Press release
Smart Apartments Market Forecast 2024-2033: Growth, Demand, Key Drivers
Smart Apartments Market
As per the report, the smart apartments market size has grown rapidly in recent years. It will grow from $3.1 billion in 2023 to $3.61 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The smart apartments market size is expected to see rapid growth in the next few years. It will grow to $5.97 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
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Iot Technology Fueling The Smart Apartment Market
The smart apartment market is driven by the increased use of IoT (Internet of Things) devices by people in every aspect of their daily routine. IoT involves sending and receiving data through a network of sensors, appliances, meters, and other devices. IoT-enabled sensors and devices are used to increase the efficiency of the appliances in a smart apartment, making it more efficient, sustainable, and safer. For example, a few IoT-enabled sensors are capable of automatically turning the lights on after sensing the presence in a room, thus adding a distinctive attribute to the smart apartments. Thus, the increased adoption of IoT technology boosts the growth of the smart apartment market. For instance, overall enterprise IoT spending grew 21.5% in 2022 to $201 billion. Thus, the increased demand for IoT devices that help ease the lifestyle boosts the smart apartments market growth.
Growing Aaas Trends In Smart Apartments
The concept of using an apartment as a service (AaaS) is the latest trend driving the smart apartment market. In the apartment as a service concept (AaaS), fully furnished smart apartments are rented for very short to long periods of time. It helps to offer a cost-effective solution for tenants to live in a smart apartment. Using apartments as a service enables the rental operators to streamline their operations and costs, thus enhancing the resident's experience and discovering new revenue streams for the owner. For instance, as reported by Entrata, a USA-based provider of property management software, in the USA, almost 57% of apartment tenants can pay up to $20 per month if smart technology is installed in an apartment.
The smart apartments market covered in this report is segmented -
1) By Product: Building Management System (BMS), Heating, Ventilating, And Air Conditioning (HVAC), Lighting Control, Security And Access Control, Emergency Alarm And Evacuation System, Audio And Visual Effects
2) By Technology: Wi-Fi, Bluetooth, GSM/GPRS, RFID, Other Technologies
3) By Application: Residential, Hotel, Other Applications
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Major companies operating in the smart apartments market report are Amazon.com Inc., Leviton Manufacturing Co. Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd, Honeywell International Inc., Lennar Corporation, Schneider Electric SE, August Home, Asea Brown Boveri Ltd Ltd., Pulte Group Inc., Rachio Inc., Carlisle Companies Inc., Meritage Homes Corporation, Logitech International S.A., Yale, Crestron Electronics Inc., Vivint Smart Home Inc., Somfy Group, Metricon Homes LLC, Netatmo, Savant Systems LLC, Ecobee Inc., Lutron Electronics Co. Inc., Porter Davis Homes, Shea Homes, Henley Properties, Tado GmbH, Philips Hue, Control4 Corporation
Contents of the report:
1. Executive Summary
2. Smart Apartments Market Report Structure
3. Smart Apartments Market Trends And Strategies
4. Smart Apartments Market - Macro Economic Scenario
5. Smart Apartments Market Size And Growth
…..
27. Smart Apartments Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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