Press release
Smart Home Market Insights | Key players: Amazon, Inc., Apple Inc., Google, ADT, Robert Bosch Gmbh, ASSA ABLOY and ABB Ltd.
MarketsandMarkets
Browse 100 market data Tables and 65 Figures spread through 255 Pages and in-depth TOC on "Smart Home Market - Global Forecast to 2024"
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https://www.marketsandmarkets.com/Market-Reports/smart-homes-and-assisted-living-advanced-technologie-and-global-market-121.html
The market for smart speakers is likely to grow at a high rate during the forecast period”
The growth of the smart speaker market is primarily driven by the increased adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers. Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.
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“The market for proactive type software and services to grow at a higher rate during the forecast period”
The proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide the inputs to end users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption. Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end users to take necessary actions to reduce energy consumption; further, based on the user’s actions, measures to control electronic devices can be implemented. Owing to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.
“The smart home market in APAC is expected to grow at a high rate during the forecast period”
The smart home market in APAC is expected to grow at a high rate from 2018 to 2024 owing to the rising number of new residential projects and increasing number of initiatives toward strengthening the building infrastructure in the region. There is a considerable demand for smart homes in APAC countries such as Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, China and South Korea are considered as huge markets for smart home systems due to the high demand for various control devices, including lighting control solutions, in the country. The presence of a large base of end users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in this region.
The smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany).
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Other players operating in the smart home market are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.
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