Global smart home industry market size predicted to reach $53.45billion by 2022

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Zion Market Research has published a new report titled “Smart Home Market (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, the global smart home market was valued at around USD 24.10 billion in 2016 and is expected to reach approximately USD 53.45 billion by 2022, growing at a CAGR of slightly above 14.5% between 2017 and 2022.

Smart home refers to a residential extension of building automation and involves automation of lighting, ventilation, heating, air conditioning, and security as well as home appliances such as washer and dryers, ovens or refrigerators that use WiFi for remote monitoring. At present many new homes are being built with the additional wiring and controls which are required to run advanced home automation systems.

 “The advanced technology has enabled various devices to be connected and controlled by one device and this technology is used by smart homes. In smart homes, various devices such as lighting, AC, CCTV cameras, smart TV, washing machine, etc., can be controlled by either a remote or a smartphone or tablet. These devices can be switched on or off from a different location even if the device controlling them gets a signal for the same,” Zion Market Research stated.

“Homeowners are enjoying more convenience and comfort from basic security monitoring and customized access to window coverings, appliances, lighting, irrigation, entertainment systems and many others. Prominent drivers of smart home adoption are energy efficiency, home security, entertainment, convenience/productivity, remote health monitoring and connectivity,” the company added.

Rising need for consumer convenience, safety, and security, energy consumption is the major driver of the smart home market. The real estate industry is expected to spur the demand of the smart home market. However, in a few regions, home automation products have reached saturation level which is the major restraints for the smart home market.

Another factor which is hindering the smart home market growth is its high installation cost and lack of standardization. Furthermore, low awareness about home automation is hampering the growth of the smart home market. Nonetheless, high-end devices coupled with technologically advanced features will escalate the smart home market demand over the forecast period. cloud-based solutions also provide new opportunities to impel the demand of smart home market over the forecast period.

Smart home market segmented

The smart home market is segmented into the product, software, and region.

1. By product and software

The smart home market is segmented smart kitchen, security access control, lighting control, home healthcare, HVAC control and others. among this product, light control is dominating the smart home market owing to reduced electricity consumption in homes. The software is use in the smart home are proactive and behavior.

The products involved in smart homes are the smart kitchen, home healthcare, lighting control, HVAC control, security and access control. From these segments, lighting control is expected to grow at highest CAGR as it reduces electricity consumption. On the basis of software, the smart home market is segmented into behavior and proactive software.

2. By region

The smart home market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is a best smart home market across globe followed by Europe. The most successful products in smart homes are thermostats, security systems, network cameras, smart lighting, and multi-room audio systems at North America and Europe.

Some of the major companies in both regions are providing advance services regarding the voice-driven user interface.  For instance, Alexa service from Amazon, Apple home kit and Microsofts’s Cortana services are betting in voice driven interface. The major players of the smart home market in Europe are Siemens AG, ABB Ltd., Schneider Electric S.A., Ingersoll-Rand Plc, Tyco International Ltd., Legrand S.A.

Asia Pacific region is witnessing significant growth due to a number of new residential projects and strengthening of building infrastructure at a significant rate. Moreover, economically emerging countries such as Japan, South Korea, and China are anticipated to contribute stupendous growth in the near future.

Currently, South Korea is considered to be a huge market for smart homes due to the high demand for various control devices pertaining to lighting and entertainment control in this country. Cisco Systems, Inc., United Technologies Corporation., Emerson Electric Co.Control4 Corporation., Honeywell International, Inc., Leviton Manufacturing Company, Inc. are the major players operating in the smart home market in the Asia Pacific.

The developing economies in Latin America also have a potential market for the growth of the smart home market. The Middle East and Africa are also expected to be one of the fastest growing regional markets for smart home in the coming years. In 2016 Huawei and Telefónica joined forces to develop the Smart Home category in Latin America. With the help of Huawei’s cloud-based platform and a jointly designed exclusive user experience, Telefónica would offer its Latin American customers an innovative Smart Home experience. Thereby, it will become the first telco to offer these services in this region.

Some of the renowned participants in smart home space Ingersoll-Rand plc., Legrand, Siemens AG, Johnson Controls Inc., Schneider Electric SE, ABB Ltd., Acuity Brands, Inc., Samsung Electronics Co.,  United Technologies Corporation, Ltd., Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics. Inc among others.

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