26.9% CAGR growth by 2023 in Smart Homes Market| Major Players - Emerson Electric Corporation, Honeywell International Inc., Schneider Electric, Siemens AG, Cisco Systems Inc., ABB Ltd., General Electric, IBM Corporation, Legrand SA., amongst others.

Market Analysis:

Europe to Witness the Fastest Growth
Europe is expected to dominate the market. Governments in Europe are taking various steps which is expected to drive the market. Italy, Russia, France, and Germany are expected to lead the market for HVAC systems, owing to increasing awareness, high per capita income and purchasing power of consumers.

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The threat of climate change, fluctuating energy prices and energy security and supply concerns have necessitated new ways of producing, delivering and consuming energy. In this regard, smart homes have gained increased attention in both policies and government regulations across the globe. As the population across the globe increases, so will the energy demand and per-head consumption which is expected to open new doors for the market. Smart homes are a significant step on the evolutionary ladder for residential spaces, and their primary aim is to make living more comfortable, convenient, secure, entertaining and sustainable. Energy Management Systems to witness an increased adoption because of the increasing population.

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Market Segments:
Smart homes market is segmented by:
1. Product Type: Security & Surveillance System, Lighting Systems, HVAC&R Control, Energy Management, Entertainment Control, Others
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• January 2018- GRDF Company, launched the world’s largest roll-out of smart gas meters, powered by Oracle technology.
• January 2018 - Bell, Canada’s largest communications company announced the availability of its new Whole Home Wi-Fi service. The company’s partnership with Plume, the pioneer of Adaptive WiFiTM, is aimed at making Bell Canada’s first Internet Service Provider to offer an adaptive, whole home Wi-Fi package to customers as a monthly subscription.

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