Press release
"Home Intelligence: Forecasting the Smart Home Market Valued at $308.9 Billion by 2030"
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According to the latest publication from Meticulous Research®, the global smart home market is poised to skyrocket, anticipated to surge to a staggering $308.9 billion by the year 2030, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period. This remarkable growth trajectory is fueled by several factors including the heightened emphasis on home safety and security, the widespread adoption of Internet of Things (IoT) technologies, and the increasing demand for energy-efficient solutions in residential settings.
However, despite the optimistic outlook, challenges such as consumer hesitancy towards technology adoption and the relatively high procurement costs may impede market expansion. Nonetheless, significant growth opportunities abound, particularly in emerging regions such as Asia-Pacific and the Middle East & Africa, driven by the need for flexibility and customization in smart home solutions.
The report delves into the segmentation of the smart home market based on product type, protocol & standard, and geography, facilitating a thorough analysis of the industry landscape.
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Key Insights:
Product Type: Among various product types, smart security & monitoring systems are anticipated to dominate the market in 2023, attributed to the growing concerns for home safety & security and advancements in smartphone technology facilitating remote monitoring.
Protocol & Standard: Wired protocols are expected to hold the largest market share in 2023, driven by the increasing demand for stable and reliable standards for home automation systems, alongside the pursuit of better energy efficiency.
Geographical Analysis: North America is forecasted to lead the global smart home market in 2023, owing to factors such as the availability of smart appliances, widespread adoption of advanced technologies, and a growing sense of safety and security among consumers.
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Key Players:
Leading players in the global smart home market include Google LLC, Apple Inc., Amazon.com Inc., Siemens AG, United Technologies Corporation, Samsung Electronics Co. Ltd., Honeywell International Inc., Johnson Controls International plc, Schneider Electric SE, LG Electronics Inc., Robert Bosch GmbH, ABB Ltd., ASSA ABLOY AB, General Electric Company, Legrand SA, and Sony Corporation.
The report offers comprehensive insights and analysis of industry competitors, regional dynamics, and market trends, empowering stakeholders to make informed decisions and capitalize on emerging opportunities.
TOP 10 COMPANIES IN SMART HOME MARKET >> https://meticulousblog.org/top-10-companies-in-smart-home-market/
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About Us:
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa
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