SMART HOME MARKET: SUMMARY
The Global Smart Home Market is projected to reach a value of over USD 340.3 billion by 2027 at a CAGR of around 20.5%.
Smart home refers to a convenient home setup where devices and appliances can be controlled automatically from anywhere with an Internet connection using mobile or other networked devices. A smart home allows end-users to control light, control appliances, and many other smart devices remotely using network devices through an Internet connection. A smart home provides services and solutions for lighting control, security & surveillance, HVAC control, smart kitchen, entertainment & other control, and home healthcare applications.
SMART HOME MARKET: DRIVERS & OPPORTUNITIES
- Increasing Adoption of Smartphone and Other Smart Gadgets
Increasing the population and increasing demand for home automation increases the demand for smartphones and other smart gadgets such as laptops, tablets, and desktop PCs during the forecast period. With the use of different mobile applications, end users can control various smart home applications such as controlling the light, security & Surveillance, family healthcare, and many other applications. The primary benefit of pairing a smartphone with a smart home is an end-user customer can operate or control the smart home application from anywhere in the world. The Internet gives full control of smart home applications to end-user customers. And hence it is expected to drive the market during the forecast period.
- Advancement in The Internet of things (IoT) Technology
With the advancement in IoT technology helps to improve the efficiency at a higher level of management, overall profitability of the business and to reduce the risk. Through IoT, customers get a better connection through wireless technology. Furthermore, the Internet of Things advance can be realized for the overall products and lines of business from commercial to life, property and casualty and health. With the help of IoT, smart home appliances can save time, energy, and money.
Hence, advancement in IoT technology is expected to surge the smart home market during the forecast period.
SMART HOME MARKET: KEY SEGMENTS
- Based on technology: Network Technology and Wireless Technology
- Based on offering: Lighting Control, HVAC Control, Security & Surveillance, Entertainment & Other Control, Smart Kitchen, and Home Healthcare
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
SMART HOME MARKET: REPORT SCOPE
The report on the smart home market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Technology and Offering
North America, Asia-Pacific, Europe, Middle East & Africa, South America
KEY Companies Covered
- Honeywell International Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- GENERAL ELECTRIC COMPANY
- Schneider Electric
- Johnson Controls
- SAMSUNG ELECTRONICS CO., LTD
- United Technologies Corporation
- LG Electronics
- Lennox International Inc.
- Other Key Companies
- Lutron Electronics Co., Inc
- Nest Labs
SMART HOME MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Home Market, by Technology
- Network Technology
- Wireless Technology
Smart Home Market, by Offering
- Lighting Control
- Occupancy Sensors
- HVAC Control
- Smart Vents
- Smart Thermostats
- Pumps & Fans
- Control Valves
- Air Cleaners
- Security & Surveillance
- Access Control
- Facial recognition
- Iris Recognition
- Fingerprint Recognition
- Video Surveillance
- Security Cameras
- Storage Devices
- Entertainment & Other Control
- Audio, Volume, and Multimedia Room Control
- Home Theatre System Control
- Wireless Doorbells
- Smart Meters
- Smart Hubs
- Smart Lock
- Smoke Detector
- Smart Kitchen
- Smart Dishwashers
- Smart Refrigerator
- Smart Coffee Makers
- Smart Ovens
- Smart Cookers
- Smart Kettles
- Home Healthcare
- Physical Activity Monitors
- Health Status Monitors
Smart Home Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Smart Home Market Providers
- Smart Home Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Smart Home Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE SMART HOME MARKET STUDY