Press release
Advantages of Security, Comfort, and Convenience Key Propositions Driving Demand of Smart Home M2M Market
Majorly fuelling the global smart home M2M market is the adoption of smart home security systems, which steal a march over manually operated traditional systems, with superior features such as text message based motion detection notifications, remote monitoring of residential property, and automatic opening of doors and windows when smoke alarm is sounded, among others.
Another factor stoking growth in the global smart home M2M market is the increasing sales of smart appliances such as vacuum cleaners, washing machines, HVAC systems, kitchen equipment, televisions, etc., lighting systems, and other connected consumer electronics.
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Acting as a hindrance to the global smart home M2M market is the concerns over security breaches and compatibility issues with legacy systems. However, continued progress in technology will overcome the challenge and open up new opportunities for growth.
A report by Transparency Market Research forecasts the global smart home M2M market to rise at a robust 13.3% CAGR between 2017 and 2025 to reach a value of US$16.316 mn by 2025 from US$5.421 million in 2016.
Energy and Climate Management Application Segment Leads Market
Based on applications, the global smart home M2M market can be divided into energy and climate management, access and security control, home entertainment, and lighting, among others, including M2M technology for connected wellness and smart appliances. At present, energy and climate management segment dominates with a leading share. In 2016, the segment held over a fourth of the share in the market on the back of increasing wireless internet penetration and the growing awareness of cloud services, among consumers.
Strengthening Economic Fundamentals Make Asia Pacific Promising Market
Geography-wise, the main segments of the global smart home M2M market are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. North America, powered by the U.S., among them, accounted for a dominant 35% share in the market in 2016. Some of the growth drivers in the region’s market are awareness about the benefits of home automation, widespread availability of different home automation products, concentration of numerous vendors, and easy availability of skilled personnel required for home automation.
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Europe trails North America in the global smart home M2M market vis-à-vis revenue. Driving growth in the continent is the presence of substantial number of smart home M2M vendors and the swift uptake of home automation. Germany is the primary driver of growth in the region.
Asia Pacific is another key market, which is being bolstered by the countries of China, India, and Japan. On account of a booming semiconductor and electronics manufacturing sector in the region and falling prices of raw materials for semiconductors and electronics, home automation market is receiving a boost in the market. This in turn is stoking growth in the smart home M2M market too. The thrust on building smart cities in most nations of Asia Pacific is also catalysing growth.
Some of the prominent names operating in the global smart home M2M market are Cisco Systems, Inc., AT&T, Inc., Gemalto NV, Intel Corporation, Vodafone Group PLC, Telit Communications PLC., Deutsche Telekom AG, Sprint Corporation, KORE Wireless Group, Inc., and Sierra Wireless, Inc.
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