Chicago, June 03, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026" is projected to grow from USD 84.5 billion in 2021 to USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026. The most significant factors driving the growth of the smart home market is the increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population, the increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems.
The key factors fueling the growth of this market include the increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for the increased demand of smart home systems. In addition to this, factors such as increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population is driving the growth of the smart home market.
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“Entertainment and other controls to hold the largest share of the smart home market during the forecast period”
The growth of the market for entertainment and other controls is fueled by various factors such as an increase in disposable income, increase in population, enhanced standard of living, and a shift in consumer preferences. Furthermore, new technological developments, innovative connected devices, and a decline in the prices of home entertainment products are having a positive impact on the growth of the market. Smart entertainment control products provide better functionalities and higher reliability than traditional entertainment control products. Advancements in wireless communication technologies are majorly boosting the growth of the home theater system control market, thereby driving the overall smart home market for entertainment and other controls.
“Behavioral type software and services segment to hold larger share of smart home market during forecast period”
Behavioral software and services are increasingly being leveraged in smart homes as they help enhance the energy efficiency of homes and minimize energy bills based on behavioral data analysis. They possess the ability to learn user behavior and accordingly render a smarter control of appliances, leading to an increase in its demand. Behavioral solutions provide direct feedback to the end users, providing basic information regarding real-time energy consumption, along with historical data reflecting energy usage. Therefore, all these factors are expected to lead to a higher share of this market during the forecast period as well.
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“Indirect sales channel to register higher CAGR in smart home market during forecast period”
Indirect sales include the sale of smart home products through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. The COVID-19 pandemic resulted in a rise in the use of indirect sales channels. Due to lockdowns in various countries across the world, people have started using online websites frequently. Preference for online channels has increased post the outbreak of the pandemic. Companies offer product setup and installation services that help users to buy products online without any hesitation. Moreover, third-party delivery providers have started undertaking extra precautions in order to encourage consumers to buy without reservations of getting infected.
Major players in the smart home market are
- Honeywell (US),
- Siemens (Germany),
- Johnson Controls (Ireland),
- Schneider Electric (France),
- ASSA ABLOY (Sweden),
- Amazon (US),
- Apple (US),
- ADT (US),
- ABB (Switzerland),
- Robert Bosch (Germany),
“North America to hold the largest share of smart home market during forecast period”
North America is expected to capture the largest share of the global smart home market by 2026. Factors such as the increasing demand for reliable home energy management systems and enhanced home security levels, and the growing popularity of the integration of smart devices such as tablets and smartphones in smart homes are driving the market’s growth in this region. The number of smart homes in North America, especially in the US, is higher than that in any other region in the world. Thus, the market in this region is expected to grow at a steady pace during the forecast period. The region is one of the early adopters of new technologies and has been adopting smart home solutions at large, favoring the market’s growth. High internet penetration rate, well-informed consumers, and high disposable income are the key factors fueling the adoption of smart home products and offerings in the region.
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Home Automation System Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region (2020-2025)
