The global smart home market pegged USD 35.4 billion in 2017 and is further anticipated to become USD 89.9 billion by 2024. The market is further expected to witness a CAGR of 14.2% during the forecast period. The market is increasing every year due to the constant evolution in technology globally. Smart home technology refers to a group of systems, devices, and appliances that enables the users to connect to a mutual network that is controlled in a remote and independent manner. The functioning of various technologies in a home that works conjointly in a common system is also referred to as connected home. A smart home enables the users to witness advanced luxury and functionality that was impossible to tap a few years back. It has been further estimated that with technological developments the smart home systems will facilitate leisure, easier and comfortable stay for its users.
On the basis of product, the smart home market is segmented into the lighting control system, home entertainment system, smart home appliance, HVAC control, smart home healthcare, and security & access control. Among all these segments it has been observed that the lighting control system is one of the major product categories that is contributing the revenue of approximately $7.2 billion in 2017 due to its extensive advantage of reducing the energy demand at home.
Geographically, North America is the largest revenue holder in smart home solutions and products as it is extensively accentuating towards technological advancements to reduce the usage of carbon emitted solutions in order to save energy. Moreover, prompt execution of IoT technologies in this region that helps in reducing fossil fuel emissions is further driving the growth of the smart home market.
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Furthermore, Asia-Pacific is expected to witness the fastest growth of xx% in the smart home market. The manufacturers are continuously upgrading their technology in order to make the life of users efficient and convenient for its users. Additionally, there are several initiatives undertaken by the different government and non-government authorities to help the consumers in utilizing innovative technology and ensure a secure, convenient, and safe environment for them.
Globally industry players of the global smart home market are leveraging market growth by providing several automation products such as MES and DCS. The key players are establishing connected devices and are offering M2 smart solutions and services to the users. Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.
Global Smart Home Market Coverage
Product Insight and Forecast 2014 – 2024
- Lighting Control System
- Home Entertainment System
- Home Theater System Control
- Multimedia Control
- Smart Home Healthcare
- Smart Home Appliance
- Smart Kitchen Appliance
- Smart Refrigerator
- Smart Dishwasher
- Smart Washing Machine
- HVAC Control
- Security & Access Control
- Fingerprint Recognition
- Facial Recognition
- Audio-Video Surveillance
Technology Insight and Forecast 2014 – 2024