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Global Smart Homes Market Size, Share, Development, Growth and Demand Forecast to 2023 By P&S Market Research
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The growth in global smart homes market is further attributable to factors such as significant advancements in internet of things (IoT), increasing need for residential safety & security, growing awareness among consumers regarding energy saving solutions having lower carbon footprint, and huge investments from number of home automation manufacturers in IoT and expanding their product portfolio. In addition, rapid growth in global smart homes market is anticipated on account of increase in demand for smart home appliances. Adoption of advanced electronic technology is enabling various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, which is contributing to the growth of global smart homes market. Rising levels of disposable income have further enabled consumers, particularly middle class, to opt for more convenient solutions such as cloud based smart home solutions. This has increased the demand for on-demand and value based home automation solutions globally.
The global smart homes market is expected to grow at a CAGR of over 14% during the forecast period, to reach $70,208.6 million by 2023. A significant growth in demand for smart homes is anticipated due to growth in adoption of connecting technologies such as IoT and augmented use of automation technologies across household sector. In addition, development of cost effective automation solutions such as wireless lighting sensors, substantial savings on operational cost, and smart energy management, are other major factors fueling growth of the global smart homes market.
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One of the major trends observed in the global smart homes market is the presence of strategic alliance or business partnerships between automation technology providers, various telecommunication companies, and data analytics software developers. In addition, increase in the integration of cloud based home automation services such as wireless home security and surveillance, and real-time temperature monitoring system are also few of the major trends observed in the global smart homes market. Real-time temperature monitoring system allows the occupants to adjust the temperature of heating and cooling appliances, cutting energy wastage and thus lowering the electricity consumption cost.
Global smart homes market is driven by factors such as significant increase in demand for smart home appliances, surge in demand for smart home healthcare solutions, increased adoption of IoT and related technology in household sector, and rising need for energy saving & low carbon emitting solutions, globally. Demand for smart home appliance is gaining pace, as consumers are realizing the importance and benefits of installing energy efficient electrical appliances at homes and offices. With adoption of smart energy efficient home appliances, consumers are saving big on usage of energy, by means of automatic temperature settings, automated functioning, and scheduled programmable operations.
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