Global Smart Home Market Projected to Touch a Value of 130.1 Billion by 2024
The smart homes market has been segmented by applications into lighting control, security & access control, HVAC control, entertainment, home healthcare, smart kitchen and home appliances. Among these segments, the home appliances, entertainment and security & access control segments have the highest demand in smart home market. The demand for smart washing machines, refrigerators and home energy dashboards among others is anticipated to drive the demand for smart home appliances in smart home market.
In the regional segment, North America represented the largest market in smart home by holding around 60% of global smart home market share in 2016 and is further expected to continue its dominance over the forecast period. Factors such as high disposable income of consumers in this region and rising inclination towards automation technology are believed to benefit the expansion of smart home market in North America region. Further, Europe region stood at second position in the global Smart Home Market and is likely to witness a remarkable growth over the forecast period. Additionally, rising need of efficient energy system and increasing number of new residential projects in economies such as Japan and South Korea is expected to drive the growth of smart home market in Asia Pacific region.
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The global market of smart homes is anticipated to reach at a valuation of USD 130.1 Billion by the end of 2024 by expanding at a robust compound annual growth rate of 15.1% over the period 2017-2024. Factors such as better security combined with smart and convenient features are estimated to boom the smart home market by noteworthy revenue by the end of 2024.
Wide Scale Applications to Boom the Market
Rising consumer concerns regarding home security, their privacy and better health care are some of the factors driving the growth of smart homes. Further, rising adoption of internet of things and increasing disposable income of the consumers with their inclination towards luxurious lifestyle is believed to supplement the growth of the smart home market globally.
However, rising security threats due to installed internet of things combined with high cost of smart homes is likely to inhibit the growth of the smart homes market in the near future.
The report titled “Smart Home Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the smart home market in terms of market segmentation by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the smart home market which includes company profiling of Siemen AG, United Technology Inc., General Electric Company, Schneider Electric, Honeywell International Inc., Ingersoll-Rand PLC, Lutrons Electronics Co. Inc., Samsung Electronics Co. Ltd., Acuity Brends Inc., ABB Ltd. and Johnson Controls Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the smart home market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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