Smart Homes and Buildings Market: Industry Size, Share, In-Depth Analysis, Growth Opportunities, Geographic Segmentation and Competitive Landscape Report 2020
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The revenue of safety and security application is expected to reach $6,132.4 million by 2020 with an expected CAGR of 34.6% from 2013 to 2020. "This market is expected to evidence significant growth due to growing security concerns and enhanced safety features that smart automation systems can currently offer. With an increase in the working population, safety concerns with respect to aged parents and children is the biggest challenge. Smart home address these issues with highly-sophisticated remote monitoring technologies." states Shreyas Naidu.
However, there are some factors such as high upfront cost and lack of standards and interoperability which are expected to act as restraints for the market growth. North America is expected to generate revenue of $12.4 billion by 2020 growing at a CAGR of 25.9% from 2013 to 2020. However, the Asia-Pacific is a high-opportunity market that is expected to grow at a CAGR of 37.7% from 2013 to 2020.
The report has profiled some of the key players of the market such as Cisco Systems, Control4 Corporation, Emerson Electric Co. Leviton, Honeywell International, LG Electronics, Schneider Electric, Siemens Buildings Technologies, Smarthome Inc., and United Technologies Corporation (UTC).The report also discusses the key strategies used by these companies to have a sustainable growth in the market.
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