Smart Home Market to Eyewitness Promising CAGR Growth of 22.80% by 2029, Analysed by key Players, Future Trends, Share, Revenue Outlook, Industry Growth and Applications

The growing urbanization in developing economies, there has been a surge in smart buildings, which is estimated to bolster the market's overall growth

| Source: Data Bridge Market Research Data Bridge Market Research

MUNICH, GERMANY, July 19, 2022 (GLOBE NEWSWIRE) -- The comprehensive industry research on “Global Smart Home Market” published by Data Bridge Market research includes growth analysis, regional marketing, challenges, opportunities, and drivers analyzed in the report. The market insights covered in the Smart Home report simplify managing marketing of goods and services effectively. Here, the market overview is given in terms of drivers, restraints, opportunities, and challenges where each of these parameters is studied scrupulously. All the data and statistics provided in this market report are backed up by the latest and proven tools and techniques such as swot analysis and Porter's Five Forces Analysis. With the latest and updated market insights mentioned in the report, businesses can concentrate to enhance their marketing, promotional, and sales strategies.

Global Smart Home Market was valued at USD 121.82 million in 2021 and is expected to reach USD 680.90 million by 2029, registering a CAGR of 22.80% during the forecast period of 2022-2029. The "home appliances" accounts for the largest product type segment in the smart home market within the forecasted period owing to the market availability of wireless solutions that have enabled smart appliances to connect with smartphones and tablets wirelessly via the Internet or Bluetooth. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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Industry Overview:-

Smart home devices are appropriate for a home setup in which devices may be operated remotely using a mobile or other networked device from any Internet-connected location in the world. The consumer may control services such as security access, temperature, lighting, and home entertainment in a smart home because all of its gadgets are connected to the Internet.

The number of internet users has risen in the last year, with over 1 million individuals going online every day for the first time since January 2018. The increased internet usage has led to the increased adoption of smart homes around the world. The growing inclination for a luxurious lifestyle in developing countries and increased internet penetration have largely helped the arket gain traction over the past few years. Therefore, the continuous internet penetration will also aid the market to grow immensely over the forecasted period.

The top Players Analysed in the Report are:-

  • Honeywell International Inc. (U.S.)
  • Siemens (Germany)
  • Johnson Controls (Ireland)
  • Axis Communications AB (Sweden)
  • Schneider Electric (France)
  • ASSA ABLOY (Sweden)
  • Amazon (U.S.)
  • Apple Inc., (U.S.)
  • ADT (US)
  • ABB (Switzerland)
  • Robert Bosch GmbH (Germany)
  • Sony Corporation (Japan)
  • Samsung (South Korea)
  • Ooma Inc., (U.S.)
  • Delta Controls (Canada)
  • Comcast (U.S.)
  • Crestron Electronics Inc., (U.S.)
  • SimpliSafe Inc., (U.S.)
  • Armorax (U.S.)
  • LG Electronics (South Korea)
  • Lutron Electronics Co., Inc (U.S.)
  • Legrand (France)

Porter’s five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global Smart Home market over the period. Further, Growth Matrix gave in the report brings an insight into the investment areas that existing or new market players can consider.

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Recent Developments

In January 2021, Samsung introduced big capacity Variable Refrigerant Flow (VRF) air conditioning systems that can be placed in upscale apartments, villas, bungalows, houses, and commercial and retail businesses, in just 0.5 sq. m of area in India. Using the SmartThings app on any smartphone, the Wi-Fi-enabled DVM S Eco series delivers smart features like voice control and a linked home experience. For added convenience, each indoor unit can be controlled independently. Current, daily, weekly, or even monthly energy consumption can be tracked based on the use of outside equipment to provide energy efficiency. The DVM S Eco series is simple to install, with up to 16 indoor devices able to be set up at once.

How will this Market Intelligence Report Benefit You?

**The report offers statistical data in terms of value (US$) as well as Volume (units)

**Exclusive insight into the key trends affecting this industry, although key threats, opportunities and disruptive technologies that could shape the Global Market supply and demand

**The report tracks the leading market players that will shape and impact Smart home Market most

**The data analysis present in this report is based on the combination of both primary and secondary resources

**The report helps you to understand the real effects of key market drivers or retainers on this business

Market Segmentation: Smart home Market

Product Type

  • Entertainment Controls
  • Security and Access Control
  • HVAC Control
  • Home Appliances
  • Smart Kitchen
  • Lighting Control
  • Smart Furniture
  • Home Healthcare
  • Others

Technology

Software and Service

  • Behavioral
  • Proactive

Sales Channel

  • Direct
  • Indirect

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Smart Home Market Regional Analysis/Insights

The smart home market is analyzed and market size insights and trends are provided by country, product type, technology, software and service and sales channel as referenced above.

The countries covered in the smart home market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the smart home market owing to the high manufacturing capacity of the region and the increasing business expansion and awareness among the customers within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to its low price as compared to proactive which further creates a huge difference as the market is price sensitive within the region.

Opportunities

  • Technology Penetration and Investment

The penetration of IoT, z-wave, Wi-Fi, Bluetooth technology coupled with the investment in smart home security devices are estimated to generate lucrative opportunities for the market, which will further expand the smart home market's growth rate in the future. Additionally, the shifted focus on improving energy efficiency will also offer numerous growth opportunities within the market.

Key Drivers

  • Energy Efficiency and Low Carbon Emissions

The growing need for energy-saving and low-carbon-emission-oriented solutions propels the global smart home market. Energy efficiency is an important aspect of a country's economic development. There has been a growing demand to reduce energy usage and carbon emissions as a result of rising global warming and regulatory regulations. Smart homes account for a significant percentage of the world's total energy consumption. This factor is projected to be the most significant factor driving the growth for this market.

Additionally, with the growing urbanization in developing economies, there has been a surge in smart buildings, which is estimated to bolster the market's overall growth. Furthermore, the increasing number of internet users, growing adoption of smart devices, and increasing customer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home) and surveillance systems also further fuels market growth. Growing concerns regarding safety, security and public convenience also cushions the market's growth within the forecasted period. Moreover, the connected devices help consumers control and monitor the home appliances and office devices remotely from their smartphones or tablets, which acts as a market driver.

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