Global Smart Homes industry valued approximately USD 24.5 billion in 2016 is anticipated to grow with a healthy growth rate of more than 15.0 % over the forecast period 2017-2025. The major drivers of this market are technological development in smart technology, favorable government initiative for smart infrastructure, and increasing demand for energy conservation. However, few factors such as high cost of switching for existing smart device consumers and problems related to breach in privacy and security are restraining the growth of the global smart home market.
Smart Home technology or home automation enables remote monitoring and management of home appliances and systems. A smart home system uses the concept of Internet of Things(IoT) which enable the devices to operate together and thus providing more secured, comfortable, convenient and energy efficient home. The high cost of electricity is key concern for household consumers. These growing costs are inducing the consumers to save energy. Smart home appliances appeared as an effective solution to save energy. Therefore, households are accepting smart home appliances to reduce their energy costs. The home appliances market is expected to grow at a high rate due to the advancements in electronics and communication technologies.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Product:
> Smart Lighting
> Smart Speakers
> Smart Sensors
> Smart Appliances
> Smart Security Equipment
> Others
By Application:
> Lighting Control
> HVAC Control
> Security and Access Control
> Entertainment Control
> Others
Regions:
> North America
o U.S.
o Canada
> Europe
o UK
o Germany
> Asia Pacific
o China
o India
o Japan
> Latin America
o Brazil
o Mexico
> Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2015
Base year - 2016
Forecast period - 2017 to 2025
Some of the key manufacturers involved in the market Siemens AG, United Technologies Corporation, General Electric Company, Schneider Electric, Honeywell International, Inc., Ingersoll-Rand PLC, Johnson Controls, Inc., ABB Ltd., Legrand S.A. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Target Audience of the Smart Homes Market Study:
> Key Consulting Companies & Advisors
> Large, medium-sized, and small enterprises
> Venture capitalists
> Value-Added Resellers (VARs)
> Third-party knowledge providers
> Investment bankers
> Investors
