The global smart home market is segmented based on applications, technology and end users. Product (security and safety, smart appliances, home entertainment, lighting and control, HVAC, energy management), technology (wired and wireless technology) and end users (residential & commercial) are the major focus areas considered while analyzing and defining the penetration of smart home technology in different geographies. In 2020, 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 of 26.4% share. Increasing demand for consumer electronics would help the respective segment to grow at a faster rate of 20.4% during the forecast period (2021-27).
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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, analyzed and transmitted, helping the companies save substantial amount of money. Hence, during 2020, wireless smart technology held a prominent share of 83.3%, followed by wired technology. Wireless smart home devices market generated a revenue of US$ 47,956.3 million in 2020 and is projected to grow at a CAGR of 19.4% during the forecasted period. In addition, Wi-Fi technology application in smart home held 60.8% share and garnered revenue of US$ 29,136.2 million in 2020. While Ethernet wired connection occupied largest share in the respective technology. During 2020, wired connection is expected to showcase remarkable compound growth of 21.6% during the forecasted period. Based on end-users, global smart home market is segmented into residential and commercial end-users. In 2020, smart home technology was more applicable among residential end-users.
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The segment dominated the market and is expected to maintain its dominance throughout the analyzed 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. During 2020, mid-range apartments occupied the largest share of 37.5%, followed by luxury apartments and luxury villas in the global smart home residential end-user segment market. 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.
Moreover, benefits of smart home technology can also be witnessed among commercial end-users such as 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 majorly prominent among hospitals. Based on estimation, the respective segment is projected to generate revenue of US$ 34,820 million by 2027 displaying tremendous CAGR of 20.6% during the forecasted period. Moreover, 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. Owing to this, the global smart home market was valued at US$ 57,579 million during 2020 and is projected to reach US$ 208,450.2 million by 2027. 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. Furthermore, for better understanding of the industry the report analysis 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). Based on estimation, North America dominated the global smart home market, with more than 47% share in 2020. 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. Europe and Asia Pacific followed North America with 26.4% and 21.8% shares respectively in 2020.
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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. 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.
Table of Contents
1 MARKET INTRODUCTION
1.1 Market Definition
1.2 Objective of the Study
1.3 Limitation
1.4 Stakeholders
1.5 Currency used in the Report
1.6 Scope of the Global Smart Home Technology Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for Smart Home Technology Market
2.1.1 Main objective of the Smart Home Technology Market Study
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 MARKET OVERVIEW
5.1 General Overview of Smart Home Market
5.1.1 Pricing Analysis of Smart Home Appliances, by Type of Cost
5.2 Market Dynamics
5.2.1 Increasing Awareness of Advanced Technology among Consumers
5.2.2 Increasing Penetration of Smartphones and internet, especially in APAC Region
5.2.3 Proliferation of Internet of Things, especially in the Emerging Region’s
5.2.4 Surging Disposable Incomes and Urbanization
5.2.5 Growing Demand for Smart Home Energy Management System
5.2.6 Development of Interconnectivity Across Platforms and Devices
5.3 Market Restraints
5.3.1 Concerns Regarding Privacy and Hacking
5.3.2 Complex Installation and High Price of the Smart Home products
5.4 Opportunities in the Market
5.4.1 Scope for Insurance companies
5.4.2 Growth opportunity for Telecom Operators
5.4.3 Emerging Business Opportunities in Asia-Pacific
5.4.4 Restoring Independence for Elders
5.5 Factor Analysis
5.5.1 Demand & Supply Side Analysis
5.5.2 Major Development & Investments in the Smart Home Market
5.5.3 Major development and new Start-ups
5.5.4 Top Investor in the Smart Home Market
6 MARKET INSIGHTS, BY PRODUCT
6.1 General Overview
6.1.1 Safety and Security
6.1.2 Smart Appliances
6.1.3 Heating Ventilating, Air Conditioning (HVAC)
6.1.4 Home Entertainment
6.1.5 Smart Lighting Systems
6.1.6 Smart Energy Management
7 SMART HOME MARKET INSIGHTS, BY TECHNOLOGY
7.1 General Introduction
7.2 Wireless Smart Home Technology
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