The CAGR for the global smart homes market is expected to be 14.75% for the forecast period of 2019-2027. A smart home has its devices interconnected through the internet, and the user can control functions such as security access to the home, temperature, lighting and home theatre.
The global smart homes market is segmented on the basis of product and service. The products market is further segmented into Security, Heating, ventilation, and air conditioning (HVAC), Lighting controllers, Entertainment, Energy management, Home health and several others. The market by service is divided into Installation & repair and Customization. The growing trend for a luxurious and comfortable life, coupled with the rising concern for safety and security is driving the smart home products market.
The global smart homes market has been geographically segregated into North America, Asia Pacific, Europe and the Rest of the World. Among these, the fastest growing market is the Asia Pacific due to the presence of many emerging economies like China, India, South Korea, etc. Globally, the most developed existing market for smart homes is the North American market. The energy management market is the highest growing segment in this region, which includes the installation of smart grids and smart meters.
Leading market players in the global market for smart homes are Abb Ltd., Blue Line Innovations Inc, Centrica Connected Home Limited, Century Technologies Corp, Control4 Corporation, Crestron Electronics Inc, Ee Limited, Emerson Electric Co., Honeywell International Inc., Johnson Controls Inc., Lg Electronics Inc., Samsung Electronics Co. Ltd., Schneider Electric Se, Siemens Ag, Solatube International Inc, United Technologies Corporation and Vodafone Group Plc.