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Smart Homes Market Research Report 2018-2025: TMR Analysis
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Besides these, the demand for smart home appliances will gain pace, as consumers realize the importance as well as benefits of installing energy-efficient products at home. For instance, consumers can decrease usage of energy by means of temperature settings and by scheduling programmable thermostats. Smart thermostats that are linked to home Wi-Fi networks comes with easy to use applications and can be controlled remotely. Despite these advantages, the continuing threat of security breaches on cloud is a key challenge for the market.
The global market for Smart Homes stood at US$ 30.02bn in 2016. Rising at a healthy CAGR of 14.6% from 2017 to 2025, the opportunity in this market is likely to touch US$ 97.61 bn by the end of 2025.
Regionally, the global smart home market can be classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Among these regions, North America has emerged as the leading regional market for smart homes, accounting for a share of 38.7% in the overall market in 2016. Europe also exhibits lucrative opportunities for enterprises operating in the smart home market.
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These regions demonstrate a greater demand for smart home appliances, compared to other regions and continue being at the market’s fore through the forecast period. In North America, the smart home market is also benefiting from the rising demand for home healthcare.
In Europe countries such as the U.K, Germany, France, and Italy have emerged as the most lucrative pockets for the sale of smart home appliances. The presence of large number of industries and rising need for reducing energy consumption are augmenting the demand of smart home appliances in Europe.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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