Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "GCC Smart Homes Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
GCC Smart Home Market will reach $1,881.16 Million in 2028 from $562.70 Million in 2022, growing at a CAGR of 22.28%
A smart home is a residence with advanced automation systems and intelligent devices that users can control remotely through a smartphone or computer. It increases comfort, convenience, security, and energy efficiency by automating and controlling lighting, heating/cooling, appliances, entertainment, and security systems. Features can include voice-activated assistants, sensors, and integrated networks for seamless communication.
The acronym "GCC" commonly stands for the Gulf Cooperation Council, a group of six Middle Eastern nations, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), united in a regional, political, and economic alliance. Smart homes in the GCC region integrate advanced technology with traditional Islamic design and architecture to create culturally relevant and technologically advanced residences that increase comfort, convenience, security, and energy efficiency.
The demand for innovative home systems in the GCC region is growing due to several factors. One of these is increased awareness and availability of related technology. In addition, GCC governments have launched initiatives to promote innovative home technology and energy efficiency, contributing to market growth. Moreover, the region has invested significantly in internet infrastructure, including high-speed fiber-optic networks, making it easier for homeowners to connect and control devices remotely.
Furthermore, rising incomes across the GCC region have led more homeowners to invest in innovative home technology to enhance their quality of life. Additionally, security concerns have increased demand for intelligent home security systems. Finally, the extreme temperatures experienced in the summer months in the GCC region have driven demand for smart home systems that can control indoor temperatures efficiently and reduce energy consumption.
Control and Connectivity Appliances dominate the GCC Smart Homes due to Remote Managing and Control Options
Investments in technology infrastructure in the GCC region have led to rapid advancements in the sector, increasing the availability of advanced control and connectivity applications that users can integrate into smart homes. With increasing awareness of the benefits of smart homes, there is a growing demand for control and connectivity applications that allow homeowners to manage and monitor their devices remotely.
Moreover, these applications can help reduce energy consumption by enabling remote monitoring and adjustment of appliance settings. Customization is also a factor driving the growth of control and connectivity applications, as homeowners in the GCC region value personalization.
Furthermore, governments in the GCC region have launched initiatives to promote the adoption of innovative home technology, contributing to the expansion of control and connectivity applications in the region.
Saudi Arabia Utilizes Smart Homes the most in the GCC Region
Saudi Arabia has a high rate of urbanization, with many people living in densely populated urban areas. Smart homes can provide a convenient and efficient way for people to manage their homes in these environments. The Saudi Arabian government has launched several initiatives to advance the adoption of innovative home technology.
For example, the Saudi Vision 2030 initiative seeks to increase the use of intelligent technology across various sectors, including the residential sector. In addition, Saudi Arabia has a relatively high level of disposable income compared to other countries in the region, which makes innovative home technology more accessible to homeowners.
Furthermore, Saudi Arabia experiences extreme temperatures, particularly during the summer months. Smart homes can help homeowners regulate indoor temperatures more efficiently, resulting in significant energy savings. In addition, Saudi Arabia has faced security challenges in recent years, which has increased demand for smart home security systems that can help protect homes and families.
Key Players Analysis
Competition is fierce in the GCC intelligent home market, where companies must offer competitive pricing, innovative products with advanced features, and a strong reputation for quality and reliability. Additionally, excellent customer service and support are crucial for success. Collaboration and forming strategic partnerships with other firms in the industry can also provide a competitive advantage.
Major companies present in the market are Johnson Controls Revenue, Schneider Electric, Emerson Electric Revenue, LG, LeGrand, Siemens AG, Honeywell, and Apple.
Geomagical Labs, an AI imaging startup, was acquired by IKEA in April 2021. The company has developed a product that enables users to swiftly scan a room using a smartphone and create a panoramic 3D image in just a few minutes.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $562.7 Million |
| Forecasted Market Value (USD) by 2028 | $1881.16 Million |
| Compound Annual Growth Rate | 22.2% |
| Regions Covered | Middle East |
Company Analysis:
- High Liner Foods Inc.
- Johnson Controls
- Schneider Electric
- Emerson Electric
- LG
- LeGrand
- Siemens AG
- Honeywell
- Apple
Application - Market breakup from 6 Viewpoints:
- Comfort and Lighting
- Control and Connectivity
- Energy management
- Home Entertainment
- Security
- Smart appliance
Country - Market breakup from 6 Viewpoints:
- UAE
- Saudi Arabia
- Qatar
- Kuwait
- Bahrain
- Oman
For more information about this report visit https://www.researchandmarkets.com/r/yot7iv
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
