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Increase in the global per capita income and increased spending on smart cities likely to benefit the global smart home devices market
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Global Smart Home Devices Market: Segmentation and Forecast
The report segments the global smart home devices market on the basis of component and application. The component segment is further segmented into devices and services.
The lighting control devices component segment is estimated to be valued at nearly US$ 2,900 Mn in the year 2017 and is estimated to reach a value of nearly US$ 21,000 Mn in the year 2027, exhibiting a CAGR of 22.0% during the period of assessment. The security and control devices component segment is estimated to be valued at nearly US$ 3,000 Mn in the year 2017 and is estimated to reach a value of nearly US$ 21,200 Mn in the year 2027, exhibiting a CAGR of 21.6% during the forecast period.
By application, the security and surveillance market is anticipated to expand at a high CAGR over the forecast period due to a growing demand for real-time remote monitoring of home security. The security and surveillance segment by application is projected to grow at the highest rate of 21.1% during the period 2017 – 2027.
Global Smart Home Devices Market: Regional Forecast
Future Market Insights tracks the performance of the global smart home devices market across the key geographies of North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa. The North America smart home devices market is estimated to be valued at nearly US$ 6,200 Mn in the year 2017 and is likely to reach a value of nearly US$ 36,300 Mn in the year 2027, exhibiting a CAGR of 19.3% during the assessment period. The APEJ smart home devices market is estimated to be valued at nearly US$ 3,500 Mn in the year 2017 and is slated to touch a figure of nearly US$ 27,700 Mn in the year 2027, exhibiting a CAGR of 23.2% during the forecast period.
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Global Smart Home Devices Market: Vendor Insights
The report profiles some of the important players operating in the global smart home devices market such as LG Electronics, Schneider Electric, Philips Lighting, SAMSUNG ELECTRONICS CO. LTD., Amazon.com Inc., Siemens AG, Legrand, Robert Bosch GmbH, GE Appliances, Honeywell International Inc., Apple Inc., Ingersoll-Rand Nexia Intelligence LLC., Nest Labs, UNITED TECHNOLOGIES and Lutron Electronics Co., Inc. Strategic partnerships and continuous updating of product portfolios are the key strategies being adopted by some of the leading companies in this market.
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