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Smart Home Market by Application(Security & Access, Lighting Control, Heating Ventilation & Air Conditioning, Smart Kitchen), by Software (Proactive, Behavioral) - Global Opportunity Analysis and Industry Forecast, 2018-2023
Smart Home Market
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Global Smart Home Market is further estimated to grow at a CAGR of 13.08% from 2018 to reach USD 124.57 Billion by the year 2023. North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period. At a country level, developed markets like the U.S. as well the emerging markets like China with highest population base holds a notable market share in 2017 and it is projected to grow at a gradual pace in the coming years.
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Drivers:
• Technological advancements in different segments like self-monitored security systems for smart homes
• Government grants provided to promote green buildings and eco-system
Restraints:
• The high cost of switching from existing devices to updated ones
Opportunities:
• Smart Homes provide opportunities for lateral growth to various sub-segments like lighting controllers and in-built data-connectivity technology
Challenges:
• Device maintenance issues for the product such as UV purifier and humidifier for smart home
Segmentation done on the basis of Application includes Security & Access, Lighting Control, Heating Ventilation & Air Conditioning, Smart Kitchen, Home Healthcare, Home Appliances, Entertainment of which the Lighting Control segment is expected to hold the highest market share during the forecast period. This is increasing due to the investment of government in a smart city project. Peer-to-peer connections between devices for the autonomous functioning of devices are created by this lighting controller.
The Entertainment segment is also expected to grow at the highest CAGR during the year 2018-2023. This growth is attributed due to the use of wireless entertainment systems.
Key Benefits for Stakeholders
• Real estate builders
• Sensor Component Manufacturers
• Raw Material & equipment suppliers
• Interior Designers and Project Consultants
• Home Appliances Vendor, Network, and Communication service provider.
By Application
• Security & Access
• Lighting Control
• Heating Ventilation & Air Conditioning
• Smart Kitchen
• Home Healthcare
• Home Appliances
• Entertainment
By Software
• Proactive
• Behavioral
By Region
• North America
• Europe
• Asia-Pacific
• ROW
Key Market Players
• Schneider Electric Se
• General Electric Company
• Siemens AG
• Samsung Electronics Co., Ltd.
• ABB Ltd.
• Legrand S.A
• Honeywell International, Inc.
• United Technologies Corporation
• Johnson Controls, Inc.
• Ingersoll-Rand PLC
(Another brief information of 15 companies will be provided in the report)
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About Us:
Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in house data validation tools, GMMR has delivered actionable, reliable and all-inclusive Market Research Reports. GMMR is growing strongly for last 2 decades with most of the clients providing repeat business for their trust on the data quality and recommendations for decision making.
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