Smart Home Market 2020 to Cover Considerable Grounds At A Rate Of 14% From 2018 To 2023 | Key Market Companies are Siemens AG (Germany), United Technologies Corporation (U.S.), General Electric Company (U.S.) and Honeywell International, Inc. (U.S.)

Smart Home Market Research Report- Forecast till 2023

Market Highlights

Market Research Future (MRFR) projects the smart home market 2020 to cover considerable grounds at a rate of 14% from 2018 to 2023 (assessment period), despite the COVID-19 impact. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.

Growth Enhancers and Key Barriers

The impact of the COVID-19 outbreak on the world economy has been quite evident in the past couple of months. However, the pandemic has managed to accelerate the growth of advanced technologies that were earlier struggling to gain customers. The lockdown imposed since the novel coronavirus has been particularly favorable for technologies that help bring down human-to-human contact, automate tasks, and boost social distancing as well as efficiency. One such technology includes IoT/internet of things, as it helps prevent the spread of SARS-CoV-2 by reducing the chances of touching the product or device while operating them at home.

The growing infection-conscious population across the world since the pandemic has led to a bigger digital revolution, with the rising use of high-tech devices, smartphones and the internet among consumers. A key alteration in the pandemic era has been the increasing time being spent at home, which has prompted the consumers to explore smarter products that can enhance their lifestyle. This has been a winning aspect for the smart home market, since the advent of COVID-19 in 2020.

The surge in climate change, volatile electricity prices, high demand for security and safety and the rising consumption of cloud-based services and the IoT technology have induced major growth in the smart home market. Renowned manufacturers are concentrating on adopting new methods of producing highly advanced smart products that can cater to the rising demands of the tech-savvy smart home owners.

For instance, on 14 July 2020, Google confirmed that it is working on a smart device called house mouse, which this is a physical device used for pointing at objects for desirable results, instead of depending on voice method to command in smart homes.

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Segmentation:

The smart home industry has been broken down into a few primary segments, namely component, application as well as technology.

Components outlined in the market study are software as well as services. Software-based segments include proactive and behavioral, while the services-wise categories include managed services along with professional services.

The key application areas of smart homes include lighting control, entertainment & other control, HVAC control, security & access control, smart kitchen, home appliances and home healthcare.

Depending on the technology, the main segments listed in the report are wireless, protocols and networks. The network-dependent segments are GSM/HSPA networks, LTE networks as well as CDMA networks. Protocols can be segmented with respect to Digital Multiplexer (DMX), KNX, Ethernet, Digital Addressable Lighting Interface (DALI) and others. The wireless segment comprises z-wave, Zigbee, Bluetooth, Wi-Fi, and others.

Regional Study

The regional study of the smart home market covers Europe, Asia Pacific/APAC, North America along with RoW or the rest of the world.

North America will continue being the global leader in the smart home market throughout the assessment period, on account of the rising use of IOT-powered lighting solutions in residences and the mounting number of cyber-attacks on smart home appliances leading to higher demand for smart security and access control systems. The market is quite prominent in Canada and the United States, as a result of the increasing need for remote monitoring of children and the ageing population. The high number of leading vendors present here, the augmented sales of home healthcare devices and the sound financial status are some of the promising aspects in the North American market.

APAC can be one of the biggest gainers in the global smart home market, thanks to the rapid surge in urbanization and the rising preference for smart home projects. The fast uptake of the cloud technologies, improving living standard, and government initiatives to promote the adoption of smart homes solutions to bring down carbon emissions also benefit the market. India has emerged as one of the strongest contenders in the region, with a rapid surge in the number of new product launches that are catching the eye of the tech-savvy population. For instance, in June 2020, BetOnIndia Technology launched CareVision, which is a smart home camera with high quality emotionally intelligent/EI features along with an innovative AI hardware. CareVision not only supports home security but also helps parents remain in touch with the family members while being out of the house.

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Smart Home Market Research Report, by Component (Software, Service), Application (Lighting Control, Security Control, HVAC Control, Home Healthcare, Smart Kitchen Home Appliances), Technology (networks, protocols, wireless) — Global Forecast till 2023

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