of their competitors.
global smart home marketThe global smart home market is projected to expand at a robust CAGR of 14.6% from 2017 to 2025. Rising at this pace, the opportunities in the market will touch a valuation of US$97.61 billion by the end of the forecast period. The market stood at US$30.02 billion in 2016.
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The various applications of smart homes systems are in heating, ventilation, and air conditioning (HVAC) control, lighting control, security and access control, and entertainment control. Of these, the HVAC control segment held the major share in 2016 and is projected to rise at an attractive growth rate through the forecast period. The growth is fueled by the vastly rising demand for energy efficient devices among homeowners.
Regionally, North America accounted for the leading share in the market in 2016 and is anticipated to hold its sway throughout the assessment period. Meanwhile, Europe will present large number of lucrative prospects for market players to capitalize on in the years to come. The substantial need for regulating the energy usage, especially in a burgeoning industrial sector, will aid in the expansion of this regional market.
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The staggering rise in number of internet users worldwide, coupled with the marked rise in disposal incomes in several emerging economies, is a key factor driving the demand for smart homes. The wide popularity of internet of things (IoT) systems in various regions is stoking the demand for smart homes. The proliferation of IoT devices has led to a marked decline in the prices of compute resources
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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