Smart Homes Market to Rising Internet Penetration Worldwide
In the last few years, the world witnessed extensive rise in Wi-Fi access facilitated by growth in IoT services. As these devices operate through wireless connectivity, the smart home market will be considerably facilitated by the introduction of high-speed internet. Moreover, the proliferation of Wi-Fi connectivity in the household sector, will aid in the expansion of the global smart home market.
Besides these, the demand for smart home appliances will gain pace, as consumers realize the importance as well as benefits of installing energy-efficient products at home. For instance, consumers can decrease usage of energy by means of temperature settings and by scheduling programmable thermostats.
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Smart thermostats that are linked to home Wi-Fi networks comes with easy to use applications and can be controlled remotely. Despite these advantages, the continuing threat of security breaches on cloud is a key challenge for the market.
The global market for Smart Homes stood at US$ 30.02bn in 2016. Rising at a healthy CAGR of 14.6% from 2017 to 2025, the opportunity in this market is likely to touch US$ 97.61 bn by the end of 2025.
Regionally, the global smart home market can be classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Among these regions, North America has emerged as the leading regional market for smart homes, accounting for a share of 38.7% in the overall market in 2016.
Europe also exhibits lucrative opportunities for enterprises operating in the smart home market. These regions demonstrate a greater demand for smart home appliances, compared to other regions and continue being at the market’s fore through the forecast period. In North America, the smart home market is also benefiting from the rising demand for home healthcare.
This 99 page report gives readers a comprehensive overview of the Smart Homes Market. Browse through 06 data tables and 42 figures to unlock the hidden opportunities in this market:
In Europe countries such as the U.K, Germany, France, and Italy have emerged as the most lucrative pockets for the sale of smart home appliances. The presence of large number of industries and rising need for reducing energy consumption are augmenting the demand of smart home appliances in Europe.
Asia Pacific, however, is expected to project a higher growth rate than other regions between 2016 and 2025. Urbanization witnessed across major economies such as India, Japan, and China will aid the expansion of the smart home market in Asia Pacific. Changing lifestyles, need for energy efficient devices, mobility and comfort are the factors bolstering the demand of smart home market in Asia Pacific.
HVAC Control Segment to Project Higher Demand
The global smart home market based on application is segmented into lighting control, security and access control, HVAC control, entertainment control, and others. Among these segments, HVAC control accounted for the highest share of27.2% in the market in 2016. Need for energy efficient devices and the rising demand for optimizing the use of energy are the factors fuelling the demand of HVAC control systems in the global smart home market during the forecast period.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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