Pune, India, Oct. 14, 2021 (GLOBE NEWSWIRE) -- The global smart home market size is projected to reach USD 622.59 billion by 2026, thereby exhibiting a CAGR of 29.3% during the forecast period. Fortune Business Insights™ published this information in a recent study, titled, “Smart Home Market Size, Share & Industry Analysis, By Product (Home Monitoring/Security, Smart Lighting, Entertainment, Smart Appliances, and Others (Thermostat, etc.)), and Regional Forecast, 2019-2026.” The report further mentions that the market was valued at USD 79.90 billion in 2018. It is likely to gain momentum from the rising mergers and acquisitions between prominent companies for developing novel solutions for residences.
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Fortune Business Insights™ profiles some of the renowned companies operating in the smart home market. They are as follows:
- ABB Ltd.
- Assa Abloy
- Centrica Connected Home Limited
- Control4 Corporation
- Crestron Electronics
- Emerson Electric Co.
- General Electric Company
- Honeywell International
- Johnson Controls, Inc.
- Samsung Group
- Schneider Electric SE
- Sony Corporation
- Other key market players
Increasing Adoption of Smart Devices for Energy Management to Boost Growth
Numerous countries, such as South Korea, China, Canada, India, Brazil, and Germany, are utilizing green building policies. This initiative would aid in creating immense opportunities for the market during the forecast period. It is also expected to promote the adoption of energy management smart devices, namely, smart plugs, smart meters, and thermostats. The governments of various countries across the world are putting forward many projects and taking initiatives to develop green buildings for sustainable living. Besides, technological advancements in data communication and the rising number of smart city projects are likely to drive smart home market growth in the coming years.
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 29.3 % |
| 2026 Value Projection | USD 622.59 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 79.90 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 100 |
| Segments covered | By Product, By Region, By End User |
| Growth Drivers | Rising Implementation of Internet of Things (IoT) Solutions to Aid Expansion of the Market |
| Evolution of Smart Cities Projects and Green Building Policies would be Emerging Opportunity | |
| Internet of Things (IoT) platform is one of the most prominent global economic drivers for the smart home market. | |
| Pitfalls & Challenges | Limitation in Protecting Privacy to Restrict Market Growth |
Highlights of the Report
- Extensive analysis of the competitive landscape, such as mergers, acquisitions, contracts, agreements, strategic collaborations, and innovative product launches.
- In-depth information about the smart home market trends, growth drivers, barriers, opportunities, and challenges.
- List of all the segments present in the market.
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Rising Demand for Automation Solutions to Favor Growth in Asia Pacific
In terms of geography, the market is grouped into Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. Amongst them, North America is anticipated to hold the largest smart home market share throughout the forthcoming years. It is attributable to the presence of renowned companies, such as Control4 Corporation, Amx, Crestron, and Honeywell. Apart from that, the rising adoption of vital communication technologies consisting of Zigbee, Wi-Fi, NFC, Bluetooth, and the newest 5g network are set to fuel the market growth in this region.
The market size of Asia Pacific, on the other hand, was USD 13.28 billion in 2018. The region is estimated to grow by exhibiting the highest CAGR in the near future. It is projected to occur because of the upsurging demand for automation solutions from the residential sector. Industry giants present in this region are focusing on strategic partnerships with other organizations to develop and unveil state-of-the-art solutions. In emerging economies, such as India and China, the market would grow significantly owing to the rising investments by the governments in the smart city projects.
Europe is set to experience considerable growth stoked by the increasing investment by the leading companies in developed countries, such as France, the U.K., and Germany. Moreover, the rising expansion of small startups will also surge growth. Increasing demand for smart monitoring and security solutions will also augment the smart home market revenue in this region.
Quantify Technology Joins Hands with Harvey Norman and 3PG
December 2019: Quantify Technology, a pioneer of Truly Intelligent Buildings (TIB) and the Internet of Things (IoT), based in Western Australia, announced that it has signed an agreement with Harvey Norman Commercial Division, and 3 Property Group (3PG). The agreement will ensure that all the future 3PG projects must possess Quantify's smart home solutions for the next three years. These innovative solutions will be available in the market under the name of ‘3Q Home Automation.’ The agreement is worth $170,000 and is vital for Quantify as it would help the company in entering the flourishing market in the ACT. The solutions will be provided in total of 53 townhouses across Sage and Soho and Balcombe Terraces projects.
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MARKET OPPORTUNITY
“Evolution of Smart Cities Projects and Green Building Policies would be Emerging Opportunity”
Globally, several countries including China, Germany, Brazil, India, Canada, South Korea and others, are adopting green building policies. This initiative would help in creating huge opportunities for the smart home market in the coming years. It will also help in boosting the adoption of energy management smart devices including thermostats, smart meters, and smart plugs. Several initiatives and projects have been launched by the government of different regions to promote the development of green buildings. Apart from these, advancements in the data communication technology and smart city projects are some of the key emerging opportunities that would augment smart home market revenue.
According to the U.S. Green Building Council (USGBC), during 2015-2019, around 76,500 residential units have been certified worldwide, under Leadership in Energy and Environmental Design (LEED) projects. LEED projects were adopted by more than 150 countries and territories across the world.
With the increasing adoption of wireless communication and cellular technologies, home solutions are equipped with advanced IoT sensors. These sensors help to collect valuable data and transfer the information to smartphones or connected devices. The information collected, further helps to assess mitigate risks and possibilities. Key companies, such as Microsoft Corporation are focused on investing and acquiring other players to enhance their product offerings. For instance, in April 2019, Microsoft Corporation acquired Express Logic, Inc. to expand its product offerings and boost IoT development, including Azure IoT Edge, Azure Digital Twins, Azure Sphere, Azure Maps, and Azure IoT Central.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porters Five Forces Analysis
- Global Smart Home Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Product (Value)
- Home Monitoring/Security
- Security Cameras
- Smart Door locks
- Others (Storage Devices, Servers, Doorbells, etc.)
- Smart Lighting
- Entertainment
- Speakers/Soundbars
- Voice Assistant
- Smart TV/Projectors/Monitors
- Wearable
- Others (Smart Remote etc.)
- Smart Appliances
- Smart Refrigerators
- Smart Air Conditioners
- Others (Smart Vacuum Cleaners, Washing Machines etc.)
- Others (Thermostat, etc.)
- Home Monitoring/Security
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Product (Value)
- North America Smart Homes Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- By Product (Value)
- Home Monitoring/Security
- Security Cameras
- Smart Door locks
- Others (Storage Devices, Servers, Doorbells, etc.)
- Smart Lighting
- Entertainment
- Speakers/Soundbars
- Voice Assistant
- Smart TV/Projectors/Monitors
- Wearable
- Others (Smart Remote etc.)
- Smart Appliances
- Smart Refrigerators
- Smart Air Conditioners
- Others (Smart Vacuum Cleaners, Washing Machines etc.)
- Others (Thermostat, etc.)
- Home Monitoring/Security
- By Country (Value)
- U.S.
- Canada
- By Product (Value)
- Key Findings / Summary
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