Smart Home Market – Overview
The Global Smart Home market is growing with the rapid pace; mainly due to the advent of automation and high adoption of internet of things in automotive industry. According to a recent study report published by the Market Research Future, the global market of Smart Home is booming and expected to gain importance over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
Smart Homes are homes which are powered by computing devices and information technology that connect various gadgets and instruments in the house to provide enhanced comfort, convenience, security, and entertainment to residents in a sustainable way. Apart from that it is also an eco-friendly home which aims to conserve energy and use more of the renewable sources of energy. The features such as security, conveniences and energy efficiency are spurring the growth of smart homes. Builders in various regions are contributing majorly in creating awareness about smart homes.
The factors driving the global market of Smart Home Market are Increasing urbanization, growing technology addiction for improving lifestyle, and rise in automation among others. Urbanization is increasing tremendously as per the observations by the United Nations. The United Nations has predicted that by 2050, about 64% of the developing world and 86% of the developed world will be urbanized. In this changing environment, due to the increasing population, excessive use of polluting machines and large amount of wastes the environmental concerns are ever increasing. Therefore, the increasing environmental concerns are driving the smart home implementation. On the other hand, technology limitation, lack of awareness are some of the factors hindering the growth of Smart Home Market. The advent of smart cities has led to the increase in demand of Smart Homes and it is expected that due to the smart city initiatives the Smart Home market is going to grow rapidly in the coming years. Apart from it, the government initiatives towards creating awareness about energy saving would also fuel the lighting control market in the coming years.
Smart Home Market Vendors:
Honeywell (U.S.), Danfoss (Denmark), Nest (U.S.), Ecobee (Canada), AT&T (U.S.), Cisco (U.S.), Samsung (South Korea), Liricco Technologies (Hong Kong), MMB Networks (Canada) and Time Warner Cable (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Home Market.
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Jan 2018– Qualcomm is expecting to go in big with the burgeoning smart home scene. As well as its ‘Smart Audio Platform’ CES announcement, would help to push smart voice assistant technology into an even wider array of speakers, it’s also looking to become a smart home hub gatekeeper in its own right.
Dec 2017 – Honeywell is looking to integrate Google voice assistance into the system as well, and the company certainly has a track record of making good on its promises when it comes to this device.
Jan 2016– O2, UK mobile operator has announced about its partnership with AT&T to provide smart home applications to the consumer.
Smart Home Market – Competitive Analysis
The Market of Smart Home appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Ecobee and Sun power has announced about its new program where both the companies are teaming up to provide help to consumers in taking control of their electricity cost.
The rising government funding towards smart cities is also expected to motivate key companies to invent new Smart Home modules that match the changing trends and needs across the globe. These players possess state of art R&D labs and strong sales and distribution network which have helped them to gain leadership position in the market.
Smart Home Market – Segmentation
Segmentation By Product: Comprises Security & control (smart shutters, smart detectors, smart doorbell, smoke alarm and others), Home appliances (smart coffee maker, smart AC, robot vacuum cleaner and others), and Entertainment & connectivity (smart TV, home plugs, routers, smart set top box and others).
Segmentation By Technology: Comprises Protocol, Network and wireless.
Segmentation By Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Smart Home Market – Regional Analysis
North America is dominating the Global Smart Home Market with the largest market share mainly due to increasing number of start-ups to support the implementation of smart cities projects to minimize the imports and high adoption of Internet of Things. Smart Home Market in Asia Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 owing to the increasing awareness towards energy savings. The European market for Smart Home Market is expected to grow at a considerable CAGR (2016-2022) due to the increasing adoption of home automation.
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