Mankind has embraced technology as a means to simpler life, since ages. The pace of technological advancement has increased many folds in the recent years making the dream of smart homes a reality. Smart homes enable controlling and operating the ambience at home through personalized and intelligent interfaces like smartphones, remotes, etc.
They offer a wide range of applications, such as, Heating Ventilation and Air Conditioning (HVAC), security, centralized control of appliances, etc. With the advent of DIY smart home products, the promise of a connected home for smart living holds bright prospect in the coming times. The demand for DIY smart home products like wireless security cameras and lighting control systems authenticates the inclination towards adoption of new technologies. Market Research Future (MRFR)’s report on global DIY smart home market reveals that the market will show a bullish trend for the forecast period 2017-2023, with a CAGR of 35% and the market evaluation will reach a near record level of USD 54Billion.
Tech giants, startups, etc. are fuelling the growth of the market by introducing market bound solutions to issues and problems of everyday lives leading to a fierce competition landscape. Also, reports on world census suggest that there will be a rise in the ageing population all across the globe which implies that there will be relative growth of the market as the concern for security and safety that drives the market is prevalent among the senile population.
The higher market penetration can also be attributed to both software and hardware design. Of all the products of DIY smart home market, smart cameras hold the major share in the retail yield. It equips the consumers earning recurring revenue with choices to provide add on services that will allow longer span of recording, sharing of footage, etc. DIY Smart Home Market has cost effectiveness and simplified installation as its leverage against the professional services.
Some of the prominent players holding major shares in the market include Schneider Electric SE (France), Assa Abloy Group (Sweden), Nest Labs, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Acuity Brands, Inc. (U.S.), United Technologies Corporation (U.S.), Johnson Controls Inc. (U.S.), Nest Labs, Inc. (U.S.), Crestron Electronics, Inc. (U.S.), Honeywell International Inc. (U.S.),.
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Global DIY Smart Home Market Segmentation:
- By technology, the global DIY smart home market has been segmented into network technology, and, wireless communication technology.
- By product, the market is segmented into entertainment control, security & access control, and, smart kitchen.
- By software, the market has been segmented into behavioral, and, proactive.
On the basis of region, global DIY smart home market is segmented into North America, Europe, Asia Pacific, and, Rest of the World. The tech capabilities of North America is characterized by its exceptional growth rate in technology over the years.
The intense penetration of technology in this region has significantly impacted the standard of living which, again, has raised the demand for DIY connected home products. The technology and consumer demands for home appliances that ensure safety and security have been the driving factors of North American market for DIY Smart home market, thereby, accounting for the largest share in the market. Asia Pacific region is also set to tap a major share of the market during the assessment period as it is home to most populated countries in the world. The more the population is, the more are the people wary of safety and security, especially for elders and children.
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