A recent report published by Infinium Global Research on the smart home market provides an in-depth analysis of segments and sub-segments in global as well as the regional smart home market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional smart home market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart home market. According to the report, the global smart home market is projected to grow at a CAGR of 27% over the forecast period of 2018-2024.
A smart home is one that integrates advanced sensing and automation systems to provide the populations with monitoring and control, regardless of whether they are inside or outside the home. The devices communicate and interact with each other and form a connected ecosystem. Smart Home ecosystem comprises of a set of connected gadgets with Intelligence that helps them in executing the task and take necessary decisions. Smart Homes comprises devices that provide comfort, security, convenience, energy efficiency and enhance intelligent living. According to consumer study of the IoT and the connected home, 81% of consumers are aware of smart technology and only 26% actually own a smart device. A large number of smart devices are now available and their numbers are increasing. At present most of the devices and gateways are working on proprietary standards.
Security, convenience, and energy efficiency drive the growth of the smart home market. In addition, IoT segments are growing, as the smart home is becoming a trend in machine-to-machine and IoT technologies Smart homes vertical is witnessing a major action. Variety of sensors can be easily connected to the cloud at affordable prices. Moreover, Smart Gadgets with augmented reality and Virtual reality platforms are now interacting with customers in day-to-day life, which is likely to fuel the growth of the smart home market. As these wearable gadgets are closely associated with the users, the smart home value chain players are targeting these smart gadgets for integrating their smart appliances. However, lack of standards and non-availability of high speed and reliable Internet services are hampering the growth of the smart home market. Furthermore, With the IoT saturation, more and more connected device will appear in the market. The more the number of the device the stronger should be the security aspects to protect from threats. This creates an opportunity for cyber security companies.
Among the geographies, North America dominated the global smart home market and Europe is anticipated to be the fastest growing region
. The growth in the North American region is due to factors such as increasing demand for reliable home energy management systems and the growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions. Moreover, South Korea held the largest position in the Asia Pacific regions. On the other hand, The UK government mandates energy suppliers to install smart meters in 26 million homes with the aim that every household in England, Wales, and Scotland will have a smart meter by 2020.
The report on the global smart home market covers segments such as product type. On the basis of product type, the global smart home market is categorized into the security & surveillance system, lighting systems, hvac&r control, energy management, entertainment control, and others.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global smart home market such as General Electric, United Technologies Corporation, Johnson Controls Inc., Cisco Systems Inc., LG Electronics Inc., Siemens AG, Schneider Electric SE, Honeywell International Inc, Emerson Electric Corporation and ABB Ltd.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global smart home market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart home market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the smart home market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the smart home market to understand the present and future trends in this market and formulate their strategies accordingly.
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