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Smart Home M2M Market Emergence of advanced technologies and global industry analysis 2025
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The global smart home M2M market stood at US$5.421 mn in 2016 and is projected to rise at an impressive CAGR of 13.3% from 2017 to 2025. Rising at this pace, the market is estimated to be valued at US$16.316 mn by the end of 2025.
The major applications of smart home M2M technology comprise access and security control, home entertainment, energy and climate management, lighting, connected wellness, and smart appliances. Of these, the energy and climate management application segment held the dominant share in 2016. This is attributed mainly to rising internet penetration, the growing use of wireless devices, and rising adoption of cloud-based services.
Regionally, the North America led the global market in 2016, with the U.S. accounting for a significant growth. The dominance of this regional market is attributed to a marked concentration of prominent players, substantial adoption of home automation devices, and the rising popularity of M2M technologies.
Advantages of Security, Comfort, and Convenience Key Propositions Driving Demand
The growing demand for home automation solutions for improving security and convenience is a key factor driving the smart home M2M market. The rising preference of intelligent home security systems over traditional ones is attributed to several advantages they offer to home owners. The integration of M2M with smart home systems allows intelligent control of lighting, temperature, and multi-media. The adoption of home automation systems has offered a variety of advanced functionalities, including smart operations of windows and doors, curtains and blinds, and automatic triggering of alarms in case of emergency. The demand for remote monitoring of homes and residential buildings for enhanced safety and the adoption of smart home technologies for patient care for elderly are key factors stimulating the uptake of smart home M2M solutions.
The use of smart home solutions powered by M2M enables the monitoring and management of energy consumption across residential buildings, leading to potential energy efficiency and cost-savings. The growing adoption of a range of smart home appliances such as smart meters, smart vacuum cleaners, HVAC systems, smart kitchen appliances, smart white goods is a prominent factor boosting the market.
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The growing popularity of M2M technologies rides on the convenience of remote controlling and operating of these smart home devices through smartphones. The growing adoption of Wi-Fi and other low-power wireless communication technologies is a key factor bolstering the uptake of smart home M2M devices.
Lack of Standardized Connected Device Platform for M2M May Hinder Adoption
The soaring popularity of distributed smart home applications and the growing number of open-ended applications of smart home applications are significant factors fueling the market. However, the lack of standardized connected device platform for smart home M2M technology has led to the emergence of propriety technologies. In many cases, this has been found to hinder flexibility and interoperability of the devices. This is a key factor likely to impede the growth of the market to an extent. The mounting privacy concerns and safety breaches related with the adoption of smart home M2M solutions is a crucial factor likely to hamper their demand to an extent. In addition, the lack of reliable and high-speed internet in some regions has also capped the capabilities of smart home devices, adversely affecting the market.
Be that as it may, intensive efforts of vendors toward setting up compatible communication standards is a key development expected to boost the market. Furthermore, recent advancements in enabling technologies and the decline in prices of semiconductor devices and sensors are key trends expected to accentuate the market. The advent of low-power communication technologies is expected to accentuate the smart home M2M market.
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