The proliferation and smartening of IoT devices have remarkably scaled up the potential for the industry and significant amount of data or information can be stored, collected, analysed and transmitted, helping the companies save substantial amount of money. However, concerns regarding privacy and hacking, high cost involved in complex installation and high prices of smart home devices needs to be addressed globally to experience the never-ending growth of smart home market.
According to the report analysis, ‘Smart Homes Technology Market: Current Analysis and Forecast (2021-2027)’ states that some of the major players profiled in the report includes Haier Electronics, Cisco Systems, Inc., Google, Amazon, Honeywell International, Crestron Electronics Inc., General Electric Company, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., and Siemens AG among others. Looking at the growth prospect and consumer growing concern over home security various companies have forayed in the global smart home technology market, offering smart devices such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and other devices. With an objective to enhance their product portfolio, the key market players have entered into various acquisitions and collaborations to expand their market reach and share.
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The global smart home market is segmented based on product, technology and end users. Therefore, the report is further being categorized by Product (security and safety, smart appliances, home entertainment, lighting and control, HVAC, energy management), by Technology (wired and wireless technology) and by End Users (residential & commercial), are some of the major focus areas considered while analysing and defining the penetration of smart home technology in different geographies. Currently, smart appliances dominated the global smart home market with a maximum share in terms of revenue. Based on estimation, the segment occupied a healthy share. Also, increasing demand for consumer electronics will further help the respective segment to grow at a higher rate of during the forecast period (2021-27).
In addition to this, the industry report also provides the penetration of smart home devices in different geographies and countries including North America, Europe, Asia-Pacific Latin America and Middle East and North Africa (MENA). As per the report, it estimates that the North America dominates the global smart home market followed by Europe and Asia Pacific at present. Moreover, positive impact on businesses of smart device manufactures and booming concept of Internet of Things has bolstered the growth of global smart home technology market.
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Furthermore, Wi-Fi technology application in smart home accounted a significant share in the market, while Ethernet wired connection occupied largest share in the respective technology. On the other hand, end-users, global smart home market are segmented into residential and commercial end-users and the smart home technology was more applicable among residential end-users. The segment dominated the market and is expected to maintain its dominance throughout the analysed period. Furthermore, depending on residential end-users, type, the market is further classified into luxury homes, mid-range apartments, assisted homes and low energy homes. Therefore, mid-range apartments occupied the largest share, followed by luxury apartments and luxury villas in the global smart home residential end-user segment market. This is majorly due to surging investments by major tech giants and venture capitalists to bring in innovation within smart home domain along with flourishing real estate sector and US recovery from subprime crisis has tremendously contributed towards the growth prospects of smart home technology worldwide.
Lastly, the benefits of smart home technology can also be witnessed among commercial end-users for instance hotels, hospitals and other commercial buildings. Technological breakthroughs have been successful in bringing about new shapes in the global smart home market. Smart home technology application was highly prominent among hospitals.
In the near future, it is anticipated that the smart homes technology market will increase at a double digit CAGR during the period 2021 – 2027 and this is largely due to strong competitiveness, flourishing IoT, spur in product development, R&D activities and dramatic uptake of technological advancements, investments by major peers, rising consumer awareness, spur in smartphone penetration have being significantly contributing in prospering the market size of smart home technology.
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