Global Smart Home Devices Market Intelligence Report Offers Growth Prospects To 2027

Albany, NY, 4th March : Recent research and the current scenario as well as future market potential of "Smart Home Devices Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)" globally.

Smart home devices are used to implement home automation systems that may include important electrical appliances used at home for establishing a communications network with such devices and for controlling such devices remotely.

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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Smart home devices can also be used to monitor and access the data related to various home devices. By using smart home devices, users can easily monitor and control the home functions and multiple aspects associated with it. For instance, smart home devices can be used to control the lighting, temperature, various multi-media devices, security devices, as well as window and door operations. As per the estimates by Future Market Insights, revenue from the global smart home devices market is estimated to increase from nearly US$ 20 Bn in the year 2017 to about US$ 125 Bn by the end of the year 2027, exhibiting a CAGR of 19.7% during the period of assessment from 2017 to 2027.

Increase in the global per capita income and increased spending on smart cities likely to benefit the global smart home devices market

Macro-economic factors such as an increase in the global per capita income and increased spending on smart cities globally is stimulating the global smart home devices market. As per the available data, the global per capita income in the year 2012 was US$ 14,072, which increased to US$ 16,143 in the year 2016. Consequently, there has been an increased spending on smart home devices all over the world. This increase in per capita income has in turn boosted the growth of the smart home devices market all over the world.

Another factor that is supporting revenue growth of global smart home devices market is the rapid growth in smart cities all over the world, and this growth is likely to significantly impact the growth of the smart home devices market. Various governments in the world are supporting the growth of smart cities by committing all kinds of support, both policy wise and resource allocation wise. With the development of smart cities, the pace of new construction will increase, which is likely to support the growth of the smart home devices market the world over. Another aspect to the development of smart cities is the emergence and construction of smart buildings. An increase in the need for smart buildings is expected to increase the demand for energy saving infrastructure such as smart home devices, and this is likely to lead to the development of the smart home devices market globally.

Global smart home devices market analysis by application

The security and surveillance segment is anticipated to dominate the application category of the global smart home devices market. In the year 2017, the security and surveillance segment is estimated to be valued at nearly US$ 5,300 Mn, and this is forecasted to reach a valuation of nearly US$ 35,850 Mn in the year 2027, exhibiting a CAGR of 21.1% during the period of assessment. This is the highest growth rate exhibited by the security and surveillance segment amongst all the segments in the application category.

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The building energy management segment is estimated to be valued at US$ 4,120 Mn in the year 2017 and is forecasted to reach a value of nearly US$ 24,500 Mn in the year 2027, exhibiting a CAGR of 19.5% during the period of assessment. The lighting segment is estimated to be valued at nearly US$ 4,300 Mn in the year 2017 and is poised to reach a value of nearly US$ 28,500 Mn in the year 2027, registering a CAGR of 20.9% during the period of assessment.

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