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Smart Home Solutions Market Sales Revenue To Cross US$ 90 Bn By 2017-2025 End
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Global Smart Home Solution Market: Forecast
The global smart home solution market is expected to grow at a high rate to register a stellar CAGR of 20.4% throughout the forecast period. The valuation of the global smart home solution market is projected to reach US$ 164.8 Bn by the end of the assessment year in 2025 from an estimated value of about US$ 37.2 Bn in 2017.
Global Smart Home Solution Market: Segmental Snapshot
The global smart home solution market is segmented on the basis of component, application, type of home, and region.
• By component, the services segment is the largest with a high market value share. This segment is also projected to grow at a significant CAGR during the forecast period to lead the global market in the coming years.
• By application, security and surveillance segment radiates high market attractiveness and is estimated to reflect a valuation of more than US$ 56 Bn by the end of the year of assessment. Lighting solutions segment is expected to grow at the highest CAGR of 21.0% throughout the forecast period.
• By type of home, villa/bungalow segment is expected to show high valuation throughout the assessment period. In 2017, this segment reflected a higher value of above US$ 21 Bn. The apartment segment is the fastest growing segment with a relatively high CAGR.
• By region, Asia Pacific (APAC) and North America both have shown higher potential in the last few years. North America is the largest regional market for smart home solutions with a high valuation, whereas the Asia Pacific market shows high speed of growth. The smart home solution market in APAC is projected to grow at a high 24.5% CAGR during the forecast period.
Global Smart Home Solution Market: Dynamics Influencing Growth
Benefits associated with smart home solutions such as energy consumption reduction, enabling cost savings and other aspects such as emerging smart home technologies, increasing demand for integrated security and monitoring services, increasing need for energy conservation, increasing demand for smart healthcare devices in the residential sector, surging demand for smart TVs, growing internet penetration for smart home security, rising inclination towards the adoption of smart technology products, fast adoption of the digitalization concept and increasing demand for single-point control systems are expected to boost the growth of the global smart home solution market. However, factors such as ambiguity about the ROI, lack of skilled labor, high investment and complexities involved with implementation and limitations associated with centralized lighting control systems have created hurdles for the growth of the market.
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