Press release
Smart Homes Market Insights | Key Players: Honeywell, Siemens, Schneider Electric, ABB, Johnson Controls, Samsung Electronics and Cisco
Due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of global smart homes market. Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the global market growth.
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In addition, the rapid growth in global smart homes market is also attributable to the increase in demand for smart home appliances. Adoption of advanced electronic technology enables various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, on account of which growth in global market for smart homes is anticipated during the forecast period.
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Geographically, North America has been the largest market for smart homes; whereas, the market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. The anticipated high growth in Asia-Pacific can be attributed to factors such as advancement in home automation technologies, rapid growth in industry digitalization, new technological developments in telecom industry, along with setting up of advanced hardware and software manufacturing units, and increasing adoption of data analytics across industries in the region.
The research states that the global smart homes market is moderately competitive, with players investing in advanced research & development of new home automation solutions.
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Some of the key players operating in the global smart homes market are:
1- Honeywell
2- Siemens
3- Schneider Electric
4- ABB
5- Johnson Controls
6- Samsung Electronics
7- Cisco
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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