Press release
Global Smart Home as a Service Market Banks on Assistance in Energy Management as Key Factor Fueling Uptake
The world smart home as a service market has received an environment of strong growth due to the swelling demand for high-end surveillance and security. The market has been expected to draw new players because of the lucrative prospects it makes available to them. However, players currently operating in the market may feel the pressure due to the entry of new ones. Nonetheless, this could also open up avenues for the upgrade of current technologies besides innovations. Smart home as a service has been envisioned to face challenges as consumers become doubtful because of the possibility of its misuse and privacy concerns. Moreover, the expensive cost of smart home as a service could hamper the demand in the market.
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Nevertheless, the world smart home as a service market has been prognosticated to come up strong against these challenges on account of the emergence of innovative connectivity standards. The absence of certain characteristics such as attentive interference and video surveillance in old-fashioned equivalents of smart home as a service could uplift the market in terms of growth. Furthermore, the need for advanced solutions that could help secure homes has been foreseen to encourage growth in the market.
The analysts who have prepared the report have classified the international smart home as a service market into integrated solutions, energy management and climate, audio-visual and entertainment, lighting and window, and security and access as per solution. Out of these segments, audio-visual and entertainment has been prophesied to outpace with a staggering CAGR for the coming years. The swollen demand for online content and streaming services could be attributed for the outpacing growth of this segment. However, a lion’s share of the market could be secured by integrated solutions, which has been envisaged to be followed by security and access.
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With respect to service, the international smart home as a service market has been cataloged into two segments, viz. integrated services and managed services. Integrated services could make their presence known in the near future by acquiring a commanding share of the market. This segment has been expected to rest its hopes on the escalating adoption and demand for integrated services. On the other hand, managed services could showcase a slower growth in the foreseeable future.
Anticipated to be led by the U.S., North America could take hold of a leading share of the international smart home as a service market in the coming years. The presence of a number of popular firms and early adoption of technology could help the region to outgrow other regions of the market. Europe has been predicted to closely follow North America on the back of a strong awareness about advanced technologies among consumers. Companies such as Charter Communications, CenturyLink, Inc., and AT&T Inc. could feature in the global market.
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