Smart homes are incorporated with advanced automated systems that control lighting, temperature, multi-media, security, thermostats, entertainment systems, window and door operations that can be controlled by the user through smartphones and computers. The appliances used in the smart home are connected through the internet which allows the user to control and monitor the home appliances remotely using a mobile or other network connected device.
Smart homes can be both wireless and with wire. Wireless systems are less complex and installation-friendly. Furthermore, these systems are cost-efficient. Among the other factors that are promoting the smart homes market ahead, its ability to curb electricity charges, and enhance safety & security services can be considered impactful.
Affordable technology, the threat of climate change, fluctuating electricity prices, safety & security and the growing adoption of cloud-based technologies and IoT are the major factor responsible for driving smart home market. Apart from the technology, smart homes help to reduce energy consumption, as consumers can decrease the energy usage through temperature settings.
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Major Key players
• United Technologies Corporation (U.S.)
• General Electric Company (U.S.)
• Schneider Electric (France)
• Honeywell International, Inc. (U.S.)
• Ingersoll-Rand PLC (Ireland)
• Johnson Controls, Inc. (U.S.)
• ABB Ltd. (Switzerland)
• Legrand S.A. (France)
• Samsung Electronics Co., Ltd. (South Korea)
• Siemens AG (Germany)
The lighting control segment has been further segmented into relays, occupancy sensors, daylight sensors, timers, dimmers, switches, accessories, and other products.
By application, the global smart home market has been segmented into lighting control, security & access control, HVAC control, entertainment & other control, home healthcare, smart kitchen, and home appliances.
By technology, the global smart home market has been segmented into networks, protocols, and wireless. The network segment has been further segmented into CDMA networks, GSM/HSPA networks, LTE networks. The protocols segment has been further segmented into Digital Addressable Lighting Interface (DALI), KNX, Digital Multiplexer (DMX), Ethernet and others. The wireless segment has been further segmented into ZigBee, z-wave, Wi-Fi, Bluetooth and others.
By components, the global smart home market has been segmented into software and services. The software segment has been further segmented into behavioral and proactive. The services segment has been further segmented into managed & professional service.
The global smart home market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart home market is studied for North America, Europe, Asia Pacific, and the rest of the world. North America is estimated to hold the largest market size, owing to the presence of major players, rising demand for home healthcare and high disposable income. Asia Pacific is expected to dominate the smart home market owing to an increase in urbanization and demand for smart home projects. The main driving factors for the demand of smart home market in Asia Pacific is due to the adoption of cloud technologies, increase in awareness related to safety & security, rising standard of living, and increasing government investment in smart cities.
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