“The smart home market is expected to grow at a CAGR of 12.02% from 2018 to 2024”
The overall smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.02%. The growth of the smart home market is driven by several factors, such as a large base of internet users and rapid adoption of smart devices; increased public awareness of fitness and healthy lifestyles owing to the highly disposable income in developing economies; high importance of home monitoring from remote locations; rise in the need for energy-saving and low carbon emission solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; existence of various market players focusing on expanding their smart home product portfolios; and widespread concern about safety, security, and convenience.
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“Entertainment and other control systems are likely to hold the largest share of the smart home market in 2018”
Entertainment has become an important part of life as it provides relaxation and rejuvenation. A multi-room entertainment control system allows the user to centralize all connected devices and then listen to, watch, and control that equipment from every room in the house simultaneously or independently.. Major control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is driven by the convenience offered by these controls for managing as well as controlling the entertainment systems within a house. Advancements in wireless communication technologies is a major factor in boosting the growth of the market for home theater system controls, thereby driving the overall smart home market for entertainment controls. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke detectors. The increasing cost of electricity is a major concern that drives household consumers toward energy savings. Moreover, the increasing popularity of smart plugs, smart hubs, and smart locks is also fueling the adoption of control systems.
“Behavioral type software and services are expected to account for the largest market share in 2018”
The increasing connectivity between machine-to-machine solutions and the Internet of Things is driving the growth of the smart home and energy management markets, which has, in turn, influenced the growth of the market for software and services for smart homes. The behavioral type software and services help analyze energy-related data and forward it to end users. This category is restricted to transmitting and receiving data and does not perform intelligent actions like the proactive type. Behavioral type solutions provide direct feedback to end users, thereby providing the basic information regarding the real-time energy data, along with the historical data reflecting energy usage. Therefore, behavioral type software and services are likely to hold the largest market share in 2018.
“North America and APAC considered as major markets for smart homes”
North America is likely to account for the largest share of the global smart home market in 2018 owing to the increasing demand for reliable home energy management systems and enhanced home security levels, as well as growing popularity of smart devices such as tablets and smartphones. The smart home market in APAC is expected to grow at the highest rate during the forecast period. Factors such as the strong economic growth, increased population, and improved standard of living, and rapid urbanization lead to a sophisticated infrastructure and driving the growth of the smart home market in this region.
Breakdown of profiles of primary participants:
- By Company: Tier 1 = 10 %, Tier 2 = 30%, and Tier 3 = 60%
- By Designation: C-Level Executives = 50%, Directors = 25%, and Others = 25%
- By Region: North America = 60%, Europe = 20%, APAC = 10%, and RoW = 10%
Major players profiled in this report are as follows:
- Johnson Controls International (Ireland)
- United Technologies Corporation (US)
- Schneider Electric (France)
- Honeywell International, Inc. (US)
- Siemens AG (Germany)
- Amazon, Inc. (US)
- Apple Inc. (US)
- Google (US)
- ADT (US)
- Robert Bosch GmbH (Germany)
- ASSA ABLOY (Sweden)
- ABB Ltd. (Switzerland)
- Ingersoll-Rand PLC (Ireland)
- ABB (Switzerland)
- Legrand S.A. (France)
- GE (US), Comcast Corp. (US)
- Hubbell Inc. (US)
- Samsung Electronics Co., Ltd. (South Korea)
- LG Electronics (South Korea)
- Sony (Japan)
- Control4 Corp. (US)
- Lutron Electronics Co. Inc. (US)
- Vivint (US)
- Axis Communication AB (Sweden)
- In this report, the smart home market has been segmented on the basis of product, software and services, and geography.
- The smart home market, by product, has been segmented into lighting control, security and access control, HVAC control, entertainment and other controls, smart speaker, home healthcare, smart kitchen, home appliances, and smart furniture. In addition, the study segments the market by software and services into behavioral and proactive.
- The study also covers the market in 4 major regions: North America, Europe, APAC, and RoW.
Reasons To Buy the report
The report would help key players/new entrants in this market in the following ways.
- This report segments the smart home market comprehensively and provides closest approximations of the overall market size and that of the subsegments across different verticals and regions.
- The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the market.
- The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, and mergers and acquisitions carried out in the market in the recent past.