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Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), By Deployment (Software and Services), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa) - Global Forecast to 2027
Description
Global Smart Home Market Overview:
A Smart Home is a kind of home where the internet connects different household devices, which can be accessed by the remote controllers. The smart home automation designed in such a manner keeping various factors in mind, such as home security, comfort, and convenience, timesaving, and energy efficiency. Thus, it owes to gain attention from potential customers. Moreover, this automated system provides benefits like monitoring, controlling, and automating functions in a home. Apart from the other control devices, they can be controlled by switches, timers, sensors, and remote controllers. The smart home is the embodiment of the Internet of Things under the influence of the internet. A smart home uses Internet of Things technology to connect various devices in the home such as audio and video equipment, lighting systems, air conditioning control, security systems, digital cinema systems, video servers, video cabinet systems, etc. It helps in control home appliances, control lighting, telephone remote control, control indoor and outdoor remote, environmental monitoring, infrared forwarding, HVAC control, and programmable timing control, etc. Moreover, compared with ordinary homes, smart homes not only have traditional living functions but also have construction, network communication, information appliances, and equipment automation. These facilities provide a full range of information interaction functions that save money for various energy costs.Smart Home Market Insights
Global Smart Home Market estimated to grow with a substantial rate over the forecast period, 2020-2027. Owing to micro-processing electronics technology, centralization control from various interfaces, safety, security, and entertainment are the major growth drivers of the smart home market. The growing use of micro-processing electronics technology to integrate or control electrical and electronic systems or products in the home, such as lighting, coffee makers, computer equipment, security systems, heating, and air-conditioning systems, video, and audio systems, will boom the global smart home market in the future year. Additionally, Micro-processing electronics technology is a predetermined procedure to send and receive information from one electronic product to other interfaces. These interfaces can be keyboards, touch screens, buttons, computers, telephones, remote controls, etc.; consumers can send and receive signals to the central microprocessor. The smart home has also become entertainment, and in the future, the smart home appliance industry will change after combining artificial intelligence. For example, in the past, refrigerator companies only sold hardware. Still, in the future, smart refrigerators will not only remind users of the food and freshness information in the refrigerator, but also recommend nutritional recipes to users, and even inform users of the latest meat and vegetables available in the nearby supermarkets. Artificial Intelligence and the Internet of Things technologies will drive the smart home industry in the future.Growth Driver
Large base of internet users
A large base of internet users allows them to experience the entertainment in every activity, such as allow the users to experience the entertainment by centralizing the device on one app and can control the volume, lights, and audios and many other functions on it. The adoption of smart home and the high importance of home monitoring from remote locations and awareness of environmental issues are the major growth factors of the smart home market.Increasing crime rates
Smart home appliances provide security to the users by accessing smart locks, doors, or lockers, which makes it more authenticated and provides safety from the crimes to the homeowners. Smart homes give full control over their valuable assets by accessing them on the smartphone, which encrypted with passwords and security on the apps.Awareness of environmental issues
The massive demand for energy management products is owing to the growing emersion of environmental issues around the globe. Further, smart home devices help in providing energy consumption solutions and low carbon emission-oriented solutions; therefore, the smart home market will show potential growth in the future as well.Product Type Segmental Analysis
Based on the product, the global smart home market classified into Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture. Among them, the Home appliances segment has captured the demand in 2019 and expected to grow in the forecast period as well. It is owing to modern-day customers who want highly automated products and reduces the manual work and save time. The efficient heating equipment will grow by the surge in demand for automated heater controls across the globe.Deployment Segmental Analysis
Based on deployment, the global smart home market[1] bifurcated into services and software, which are segmented into the proactive and behavioral approach. The software segment projected to lead the market, owing to software that provides smart hubs and sensors of home devices and integrates the solution with home devices of choice. Software smart home devices help avoid dependency on specific device vendors.Region Segmental Analysis
Based on geography, the smart home market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific market will capture the market growth in 2020-2027. Owing to the population adopting healthy lifestyles, high disposable income across developing economies, and the high importance of home monitoring from remote locations have derived the smart home market demand. In addition to this, the government raising concerns over environmental issues in different regions across the globe has led to increased demand for smart home installation.Competitor Analysis
Companies such as ADT, Robert Bosch GmbH, ASSA ABLOY, ABB Ltd., Ingersoll-Rand PLC, ABB, S.A., GE, Comcast Corp. Other Prominent Players are the key players in the global smart home market.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global smart home service provider
- Research organizations and consulting companies
- Organizations, associations, and alliances related to smart home market
- Regulatory bodies
Recent developments
- In August 2021, ASSA ABLOY has acquired Omni-ID, a primary manufacturer of RFID tags and industrial IoT hardware devices for active and passive tagging, tracking, observing, and alerting applications based in the US.
- In August 2021, Veego Software announced that it had raised USD 13 million in funding for its Series A round conducted by Magenta Venture Partners. The round also involves existing investors, State of Mind Ventures (SOMV), Robert Bosch Venture Capital GmbH, North First Ventures (N1V), Amdocs Ventures, and additional investors.
- In August 2021, ViacomCBS Inc and Comcast Corp. will start a joint venture called SkyShowtime, a new streaming service in Europe, deciding it would be more cost-effective to work together instead of competing in specific markets.
- In July 2021, China Mobile has introduced its Ringa end-to-end smart-home development platform to accelerate the home automation market in Europe. With continuous growth predicted in the smart home market, global telecom operators, service providers, device makers, and retail brands can rapidly use Ringa to build integrated home automation products and services.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Product Type- Lighting Control
- Security & Access Control
- HVAC, Entertainment
- Smart Speaker
- Home Healthcare
- Smart Kitchen
- Home Appliances
- Smart Furniture
- Others
- Software
- Services
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Table Of Contents
Global Smart Home Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Policy & Regulatory Framework
- Company market share analysis, 2018
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- Global Smart Home Market Overview
- Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Product
- Lighting Control
- Security & Access Control
- HVAC
- Entertainment
- Smart Speaker
- Home Healthcare
- Smart Kitchen
- Home Appliances
- Smart Furniture
- Others
- By Deployment
- Software
- Services
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product
- Market Size & Forecast, 2016-2027
- North America Smart Home Market Overview
- North America Smart Home Market Size & Forecast, 2016-2027
- By Value (USD Million)
- North America Smart Home Market Share & Forecast, 2016-2027
- By Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture and Others)
- By Deployment ( Software and Services)
- By Country
- US
- Canada
- Mexico
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Smart Home Market
- North America Smart Home Market Size & Forecast, 2016-2027
- Europe Smart Home Market Overview
- Europe Smart Home Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Europe Smart Home Market Share & Forecast, 2016-2027
- By Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture and Others)
- By Deployment ( Software and Services)
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Smart Home Market
- Europe Smart Home Market Size & Forecast, 2016-2027
- Asia Pacific Smart Home Market Overview
- Asia Pacific Smart Home Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Asia Pacific Smart Home Market Share & Forecast, 2016-2027
- By Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture and Others)
- By Deployment ( Software and Services)
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Smart Home Market
- Asia Pacific Smart Home Market Size & Forecast, 2016-2027
- South America Smart Home Market Overview
- South America Smart Home Market Size & Forecast, 2016-2027
- By Value (USD Million)
- South America Smart Home Market Share & Forecast, 2016-2027
- By Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture and Others)
- By Deployment ( Software and Services)
- By Country
- Brazil
- Argentina
- Rest of South America
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Smart Home Market
- South America Smart Home Market Size & Forecast, 2016-2027
- Middle East & Africa Smart Home Market Overview
- Middle East & Africa Smart Home Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Middle East & Africa Smart Home Market Share & Forecast, 2016-2027
- By Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture and Others)
- By Deployment ( Software and Services)
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Smart Home Market
- Middle East & Africa Smart Home Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- ADT
- Robert Bosch GmbH
- ASSA ABLOY
- ABB Ltd.
- Ingersoll-Rand PLC
- ABB
- Legrand S.A.
- GE
- Comcast Corp.
- Other Prominent Players
Methodology
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Frequently Asked Questions (FAQ):
The smart home market stands at USD 82.5 Billion and is expected to reach USD 285.6 billion by 2027.
The Global smart home market is projected to grow at a CAGR of 12.8% over the forecasted period 2021-2027.
Consumer’s concerns regarding data security, complex installation paired with the high price of smart home appliances are some factors restricting the demand of the smart home industry.
The Global Smart Home Market is segmented based on Products, Deployment, and Region.
Factors driving the market’s development include increasing Awareness among consumers, a large base of internet users, Increasing crime rates, Awareness of environmental issues, rapid digitization, strict governmental regulations on energy consumption and emission, and increased demand for innovative homes energy management systems.
Devices supporting digital assistants, Touch displays as user interface, Introduction of Wi-Fi mesh systems, new ways of monetization, etc., are the forthcoming trends in the market.
