The global smart home and office market is getting traction from factors like the rising demand for comfort, energy-efficient systems, the inclusion of advanced technologies, hike in disposable income, security concerns, convenience, incorporation of 5G technologies, government support, and others. Market Research Future (MRFR) revealed that the smart home and office market could record a rise by 11.5% CAGR during the forecast period of 2019 to 2025 to scale valuation of USD 92.18 billion.
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Samsung Electronics Co. Ltd. (South Korea), ABB Group (South Korea), Siemens AG (Germany), Eaton Corporation PLC (Ireland), Lutron Electronics Co., Inc. (US), Sony Corporation (Japan), United Technologies Corporation (US), Johnson Controls International PLC (Ireland), Ingersoll-Rand PLC (Ireland), Legrand SA (France), Assa Abloy Group (Sweden), Gira Giersiepen GmbH & Co. KG (Germany), ADT (US), Crestron Electronics, Inc. (US), Schneider Electric SE (France), Robert Bosch GmbH (Germany), Hager Group (Germany), MDT Technologies GmbH (Germany), Honeywell International Inc. (US), and others are some prominent names involved in a tactical battle that boosts the market outcome.
In August 2020, Johnson Controls, a company that made its name as smart building technology and controls system provider, announced its acquisition of security technology company Qolsys. Qolsys is known for being a leading resident and commercial security technology provider to the Smart Home and Office market. The acquisition is a part of the company’s plan to establish its leadership position as a next-gen solution provides for security and smart building solutions. Johnson Control also declared the launching of a new digital platform of connected Smart Building solutions. This new product is called OpenBlue.
In August 2020, ZOOOK announced the launching of a new range of IoT-based smart home devices for the Indian market. This portfolio includes Smart Wi-Fi Plugs ZOOOK Clicker, and Sense and Shine.
The COVID-19 crisis has the potential to impact the market. The effects of this pandemic are manifesting gradually. In many countries, financial condition is getting worse. In such a scenario, the market may find itself in deep waters as people may prefer holding back their plans to invest.
The global report on the smart home and office market includes a discussion on segments like product, standard, and end user.
By product, the market includes segments like lighting controls, access controls, surveillance products, HVAC controls, and other products. The lighting controls segment can be discussed on the basis of sensors, dimmers, relays, switches, and others. The access controls segment includes smart card readers, biometric readers, smart locks, and others. The surveillance products segment includes a study of storage and monitoring devices, security cameras, and others. The HVAC controls segment comprises sensors, control valves, smart thermostats, dampers, smart vents, actuators, and others. The ‘others’ segment comprises smart meters, smart smoke detectors, and others).
By standard, the global market includes a study of KNX, Z-Wave, Enocean, Bacnet, Dali, Infrared, Zigbee, and Wi-Fi. The Wi-fi segment is getting substantial traction as several operators are relying on this to increase their market reach.
By end user, the report on the global market studies segments like smart home and smart office. Both are sub-segmented on the basis of renovations and new constructions.
Investment capacity and structural support would help North America retain its dominating position. The smart home and office industry in the region will also benefit from the growing inclination towards a digitalized system.
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