Smart Home Market (Size of USD 35.4 Billion in 2017) to Witness 14.2% CAGR During 2018–2024
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The major factor driving the growth of the global smart home market includes extensive demand for safety, convenience and security amongst the users in several developed as well as developing economies. The technology is further helping the households to manage all of their devices from a single place thus creating ample opportunities for the smart home market to grow exponentially. Smart home enables flexibility to its users in accommodating innovative appliances, devices and technology.
Geographically, North America is the largest revenue holder in the smart home solutions and products as it is extensively accentuating towards technological advancements to reduce usage of carbon emitted solutions in order to save energy. Moreover, prompt execution of IoT technologies in this region that helps in reducing fossil fuel emissions is further driving the growth of smart home market. Furthermore, Asia-Pacific is expected to witness fastest growth of xx% in smart home market. The manufacturers are continuously upgrading its technology in order to make the life of users efficient and convenient for its users. Additionally, there are several initiatives undertaken by the different government and non-government authorities to help the consumers in utilizing innovative technology and ensure secure, convenient and safe environment for them.
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Major industry players of global smart home market are leveraging market growth by providing several automation products such as MES and DCS. The key players are establishing connected devices and are offering M2 smart solutions and services to the users. Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.
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