Global Smart Home Installation Services Market Set to Surpass $21 Billion by 2027

The global smart home installation service market, valued at $2.5 billion in 2017, is projected to exceed $21 billion by 2027, growing at a remarkable CAGR of nearly 25% during the forecast period. The market's explosive growth is fueled by the increasing adoption of Internet of Things (IoT) technologies and rising consumer demand for connected home solutions that emphasize safety, convenience, and energy efficiency.

Get a concise overview of key insights from our Report in this sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=67502

Key Market Dynamics

Drivers:
The growing need for advanced safety and security devices has emerged as a significant driver in the market. Smart home systems equipped with encryption technologies offer enhanced security against data breaches and unauthorized access. Additionally, the proliferation of smartphones has made controlling and monitoring smart home devices easier, further boosting market adoption. Users can remotely manage locks, lights, heating, alarms, and security cameras while receiving real-time alerts for any unusual activities.

Challenges:

Despite its potential, the smart home installation service market faces challenges such as the high costs of installation services and consumer hesitation toward do-it-yourself (DIY) kits. However, Original Equipment Manufacturers (OEMs) are capitalizing on this gap by offering professional installation and after-sales services, reinforcing their market dominance.

Regional Highlights

North America:

The region held a dominant position in the global market in 2018 and is expected to retain its prominence through 2027. Factors driving this growth include early adoption of smart technologies, a robust presence of market leaders such as Vivint, Inc. and Miami Electric Masters, and rising concerns over residential security. Increasing crime rates and a growing demand for energy-efficient solutions have further propelled the adoption of smart home technologies in the U.S. and Canada.

Asia Pacific:

The Asia Pacific region is projected to grow at the fastest CAGR during the forecast period, with India, China, Japan, and Australia being the major contributors. Rapid urbanization, improving living standards, and government initiatives like India's Smart Cities Mission have bolstered demand for smart home installation services. Rising energy costs and environmental concerns are also driving the adoption of energy-efficient smart meters and lighting controls in this region.

Access our report for a comprehensive look at key insights - https://www.transparencymarketresearch.com/smart-home-installation-service-market.html

Market Trends

1. OEM Dominance:
With nearly one-third of the revenue share, OEMs continue to dominate the market. Consumers prefer professional installation services provided by OEMs due to the perceived complexity of smart home setups.
2. E-commerce Expansion:
E-commerce channels are gaining traction as a preferred customer touchpoint. Partnerships between e-commerce platforms and service providers, such as eBay's collaboration with InstallerNet and Handy, are enabling end users to conveniently book installation services online.
3. Focus on Security Systems:
Home monitoring and security systems accounted for nearly 50% of the revenue share in 2018 and are expected to remain the most sought-after services. Rising concerns about residential safety and advanced features like active monitoring are driving this trend.

Key Players

Prominent players in the smart home installation service market include Vivint, Inc., Calix, Red River Electric, Rexel, Finite Solutions, and Miami Electric Masters. These companies are focusing on expanding their distributor networks, forming strategic partnerships, and introducing easy-to-use installer tools to stay competitive. For example, Vivint, Inc. recently partnered with Airbnb to offer energy management and home security solutions for rental properties.

Analysts' Insights

Transparency Market Research (TMR) analysts predict a 5x growth in the smart home installation services market during the forecast period. However, providers must address the need for extensive consumer education and marketing efforts, especially in developing regions, to realize the market's full potential.

Browse More Trending Research Reports:

Smart Agriculture Market: https://www.transparencymarketresearch.com/smart-agriculture-market.html

Real-time Flood Monitoring & Warning System Market: https://www.transparencymarketresearch.com/real-time-flood-monitoring-and-warning-system-market.html

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube

This release was published on openPR.