Smart Home Market to Document Massive CAGR of 21.1% from – GlobeNewswire

Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) — The global Smart Home Market size was USD 86.48 billion in 2020. The market is expected to grow from USD 99.89 billion in 2021 to USD 380.52 billion in 2028 at a CAGR of 21.1% during the 2021-2028 period.This crucial information is published by Fortune Business Insights™ in its report titled, “Smart Home Market, 2021-2028.”

According to our researchers, the increasing number of internet users, surging disposable income of consumers within emerging economies, the growing significance of home monitoring in remote areas, and the increasing demand for low-carbon emission and energy-saving-oriented solutions are anticipated to drive the smart home market competencies.

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COVID-19 Impact

COVID-19 Pandemic to Fuel for Market

The COVID-19 has interjected with normal routines of people and triggered individuals, organizations, and governments to alter their policies, primacies, and actions. These expansions are acting as an impetus for technological progressions and inventions. Nonetheless, in the past few years, the home automation business has emerged quickly, a trend assisted in part by COVID-19 and the fact that people have been enforced to expend more time in their homes owing to lockdown constraints.

Segmentation

On the basis of product, the market is categorized into home monitoring/security, smart lighting, entertainment, smart appliances, and others (thermostat, smart plugs, smart power strips, smart meters, and others). Amongst them, entertainment is projected to hold the largest market share during the forecast period.

Geographically, the market is classified into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.

Report Coverage

We provide our reports conducted with an all-inclusive examination approach that majorly emphasizes delivering precise material. Our scholars have applied a data triangulation method which further assists us in offering trustworthy estimations and testing the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.

To get to know more about the short-term and long-term impact of COVID-19 on this market,

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Report Scope and Segmentation:

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 21.1 %
2028 Value Projection USD 380.52 Billion
Base Year 2020
Market Size in 2020 USD 86.48 Billion
Historical Data for 2017 to 2019
No. of Pages 120
Segments covered By Product, By Region
Growth Drivers Increased Adoption of Internet of Things (IoT) Solutions to Boost Market Expansion
Increasing Adoption of Home Automation Technologies to Propel Market Growth
COVID-19 Pandemic to Boost Market Growth
Pitfalls & Challenges High Security Threats to Hamper Market Growth

Drivers and Restraints

Implementation of Internet of Things Platforms to Impel Market Growth

The Internet of Things (IoT) platform is one of the utmost essential smart home market growth drivers. IoT-equipped appliances assist in offering energy-proficient abilities at residences. Several companies are targeting to develop their IoT platforms and other connected technologies, specifically Artificial Intelligence (AI) and Machine Learning (ML), so that they can be executed in smart home products resourcefully. This is expected to bolster this market’s growth during the forecast period.

Regional Insights

Growing Demand for Automation Solutions to Boost Growth in Asia Pacific

North America is estimated to hold the largest smart home market share during the forecast period. This growth is stoked by the sturdy attendance of prime players functioning in this market.

Asia Pacific is expected to grow with the highest CAGR during the predicted period. The surging demand for automation solutions from the residential applications is anticipated to fuel growth in this region.

In Europe, market growth is being determined typically by the development of small businesses and augmented investment by chief corporations in countries such as Germany, the U.K., France, and many others.

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Competitive Landscape

Inventive Product Launch Declaration by Crucial Players to Spur Market Growth

The noticeable players in the market embrace numerous tactics to reinforce their position in the market as leading companies. One such significant strategy is acquiring companies to encourage brand value among users. Another indispensable strategy is occasionally launching innovative products with meticulous study of the market and its target audience.

For instance, in March 2021, Robert Bosch GmbH launched the novel cameras built on their open camera platform Inteox, commencing through the MIC inteox 7100i.  

Key Industry Development

January 2021: D-Link Corporation unveiled mydlink smart home solutions, accentuating the security offered to maintain the safety of safe the family throughout the pandemic. For people who want to stay at home, it comprises characteristics such as AI-enabled protection, mydlink cloud, and safeguarding amplified safety and manageability.

Companies Profield in this Market Report

  • ABB Ltd. (Zurich, Switzerland)
  • Centrica Connected Home Limited (London, U.K)
  • Control4 Corporation (Utah, U.S.)
  • Emerson Electric Co. (Missouri, U.S.)
  • General Electric Company (Massachusetts, U.S.)
  • Honeywell International (North Carolina, U.S.)
  • Johnson Controls, Inc. (Cork, Ireland)
  • Samsung Group (Suwon-si, South Korea)
  • Schneider Electric SE (Rueil-Malmaison, France)
  • Sony Corporation (Tokyo, Japan)

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Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global Smart Home Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Smart Home Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Product (USD)
        • Home Monitoring/Security
          • Security Cameras
          • Smart Door locks
          • Others (Storage Devices, Servers, Doorbells, etc.)
        • Smart Lighting
        • Entertainment
          • Speakers/Sound bars
          • Voice Assistant
          • Smart TV/Projectors/Monitors
          • Wearable
          • Others (Smart Remote etc.)
        • Smart Appliances
          • Smart Refrigerators
          • Smart Air Conditioners
          • Others (Smart Vacuum Cleaners, Washing Machines etc.)
        • Others (Thermostat, etc.)
      • By Region (USD)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America

TOC Continued.

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