Smart Home Market -by Component [Hardware (Security, Home Automation, Home Entertainment, Home Healthcare), by Services (Energy Consumption & Management Services, Security Services, Healthcare Services, Entertainment Services)] and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast 2027
|ID: VPR/ICT/1003||Publishing Year: September 2021||Pages: 192||Format:|
Smart Home Market Overview:
The Smart Home Market is projected to grow from USD 80 billion in 2020 to reach USD 140 billion by 2027; it is expected to grow at a CAGR of 8.3% from 2020 to 2027.
Because of the advantages acquired by linking household products to the internet, the Internet of Things has grown in popularity among residential users. The Internet of Things connects items, software algorithms, services, and end-users, allowing data to flow freely and real-time decisions to be made. It has proven to be effective in improving the quality and consistency of automation systems. Several large, mid-sized, and small businesses are heavily investing in the IoT industry around the world. With most organisations transitioning to IoT, it is likely to reach a wide range of application sectors, including lighting, HVAC, healthcare, security, and entertainment.
The increasing customer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home), and surveillance systems is predicted to drive the Smart Home Market Growth. The rise in consumer IoT adoption can be linked to increased internet penetration, increased smartphone usage, and the expansion of social media platforms. Because of the increased usage of internet-enabled smart devices such as radio frequency identification (RFID), barcode scanners, and mobile computers, the entire IoT industry is predicted to develop.
The Major Players operating in Smart Home Market are Google LLC (U.S.), Amazon (U.S.), Samsung (South Korea), Apple, Inc. (U.S.), Siemens AG (German), United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), General Electric Company (U.S.), Legrand S.A. (France), and Sony Corporation (Japan), among others.
The pandemic has had a negative impact on the Smart Home Market Share Growth. Sales are likely to drop by between 5-10% in the first fiscal year following the COVID 19 era. The supply networks of major economies such as China and the United States have experienced significant decreases. Because of Covid 19, there has been a decline in construction-related projects as well as the temporary shutdown of various manufacturing plants.
As a result of rapid technology breakthroughs, consumer preferences are changing. They expect more groundbreaking smart devices as their standard of living grows. As a result, manufacturers are motivated to invest in cutting-edge and creative technology in order to broaden their product offering and personalise it to customers' needs.
Millennials, as a consumer demographic, have a significant impact on current Smart Home Market Trends. Millennials have their own set of expectations and goals as a result of this period. They are more eager to learn about and accept new technologies, which explain why they are more linked to the digital world.
The Smart Home Market is segmented into software and services under this heading. The software, on the other hand, is separated into proactive and behavioural categories. Managed and professional services are the two types of services available.
The different places where the Smart Home kits can be used are referred to as applications. Home appliances, home healthcare, security, lighting and access control, HVAC management, entertainment control, and smart kitchens are all part of the division. All of these parts are further subdivided according to the type of service they provide or the function they perform.
By Use of Technology:
The Smart Home Market Size is separated into components such as networks, wireless, and protocols under the heading of technology. There are further sub-divisions within these three technology divisions.
In the coming years, Germany is likely to become a prominent market for Smart Technology. The digitization of private household applications, such as comfort and security, energy management, and old-age self-determination, is quickly progressing. The proliferation of networkable household components and mobile communication devices, as well as the growth of the internet, has resulted in new home applications and business models. As a result, the smart living business has become increasingly significant. In a constantly developing market, German enterprises are expected to account for a large portion of Worldwide Smart Home Market Volume.
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