Connected Home Devices Market Size Will Observe Substantial GrowthThese days, there is no place like (connected) home. As artificial intelligence and voice control make technological progress in their respective fields, the intelligent assistant has now emerged as a feasible control center for connected homes. Both startup makers and tech giants have come up with solutions that can be delivered utilizing both new and existing stand-alone devices. Some of the renowned players operating in the global Connected Home Devices market are Robert Bosch Gmbh, Lutron Electronics Co. Inc., Apple Inc., Hubbell Inc., Ingersoll-Rand PLC, and LG Electronics.
A detailed report on the global connected home devices market has been prepared utilizing extensive research methods to include information that is pertinent to the market. This report by Transparency Market Research (TMR) offers the stakeholders all the data that are needed to make informed decision about the global connected home devices market. The market is prophesized to clock growth at 12% CAGR over the assessment period.
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Asia Pacific to Register Spectacular Growth with Substantial Rise in Disposable Income
The global connected home devices market has been divided into the major regions of Latin America, Middle East and Africa, Asia Pacific excluding Japan, Europe, and North America. Region-based analysis will offer deeper insight into the market dynamics at regional level.
Asia Pacific region is likely to witness substantial expansion owing to increasing number of new residential and infrastructural projects. There exists substantial demand for connected homes in the countries of Asia Pacific. China, Japan, and South Korea spearhead the demand for smart homes in Asia Pacific. Out of these, South Korea is regarded as a region with immense possibilities for global connected home devices market. The overall connected home devices market in Asia Pacific presents an ocean of opportunities driven by robust economic growth, rising disposable income and more awareness about the benefits of such homes.
Ease of Performing Daily Household Chores Shape the Future of Connected Home Devices
Smart speaker refers to wireless speakers that are enabled by modern day technologies like Wi-Fi, Bluetooth. Virtual assistants or any other wireless protocols could also power smart speakers. A consistent rise in the demand for smart, connected speakers, particularly form smart homes is being noticed, thanks to the rise in demand for multifunctional and technically advanced gadgets. High disposable income coupled with propensity to spend on premium products such as connected home devices are likely to propel the market toward growth. Furthermore, rising trend of personalization of products according to the tastes of customers is likely to open up plethora of opportunities for the global connected home devices market during the period of forecast, from 2019 to 2027.
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Remarkable penetration of smartphones in both rural and urban areas has pushed the boundaries for development of applications to do tasks like streaming of music to a certain device. Such growth in smart speakers is driven by the rising demand for connected home devices, which makes life easier and entertaining.
Apart from that, many companies are focusing on customer preference and enhancing customer experience for various technologically advance devices as compared to traditional ones. This likely to benefit the global connected home devices during the period of study.
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With the foray of natural language processing and artificial intelligence to improve on the capabilities of voice recognition has bolstered demand for smart speakers, which has garnered momentum for the market. Artificial Intelligence is preparing the foundation for extraordinary possibilities across various end use industries. As such, connected home devices market is likely to witness a metamorphosis of the landscape as artificial intelligence takes over. Artificial intelligence powered connected home devices produce better traceability. The daily chores of consumers also become much more convenient with artificial intelligence powered smart devices thereby redefining the experience of connected home.
On the other hand, security threats continue to prevail as homes integrated with connected devices become breeding ground for newer and more technologically advanced hacking software programs.
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