Global Smart Home Market: Key Highlights
Global Smart Home Market: Key Market Dynamics
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Global Smart Home Market: Regional Overview
Asia-Pacific is expected to grow at a faster rate during the forecast period. Increasing the smartphone & smart gadgets market, increasing population, and increasing need for safety & security will drive the market in this region. The rapidly increasing construction market is expected to fuel the growth of the smart home market during the projected years. The presence of various telecom service providers and wireless networking services providers also boost the market in this region.
North America is expected to dominate the market during the forecast period. Early adoption of new technologies, the presence of global players, and the growing demand for residential security and safety will boost the market in this region. The global players such as Honeywell International Inc, GENERAL ELECTRIC COMPANY, Lennox International Inc., Lutron Electronics Co., Inc, United Technologies Corporation, and Nest Labs will drive the market in North America as well as globally.
Global Smart Home Market: Key Players Overview
Honeywell International, Inc. is a software-industrial company, which offers industry-specific solutions to aerospace and automotive products and services. The company operates in aerospace, home, and building technologies, performance materials & technologies, and safety & productivity solutions business segments. In June 2019, Honeywell launched smart wiring devices in India for easily managing electrical devices in homes. These wiring devices will available in Prestige, Harmony, and Expression series.
GENERAL ELECTRIC COMPANY deals with technology and financial services. It operates through five business segments such as power, renewable energy, aviation, healthcare, and capital. In January 2020, the company launched C, hubless three-wire smart switch and two hubless dimmer models to expand its product portfolio in the smart home market. This product does not require any additional product such as hub to integrate with Google Assistant or Amazon Alexa for voice control.
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