Press release
Smart Home Market Increasing At A Good Pace To Reach USD 53.45 Billion By 2022
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According to the analysts at Zion Market Research, the global smart home market was capitalized at almost USD 24.10 Billion in 2016 and is likely to cross almost USD 53.45 Billion by end of 2022, developing at a CAGR of slightly more than 14.5% from 2017 to 2022.
Increasing Awareness Amongst Users Regarding Energy Consumption To Boost The Smart Home Market
As per analysts at Zion Market Research, the major growth booster for the smart home market comprises increasing awareness amongst users about energy consumption, rising disposable income in developing nations, growing the aging population, and government programs among others. Apart from this, increasing demand for home healthcare is powering the development of the smart home market. On the other hand, long device replacement cycles and high costs parried with restricted user demand are top challenges curbing the smart home market from shifting to the mass adoption stage from the early-adopter stage.
Nonetheless, new product launches by the market players are increasing the rivalry thereby boosting the development of the smart home market. For example, in August 2018, Philips Hue declared a number of new smart lights driving the development of the global smart home market.
Light Control Segment To Boost Smart Home Market In The Forecast Period
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Segmentation of smart home market is carried out based on region and product. The products segments in the smart home market are the home healthcare, smart kitchen, HVAC control, lighting control, and others. Light control grabbed the biggest share in the smart home market owing to lowered electricity usage in homes. Lighting sensors regulate the intensity of artificial light as per the natural light intensity, therefore lowering the power usage and boosting smart home market.
Reduced Carbon Emissions To Drive Smart Home Market In North America
North America grabbed the biggest share of the smart home market owing to increase in population and rise in the demand of home health care. Europe is one more leading smart home market as it chases North America. Government initiatives in North America comprise remotely controlling power meters, gas, and water to go with ease into the smart grid. Energy & cost saving, aging population, convenience, security, government initiatives, and reduced carbon emissions are the major boosters that are driving the smart home market development in the years to come. Asia Pacific is also planned to show noteworthy development in the smart home market in years to come.
The global smart home market is segmented as follows:
By Product
Smart Kitchen
Security & Access Control
Lighting Control
Home Healthcare
HVAC Control
Others
By Software
Behavior
Proactive
By Region
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
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