Smart Homes Market - Technological Growth Map Over Time To Understand The Industry Growth Rate

Global Smart Homes Market : Overview

The global smart home market is expected to expand at an impressive CAGR between 2015 and 2023 due to the advent of high speed 4G LTE wireless networks. Operators are adopting bundled cloud-based platforms, easily deployable cross-vertical industry solutions, low bandwidth pricing, and subsidizing pricing of modems and gateways. This is boosting the adoption of 4G for IoT communications, which is subsequently driving the use of smart home systems. Wi-Fi penetration in residences is improving the growth prospects of the global smart homes market. Smart home applications such as entertainment, lighting, power management, security, and HVAC control are becoming popular.

The report is prepared by market experts, taking into account all important factors that is having an impact on the market. All drivers contributing to the growth of the market and inhibitors restraining the progress of the market are studied in detail. Global trends in the smart homes market are studied and future growth potential is identified. Key segments of the market are studied and information such as leading segment and declining segment and reasons behind them has also been included in the research report. The report discusses the competitive landscape of the global smart homes market and includes information such as growth strategies adopted by players and challenges faced by them to survive in the intense competitive scenario. The recent developments by players and the information on their merger and acquisition activities have also been included in the report.

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Global Smart Homes Market : Drivers and Trends

With increasing security needs, the demand for enhanced and effective monitoring for safety is growing and this is fueling the growth prospects of smart homes market. Another trend that os encouraging the adoption of smart homes is the growing concern regarding energy conservation. Smart homes comprises light control, thermostats, door lock controls, and window sensors, and are thus widely being adopted by consumers wishing for comfort and safe living with optimal use of energy. With the growing geriatric population, the need for increased security and ease of control arises and this is expected to boost the adoption of smart technologies for smart homes. In addition to this, busy lifestyles is creating a need for time saving alternatives for homes, rather than operating manually. Further, the increasing disposable incomes of consumers across the world will also encourage the growth of the market.

Global Smart Homes Market : Segmentation

On the basis of geography, North America is anticipated to continue to be the leader in the global smart homes market, trailed by Europe. Government initiatives to control water, gas, and power meters remotely are boosting the North America smart homes market. The markets in developing nations are also expected to witness a double digit CAGR. Owing to increasing residential projects in countries such as India, Japan, China, Korea, the market in Asia Pacific is expected to emerge lucrative in the coming years.

Key Players Mentioned in this Report are:

The key participants operating in the global smart homes market are studied in the report. They are Philips Hue, Revolv, Staples Connect, and SmartThings. The market is fragmented and is characterized by the existence of large scale vendors operating at varying industry verticals. The business and financial overview of each of the players are studied and the collective shares of top few players in the market are given in the report.

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