New York, US, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Smart Home and Office Market information by Product, Standard, End User, Smart Office and Region – forecast to 2027” the market Growing at a CAGR of 14.01%, the market is projected to reach US$92.18 billion by 2025.
Smart Home and Office Market Scope:
Smart homes and offices are gaining traction as home and office space automation garners interest among owners. The use of internet to control multiple systems and save on energy expenses can drive market growth. Market Research Future’s (MRFR) report on the smart home and office market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Smart Home and Office Market Covered Are:
- Assa Abloy Group (Sweden)
- Gira Giersiepen GmbH & Co. KG (Germany)
- Schneider Electric SE (France)
- United Technologies Corporation (US)
- Ingersoll-Rand PLC (Ireland)
- Lutron Electronics Co., Inc. (US)
- Hager Group (Germany)
- Crestron Electronics, Inc. (US)
- Honeywell International Inc. (US)
- Samsung Electronics Co. Ltd. (South Korea)
- Robert Bosch GmbH (Germany)
- Siemens AG (Germany)
- Johnson Controls International PLC (Ireland)
- ABB Group (South Korea)
- ADT (US)
- MDT Technologies GmbH (Germany)
- Legrand SA (France)
- Sony Corporation (Japan)
- Eaton Corporation PLC (Ireland)
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Centralized Control of Devices to Drive Market Demand
HVAC contractors and real estate developers are collaborating to provide modern and luxurious homes with all amenities. Automation of cooling and heating systems to provide convenience and comfort to homeowners can drive the market demand for smart home and office systems. Bundled products that work in a common connected platform are the latest selling point pursued by developers to drive sales of automation systems. Cloud solutions are proving to be popular in providing a common system for telecommunication providers, device makers, and service providers. In Europe, China Mobile International has developed an IoT platform that is executed via the cloud. It provides access to applications and supported hardware.
Energy Efficiency Solutions for Offices to Spur Demand in Market
Concerns by organizations to save on energy expenses as well as adherence to climate change laws can drive demand in the market. Automation of workspaces and diagnosis of breakdowns in operations can bode well for the market. Utilization of sensors through wireless network technologies such as ZigBee, Wi-Fi, EnOcean, and others can drive the value chain of the smart home and office market.
High Costs of Smart Equipment to Hamper Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the smart home and office market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:
Surveillance Products to Display Strong Revenue Generation
By product, the market has been classified into surveillance products (storage and monitoring devices, security cameras, and others), HVAC controls (smart thermostat, control valves, dampers, sensors, actuators, smart vents, and others), lighting controls (dimmers, switches, relays, sensors, and others), access controls (smart locks, biometric readers, smart card readers, and others), and other products (smart meters, smart smoke detectors, and others). The surveillance segment accounted for the largest market share in 2018 with a market value of USD 12,850.6 million. Smart home developers are designing cameras with strict encryption standards to safeguard customer concerns. Use of video surveillance coupled with analytics for identifying unauthorized personnel can entice home owners and industry leaders.
ZigBee to be Accepted Standard among Homes and Offices
By standard, the smart home and office market is segmented into Z-Wave, EnOcean, BacNet, DALI, Infrared, KNX, Wi-Fi, and Zigbee. The ZigBee standard is expected to be accepted by smart home and office solution developers owing to consuming low power as compared to Wi-Fi. Large number of applications to control homes combined with potential for home automation can drive consumers towards the standard. The open-source nature of the standard allows various solutions to function on a common platform.
Smart Offices to Gain Market Share
By application, the market is divided into smart homes and smart offices. Smart offices are expected to gain market share over the forecast period due to easy control over office systems through a mobile application. Partnerships between solution developers and property developers can drive the segment growth. Recently, Nooka Space installed a smart proximity office in Bucharest, Romania for employees who wish to work remotely while enjoying the amenities of the mall nearby.
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Regional Analysis
North America to Rule Global Smart Home and Office Market
North America is expected to rule till the end of the forecast period owing to government initiatives supporting smart offices and awareness of smart homes among customers. Large budgets for spending on homes as well as need for solutions for improving home décor can bode well for the market. Decline in smart home products and adoption of security cameras to strengthen defenses of houses can drive market demand. In addition, conversion of buildings into smart office spaces for welcoming employees to a comfortable environment to relieve them of effects of the pandemic can boost market revenues till 2027.
COVID-19 Analysis
The smart home and office market will be positively impacted by the COVID-19 pandemic due to the successful marriage of latest digital technologies with data use. Adherences to regulations of staying at home for abating the effects of the virus as well as continuing with daily activities such as working, studying, and others. Contact tracing applications are being mandatory to contain the disease of an individual and their close contacts at their homes. This is evident with new arrivals at Hong Kong airport being given an electronic bracelet in addition to a two-week quarantine.
Smart office numbers are likely to surge with the pandemic wreaking economic uncertainty and employees adapting a flexible schedule by working remotely. They have converted a small portion of their homes to offices to make the swift transition. But the reopening of offices may lead to sanitation measures and increase connectivity to cater to all employees.
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Industry Updates
Samsung Corporation has launched the Samsung SmartThings Edge platform for connecting devices in a smart home ecosystem. The platform can be used in integration of drivers and applications from third-party developers and aims to save data locally rather than the cloud. The move by Samsung aims to alleviate concerns of data security, deploy updates to drivers, and improve data speed.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
