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Best Smart Home techniques : Get comfy with Smart Lighting, Speakers, Smart Devices and Home Security- Market Forecast to 2025
According to this latest publication from Meticulous Research®, the global smart home market is expected to grow at a CAGR of 16.5% from 2019 to reach $144.0 billion by 2025.
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Substantial growth in the global smart home market is mainly attributed to the growing significance of internet and Internet of Things (IoT) and evolution of the new breeds of smart devices. Growing sense of safety & security and the need for consistent monitoring has urged consumers to incorporate smart security & monitoring devices into their homes. Furthermore, the need for more practical and energy-efficient home and kitchen appliances has also encouraged the demand for smart appliances, thereby, complimenting the growth of the global smart home market. However, hesitance in acceptance of the latest technology coupled with the high cost of procurement of smart devices is expected to hinder the growth of the global smart homes market.
Based on the protocols and standards, the global smart homes market is majorly segmented into wireless protocols, wired protocols, and hybrid protocols. Wireless protocols are further segmented into ZigBee, Wi-Fi, Bluetooth, Z-Wave, Thread, and Enocean. Wired protocols market is classified into KNX, UPB, X10, BACnet, LonWorks, DALI, Modbus and Ethernet; whereas, hybrid protocols market is segmented into Insteon and C-Bus. Consistent development in protocols and standards along with propagation of wireless connectivity resulted in the high growth in wireless protocols and Wi-Fi holds a strong position amongst other wireless protocols. Majority of smart home devices are Wi-Fi compatible and the protocol is accepted universally. Consequently, Wi-Fi holds the largest market of the global smart home market
Browse key industry insights spread across 260 pages with 241 market data tables & 30 figures & charts from the report: https://www.meticulousresearch.com/product/smart-home-market-5029/
Key questions answered in the report-
1. Which are the high growth market segments in terms of product, protocols & standards, and countries?
2. What was the historical market for smart home devices across the globe?
3. What are the market forecasts and estimates for the period 2019-2025?
4. What are the major drivers, restraints, opportunities, and challenges in the global smart home market?
5. Who are the major players in the global smart home market?
6. How the competitive landscape in the global smart home market?
7. What are the recent developments in the global smart home market?
8. What are the different strategies adopted by the major players in the global smart home market?
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On the basis of product type, smart security & monitoring systems segment is estimated to command the largest share of the global smart home market in 2019. The growth is mainly attributed to the rising concerns associated with domestic theft and burglary. Smart safety and monitoring systems have proved its metal in reducing the number of criminal offenses with respect to home break-ins and hence, the system climbed to the top of the priority list of consumers who are ready to incorporate smart home concept. However, Smart speakers are expected to grow with the fastest growth rate in coming years, owing to the growing popularity of smart speakers such as Google Home and Amazon Echo. Smart speakers are proving their utilities as an interface between smart devices and consumers and hence are predicted to spearhead the segment in terms of growth rate.
On the basis of geography, the overall smart home market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with further country level analysis in each region. With respect to revenue, North America is by far the most commanding market and expected to maintain its dominance throughout the forecast period. The market growth in North America is majorly attributed to higher acceptance level of new technology by consumers and availability of variety of smart devices. However, Asia Pacific is offering some serious challenge to the dominance of North America in the global smart home market. Rising enthusiasm of consumers for smart devices, presence of young consumer groups, and growing disposable income has opened new doors of opportunity for smart home players in Asia pacific region.
Read in Detail about TOP 10 COMPANIES IN SMART HOME MARKET @ https://meticulousblog.org/top-10-companies-in-smart-home-market/
The major players operating in the global smart home market are Google LLC (U.S.), Amazon (U.S.), Samsung (South Korea), Apple, Inc. (U.S.)., Siemens AG (German), United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), General Electric Company (U.S.), Legrand S.A. (France), and Sony Corporation (Japan), among others.
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The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details.
Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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