Smart Home Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026", is projected to grow from USD 84.5 billion in 2021 and is projected to reach USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4 % from 2021 to 2026.
The increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems. In addition to this, factors such as increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population is driving the growth of the smart home market.

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“Market for smart kitchen expected to grow at a significant CAGR during the forecast period”

The market for smart kitchen is expected to grow at a significant CAGR during the forecast period. The number of internet, smartphone, and tablet users has increased over the years. The convenience of monitoring these appliances through smartphones or tablets attracts users, considering their hectic lifestyles. There has been a substantial increase in kitchen renovation activities and a rising preference towards modular kitchens in developing economies. The trend towards smaller single households and integrated kitchen designs is likely to have a positive impact on the market. In recent years, the demand for smart kitchen products like smart ovens is on a rise due to growing demand for frozen food and ready to cook foods. Unmonitored cooking is one of the leading factors responsible for kitchen fires. As a result, advanced sensors are now being developed, which enables contextual data acquisition around oven alarming for fire hazards to users. Such safety features are anticipated to further fuel demand for smart ovens in the estimated forecast, and thereby contribute to the growth of the market. All these factors have led to the increased adoption of smart kitchen appliances.

“Entertainment and other controls to hold the largest share of the smart home market during the forecast period”

The entertainment and other controls segment is expected to account for the largest share of the smart home market during the forecast period. The growth of the audio, volume, and multimedia room control market is driven by the convenience offered by these controls for managing as well as controlling entertainment systems within a house. The advancements in wireless communication technologies are a major factor boosting the growth of the home theater system control market, thereby driving the smart home market for entertainment control. The market growth of the other controls segment can be attributed to the high demand for smart meters and smoke detectors as well as the increasing popularity of smart plugs, smart hubs, and smart locks.

“Smart home market for home appliances to capture significant market share during the forecast period”

Smart home market for home appliances is expected to hold a significant share during the forecast period. The market growth is majorly fueled by the availability of wireless solutions that have enabled smart appliances to connect with smartphones and tablets wirelessly via the Internet or Bluetooth, and wireless connectivity which has been a major technological advancement in the home appliances market. Ability to remotely control smart home appliances has helped in reducing energy consumption and saving the cost and time required for the tasks. Owing to these benefits there would be an increase in the demand for home appliances in the near future.

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“North America to hold the largest share of smart home market throughout forecast period”

North America is expected to account for the largest share of the smart home market during the forecast period. The factors driving the smart home market in the US include the high per capita income, the increasing demand for reliable home energy management systems, enhanced home security levels, improved device standards, and the growing popularity of integration of smart devices such as tablets, smartphones, and standalone voice assistants in homes are driving the growth of the North American smart home market. Furthermore, this region has a strong presence of some of the key players in the global smart home ecosystem, such as Honeywell (US), ADT (US), Control4 (US), Simpisafe (US), Comcast (US), Lutron (US), Vivint (US), Ooma (US), Simplisafe (US) and Crestron Electronics (US), which has led to availability of a wide range of smart home offerings at economical prices. Additionally, various grants from the US Government towards green energy projects are also driving the smart home market growth in this region.

Key players in the smart home market include Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), Lutron (US) are among a few emerging companies in the smart home market.

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This release was published on openPR.