The smart homes are dwellings with the internet-connected devices that observe and control lighting, heating and cooling systems, and privacy cameras, among several others. The home automation technology allows homeowners to hold smart appliances utilizing their smartphones or several other networking devices. The smart home devices are also beneficial for the mature observing and supporting them without the requirement for 24/7 home care.
According to the report analysis, ‘Global Smart Home Market (2018 – 2013)’ states that in the global smart home market, there are several key players which are presently performing their functions more significantly for leading the fastest market growth and generating the handsome value of a market share around the globe in the coming years more enormously includes Samsung Electronics Co., Ltd., Whirlpool Corporation, Haier Corporation, Amazon.com Inc., Google Inc., ADT Inc., Honeywell International Inc., Osram Licht Group, Philips, LG Electronics Inc., and several others.
Additionally, the smart home market is sectored on the basis of products and technology. Such sectors are further divided into each region. On the basis of product type, the smart home market is classified into smart speakers, sanctuary and access control, smart lighting, thermostats, smart home employments, healthcare, and supported living, and others. Moreover dependent on the technology, the smart home market is classified into the wireless technology and cellular network technology.
Whereas, the global smart home market is estimated to reach a value of USD 151 Bn by 2023, enlarging at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period. The increment in the smart home, the market is owing to the speedy implementation by customers for the convenience developed safety and security systems, and the increasing a requirement for the connectivity.
Based on the product segment, the home appliances sector will observe an effective CAGR of 20.8% through the review period (2018-2023), and is estimated to have a market share of 42.4% by 2023. The smart speaker’s sector will observe the highest growth rate, enlarging at a CAGR of 31.2% through the review period (2018-2023), and will register for a market share of 15.3%. The propagation of Internet-connected mobile phones has reinvigorated customers to using smart devices in their homes. Thus, smart speakers like Amazon Echo and Google Home Mini will be the maximum increasing sector in the smart home market.
On the basis of region, the market is sectored into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The North America region has the principal market share. In 2018, this economy’s share of the market was around 48.3%. Foremost manufacturers functioning in this country, combined with the obtain ability of the sophisticated technologies, increased the growth of the smart home market. Also, increasing awareness and great implementation of the advanced security solutions across North America have augmented the acceptance of smart home products. The Asia-Pacific the region will be the fastest-growing economy during the forecast period (2018-2023). Given this region’s enormous potential, global smart home leaders like Honeywell International, Samsung Electronics, LG, Siemens, Emerson, and Amazon is aiming at delivering affordable systems and solutions for augmenting their market shares. Therefore, in the near years, it is anticipated that the smart home market will increase around the globe more significantly over the near years.
Samsung Electronics Co., Ltd.
Honeywell International Inc.
Osram Licht Group
LG Electronics Inc.
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Ankur Gupta, Head Marketing & Communications