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Smart Home Products Market share forecast to witness considerable growth from 2019 to 2026 | Resideo Technologies, Siemens, Johnson Controls etc.

11-23-2021 05:04 AM CET | Industry, Real Estate & Construction

Press release from: StraitsResearch

Smart Home Products Market

Smart Home Products Market

Smart Home Products Market Snapshot:

The global smart home products market is expected to grow from USD 64 billion in 2019 to USD 204.1 billion in 2029 at a CAGR of 12.8% during the forecast period.
Smart home products help users manage daily tasks and aid home security by providing safety control solutions deployed across the premises. These appliances can be operated and monitored remotely using devices such as laptops, tablets, and smartphones. Automated consumer electric appliances within the households strengthen a wide range of customer base for or global market. The security solution devices, such as alarm systems, connected cameras, and smart locks, provide security solutions for housing and residential buildings with a high degree of automation.

According to the statics published by the World Health Organization, the geriatric population is expected to double from 12% in 2015to 22% by 2050. Due to the significant upsurge in the geriatric population, governments across the globe are anticipated to make hefty investments in the healthcare and medical infrastructure. The increasing cost incurred for healthcare services, such as clinical care and prescription drugs, has created an imbalance in providing healthcare services to every individual. Thus, the rising aged population is anticipated to drive market growth.

The cost associated with healthcare services is increasing continuously due to the surging prices of prescription drugs, diagnostic tools, and in-clinic care. Consequently, existing healthcare services are intended to impose a significant burden on the population of most countries. Hence, the population is adopting smart home healthcare devices to monitor the elderly in homes. Smart homes that contain actuators, sensors, wearable medical sensors, and modern communication and information technologies enable continuous and remote monitoring of the elderly.

Remote health monitoring offered by smart home healthcare devices helps users to remain in the comfort of their homes instead of being admitted to expensive nursing homes or hospitals. Hence, it is anticipated that the rising geriatric population, as well as the rising healthcare expenditures, can significantly contribute to the market growth.

Many customers using smart home solutions are unaware of the mode of operation, creating severe privacy issues. For instance, some smart home devices allow turning off the microphones and location settings, and users can be unaware of the feature. Smart home company’s continuously enhance and upgrade the product features to meet the increasing security demands. However, they do not thoroughly research and understand the technical challenges faced by their customers. This leads to user frustration, device abandonment, and other similar issues that are expected to hinder the market growth. However, companies can overcome this by increasing awareness among the users and guiding them through the product and the regular updates.

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The Major Prominent Players Covered in this Report:
Resideo Technologies, Siemens, Johnson Controls, Schneider Electric, UTC, Amazon, Google, Apple, ADT, Bosch, ASSA Abloy, Legrand, ABB, Ingersoll Rand, Comcast, Hubbell, Vivint & More.

Global Smart Home Products Market: Segmentation-
By Type- Hardware, Software,
By Application- Entertainment, Health, Security

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Smart Home Products in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Smart Home Products market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Smart Home Products and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Smart Home Products. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

View this report with a detailed description and TOC @ https://straitsresearch.com/report/smart-home-products-market/toc

Impact of COVID-19
The pandemic wreaked havoc on the smart home products market. The temporary shutdown and the restrictions on international and domestic travel created a large-scale impact. It leads to impaired production capability and restricting new deployments. The effect on the construction sectors has also contributed to the market hindrance.

Key Questions Answered in The Report:
What will the Smart Home Products market growth rate?
What are the key factors driving the global Smart Home Products market?
Who are the key manufacturers in the Smart Home Products market space?
What are the market opportunities, market risk, and market overview of the Smart Home Products market?
What are sales, revenue, and price analysis of top manufacturers of the Smart Home Products market?
Who are the distributors, traders, and dealers of the Smart Home Products market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Smart Home Products Industry?
What are sales, revenue, and price analysis by regions of Smart Home Products industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Developments -
In October 2019, ADT, a leading smart home security provider, acquired I-View Now, a video alarm verification service provider. The acquisition allows ADT to reduce false alarms and improve priority response from emergency services enhancing its professional monitoring services in the smart home market.
In June 2019, Vivint Smart Home collaborated with Google to develop every connected device with voice assistant features. The partnership allows the former to enhance its product portfolio with the inclusion of an existing product portfolio with two Google Home Mini devices, Nest Thermostat E, and Google Wi-Fi.

Key Smart Home Products Market Trends:
- The report identifies, determines, and forecasts the Global Smart Home Products Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Smart Home Products Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Smart Home Products Market.

Browse Full Report @ 
https://straitsresearch.com/report/smart-home-products-market/

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Address: 825 3rd Avenue, New York, NY 10022
Tel: +1 646 480 7505, +44 208 068 9665
Website: https://straitsresearch.com/

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