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Smart Home Market Size, Share & Trend | Industry Analysis Report
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A smart home is a home equipped with lighting, heating, and electronic devices that can be controlled remotely by a phone or computer. The increasing inclination of consumers to build smart homes is expected to boost the smart home market.
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Home Security Solutions Gain Popularity in Smart Home Market
Security innovations for smart homes is a highly talked-about concept in the smart home market. Smart locks and video doorbells are becoming increasingly mainstream in the global market landscape. An alarming rate of thefts and vulnerable safety of individuals has provoked end users to invest in future-proof home security solutions. Since home security is one of the top priorities that individuals desire to have in their homes, companies in the smart home market are capitalizing on this widespread trend. As such, there is a growing demand for solutions that offer real-time updates and notifications, especially when users are away from home.
Remote monitoring of door locks and security cameras has become need of the hour in the market of home security solutions. Companies are extending innovative services in which technicians are capable of changing traditional security elements such as deadbolt locks and doorbells into smarter versions of themselves.
Smart Home Market: Dynamics
Smart home tech is based on the IoT (Internet of Things) with the main focus on Internet connectivity to everyday objects. While historically, the Internet was designed to be used primarily by computers, consumers are able to apply it to countless other things, such as phones, cars, medical devices, and connected home. Components of a smart home are fairly straightforward. First, the consumer needs a router, which acts as the nexus through which all the other connected devices can communicate with each other, as well as with more remote devices, such as a phone or PC. Smart home automation allows the consumer to tap into high-tech functionality and luxury that was not possible in the past. As technology continues to expand, so will possibilities for consumer home automation to make life easier and more enjoyable. Smart home devices can range from temperature sensors, smart thermostats, wall switches, smart plugs, water sensors, door & window sensors, motion sensors, and many other integrated devices. The rise in demand for smart homes from consumers is presenting new opportunities in the market. This is anticipated to fuel the smart home market.
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Smart Home Market: Prominent Regions
North America is estimated to hold the leading share of the global smart home market by the end of 2021. North America is the global hub of innovative technologies. Companies in North America have a strong distribution network and sales channel to offer their services to end users. The adoption of smart home technologies is much more in North America as compared to other regions. The installation and setup cost for smart home systems and products is less in North America as compared to other regions. The expansion of smart homes in India, China, and Australia is anticipated to drive their demand in the APAC region. The growing adoption of smart devices such as smartphones, smart tablets, and smart watches has increased the access to the Internet and that has indirectly made the access of smart homes more flexible. This is anticipated to fuel the growth of the smart home market.
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Smart Home Market: Key Players
Key players operating in the global smart home market are ABB Ltd., Apple, Inc., Assa Abloy AB, Control4 Corp, Emerson Electric Co., Honeywell International Inc., Johnson Controls PLC., Loxone, Nest, Savant Systems LLC, Schneider Electric SE, and Siemens AG.
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