Dublin, Jan. 28, 2019 (GLOBE NEWSWIRE) -- The "Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The overall smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.02%
The growth of the smart home market is driven by several factors, such as a large base of internet users and rapid adoption of smart devices; increased public awareness of fitness and healthy lifestyles owing to the highly disposable income in developing economies; high importance of home monitoring from remote locations; rise in the need for energy-saving and low carbon emission solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; existence of various market players focusing on expanding their smart home product portfolios; and widespread concern about safety, security, and convenience.
Entertainment and other control systems are likely to hold the largest share of the smart home market in 2018
Entertainment has become an important part of life as it provides relaxation and rejuvenation. A multi-room entertainment control system allows the user to centralize all connected devices and then listen to, watch, and control that equipment from every room in the house simultaneously or independently.. Major control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is driven by the convenience offered by these controls for managing as well as controlling the entertainment systems within a house.
Advancements in wireless communication technologies is a major factor in boosting the growth of the market for home theater system controls, thereby driving the overall smart home market for entertainment controls. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke detectors. The increasing cost of electricity is a major concern that drives household consumers toward energy savings. Moreover, the increasing popularity of smart plugs, smart hubs, and smart locks is also fueling the adoption of control systems.
Behavioral type software and services are expected to account for the largest market share in 2018
The increasing connectivity between machine-to-machine solutions and the Internet of Things is driving the growth of the smart home and energy management markets, which has, in turn, influenced the growth of the market for software and services for smart homes. The behavioral type software and services help analyze energy-related data and forward it to end users. This category is restricted to transmitting and receiving data and does not perform intelligent actions like the proactive type. Behavioral type solutions provide direct feedback to end users, thereby providing the basic information regarding the real-time energy data, along with the historical data reflecting energy usage. Therefore, behavioral type software and services are likely to hold the largest market share in 2018.
North America and APAC considered as major markets for smart homes
North America is likely to account for the largest share of the global smart home market in 2018 owing to the increasing demand for reliable home energy management systems and enhanced home security levels, as well as growing popularity of smart devices such as tablets and smartphones. The smart home market in APAC is expected to grow at the highest rate during the forecast period. Factors such as the strong economic growth, increased population, and improved standard of living, and rapid urbanization lead to a sophisticated infrastructure and driving the growth of the smart home market in this region.
Market Dynamics
Drivers
- Growing Number of Internet Users and Increasing Adoption of Smart Devices
- Increasing Awareness About Fitness and Rise in Disposable Incomes in Developing Economies
- Increasing Importance of Home Monitoring in Remote Locations
- Rising Need for Energy-Saving and Low Carbon Emission-Oriented Solutions
- Cost Reduction Measures Enabled By Smart Homes
- Rapid Proliferation of Smartphones and Smart Gadgets
- Large Number of Manufacturers Expanding Their Smart Home Product Portfolios
- Growing Concern About Safety, Security, and Convenience Among People
Restraints
- More Convenience-Driven Market Rather Than Being Necessity-Driven Market
- High Cost of Switching for Existing Smart Device Consumers
- Issues Related to Breach in Security and Privacy
Opportunities
- Favorable Government Regulations to Promote Green Buildings
- Expected Incorporation of Lighting Controllers With In-Built Data-Connectivity Technology
- Integration of Power Line Communication Technology in Smart Homes
Challenges
- Linking Disparate Systems, Limited Functionality, and Lack of Open Standards
- Risks of Device Malfunctioning
Value Chain Analysis
- Supply Chain Analysis
- Opportunities for Companies in Smart Home Value Chain
Key Industry Trends
- Top Investors in Smart Home Market
Company Profiles
Key Players
- Honeywell International
- Siemens AG
- Johnson Controls International
- Schneider Electric SE
- United Technologies Corporation
- Amazon Inc.
- Apple Inc.
- ADT
- Robert Bosch GmbH
- Assa Abloy
- Legrand SA
- ABB Ltd.
- Ingersoll-Rand PLC
- Comcast Corporation
- Hubbell Inc.
- Vivint
Other Key Companies
- LG Electronics
- Samsung Electronics
- Sony
- Lutron Electronics Co.
- Crestron Electronics, Inc.
- Buildingiq
- Hitachi, Ltd.
- Delta Controls
- Control4
- Lennox International
- General Electric
- Axis Communications AB
- Distech Controls
- Simplisafe
- Armorax
- Nest Secure
- Notion
- Canary
- Scout
- Cacoon
For more information about this report visit https://www.researchandmarkets.com/research/72cr3x/global_smart_home?w=12
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