New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Home Market” information by Component, by Application and Region – Forecast to 2030” market size to reach USD 254.78 billion, growing at a compound annual growth rate of 12.3% by 2030.
Market Scope:
The increasing adoption of various security solutions such as surveillance systems, video doorbells, and voice-assisted technologies like Google Home & Alexa will offer robust opportunities for the market over the forecast period.
Dominant Key Players on Smart Home Market Covered are:
- Honeywell International (US)
- Johnson Controls (Ireland)
- Siemens AG (Germany)
- Schneider Electric (France)
- UTC (US)
- Google LLC (US)
- Amazon (US)
- Apple Inc. (US)
- ADT Inc. (US)
- Assa Abloy (Sweden)
- Dahua Technology (China)
- ABB Ltd (Switzerland)
- Robert Bosch (Germany)
- Axis Communication (Sweden)
- Samsung Electronics (South Korea)
- Panasonic Corporation (Japan)
- Legrand SA (France)
- CP Plus Inc. (India)
- Hangzhou Hikvision Digital Technology Co. Ltd (China)
- General Electric (US)
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Market USP Exclusively Encompassed:
Market Drivers
Growing Demand for Home Automation Technologies to Boost Market Growth
The growing need for home automation technologies will boost smart home market growth over the forecast period. Traditional home systems were created with a limited level of connectivity in mind. Users were also restricted to operating systems that fell inside a specific range. The emergence of smart home technology, on the other hand, is opening up a whole new universe of possibilities. It has made advantage of connection to allow owners to access their properties remotely. According to Investopedia, there are around 175 million smart homes worldwide. The most recent application trend blends artificial intelligence and automation to give household assistance in a novel and inventive method. These most recent developments ensure both powerful technical gadgets and security.
High Cost to Remain Market Restraint
The high price of switching for existing smart device consumers coupled with the issues associated to device malfunctioning & breaches in privacy and security may act as restraints for smart home market over the forecast period.
Compatibility Issues to act as Market Challenge
The compatibility issues amid devices of various companies may act as a challenge for smart home market over the forecast period.
Browse In-depth Market Research Report (288 Pages) on Smart Home Market:
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Segmentation of Market Covered in the Research:
The global smart home market is bifurcated based on component.
By component, hardware will lead the smart home market over the forecast period.
Regional Analysis
North America to Spearhead Smart Home Market
North America will spearhead the smart home market over the forecast period. One of the factors propelling the market is the growing number of government efforts to assist energy-efficient building, which provide benefits such as improved energy savings, lower lifetime costs, and lower greenhouse gas emissions. In the last four years, smart home gadget adoption has been one of the fastest rising technical trends in Mexico. In Latin America, the country was one of the first to commercialize Google's smart voice assistant (Home). Furthermore, the Mexican government has taken various steps to reform energy consumption habits and telecommunications networks, which has pushed consumers to choose a connected network at their homes. Aside from that, the increase can be attributed to a greater public awareness of security, safety, energy and water management, & lower maintenance costs. This growth is fueled by the existence of significant companies in the industry, such as Amx, Crestron, Honeywell International Ltd., & Control4 Corporation. Factors such as the growing adoption of fundamental communication technologies like Wi-Fi, Zigbee, Bluetooth, NFC, and the impending 5G network are also propelling the industry forward. Strategic mergers & acquisitions are being pursued via key corporations in this region in order to develop their business divisions globally.
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APAC to Have Admirable Growth in Smart Home Market
The APAC region will have admirable growth in the smart home market over the forecast period. The increased adoption of smart building technology to automate processes and handle day-to-day building management activities, such as air conditioning, lighting, lift control, & heating, is expected to drive considerable growth in Asia-Pacific. Favorable government rules relating to green construction projects are projected to be a major source of growth for industry participants. Samsung Electronics (South Korea), Panasonic (Japan), LG Electronics (South Korea), Haier Smart Home (China), and Sony (Japan) are all significant smart home manufacturers with a strong focus on technology advancements. Japan, China, and South Korea are also high-growth markets for smart home products. Changing lifestyles, a growing geriatric population, rising disposable income, a growing focus inclination toward smart building infrastructure in the region's developing economies, rapid technological advancements in smart home products and the presence of a large customer base, are all driving the market's growth in APAC. This region's growth is predicted to be fueled by rising demand for automation solutions in residential applications. The leading firms in this region are concentrating their efforts on collaborating with other well-known companies to develop and deploy breakthrough smart home solutions.
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COVID-19 Impact on the Global Smart Home Market
The global COVID-19 pandemic has had an impact on the smart home business. The influence of the COVID-19 epidemic on the smart home market has been both favourable and harmful. Because the maximum population works from home, demand for smart home products such as smart speakers & home healthcare has surged as a result of the COVID-19 epidemic. Because the manufacturing of smart speakers is not as complex as that of other products such as smart furniture, HVAC controls, and smart kitchens, the production capacity of smart speaker manufacturing companies has not been significantly impacted, and sales revenue for this product is expected to increase in 2021. In the home healthcare segment, demand for home healthcare products such as fitness trackers & health status monitors has increased as a result of increased awareness among people who have become more conscious of regularly monitoring their oxygen levels, heart rate, and other fitness-related activities to avoid risk factors as a result of the COVID-19 pandemic. However, depending on how far the virus spreads, global sales are anticipated to drop by 5–10 percent this fiscal year.
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