Smart Homes Technology Market Assessment Covering Growth Factors and Upcoming Trends (2018–2024)
The Global Smart Home Market stood at US$ 32,171 million in 2017 and is expected to grow at a CAGR of 24.0% during the forecast period 2018–2024. Some of the factors driving the growth of the market includes, increasing awareness among consumers, rapid digitization, and high penetration of smartphones, stringent governmental regulations on energy consumption & emission, and increased demand of smart home energy management system. Moreover, swelling aging population has also created ample room for the smart revolution in the healthcare sector. However, consumer’s concern regarding data security, complex installation paired with the high price of smart home appliances are some of the factors which are acting as some of the complex challenges, that are hampering the growth of the smart home industry. In spite of such challenges, the potential growth for telecom operators, insurance providers and emerging business opportunities especially in the Asia Pacific region are anticipated to attract global players to invest and come up with technologically advanced home appliances products.
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“Penetration rate of smart appliances is estimated to occupy a prominent share of 25.3% in the overall market.”
Global smart home industry can be segmented across different areas of application which encompasses safety & security, lighting, HVAC, entertainment, smart appliances, and energy management among others. At present, the penetration rate of smart appliances is estimated to occupy a prominent share of 25.3% in the overall market. These application areas are likely to be among the top trends during the forecast period with the change in consumer preferences and promotional marketing of lighting and HVAC appliances.
“Amongst the end users, residential segment holds the major share in the global smart home market”
Moreover, the market is further bifurcated into the various end-users, wherein the residential segment holds the prime share in the global smart home market. With the rapid advancement in technologies, changing lifestyles and rising disposable income of the consumers, mid-range apartments/houses are likely to rule the smart home market by 2024, followed by luxury villas and apartments. Mid-range apartments/houses segment of residential smart home market generated a revenue of US$ 9,486.6 million in 2017. In addition, among commercial end users segment, hospitals conquered the market by occupying the lead share in the market, hotels would display the maximum CAGR growth of 27.3% over the forecast period in the respective market.
For a deep dive analysis of the industry, the study is conducted across five regions, including North America, Europe, Asia Pacific, Middle East and North Africa (MENA) and Latin America. North America plays chief role in the technological market due to first mover advantage. Increasing demand for smart devices, high penetration of smartphone & internet, and stringent regulations on energy consumption has helped North America to dominate the smart home market in the current scenario. Owing to this, North America smart home market was valued at US$ 17.272.2 million in and is estimated to register reasonable compounded growth of 18% over the analyzed period. However, Asia-Pacific region, owing to increasing disposable income paired with government initiative, is expected to witness the highest growth during the analyzed period.
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Some of the major players analyzed during the study include Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, and Vivint Inc. These companies have the ability to pool in investment from their other business to the smart home market and come up with innovative products pertaining to the increasing demand for smart home appliances.
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