The Smart Home Market is expected to grow from USD 79.13 billion in 2020 to USD 138.9 billion by 2026 at a CAGR of 10.4% from 2020 to 2026.
The smart home also referred as home automation includes the usage of internet-connected devices to handle and monitor various home appliances and systems. This technology includes controlling all the electronic devices which are present at home utilizing wireless technology. It provides comfort, security, energy efficiency and convenience to the end-users by allowing them to control all the electronic appliances through a smart home app on the smart phones or other networked devices. The growth of the Smart Home Market is projected to be significantly propelled by the rising consumer inclination towards voice-assisted technologies (such as Alexa and Google Home), video doorbells and surveillance systems. The rise in the adoption of consumer IoT is ascribed to the increasing penetration of the internet, the growing usage of smartphones and the growth of social network platforms. The constant increase in the number of internet users across the world is projected to fuel the growth of the overall smart home market due to the increasing adoption of internet-based smart devices such as radio frequency identification (RFID), barcode scanners, and mobile computers. Moreover, the rising penetration of smartphones and increasing usage of the internet across the world are some of the primary factors impacting the growth of the smart home market in the given analysis period. The internet has made life easier in various ways in recent years and is spreading ever more exceptionally. In the fields such as transport, banking, education, shopping, healthcare, home automation and personal data analysis, the usage of Internet has increased. In this significant increase in Internet usage, the mobile device plays a prominent role. Over the past few years, the internet users have increased, with over 1 million people coming up every day online for the first time since January 2018. Apart from this, the issues associated to security and privacy breaches will majorly hamper the market growth.
Furthermore, the lighting control manufacturers are now producing products with inbuilt data connectivity. These controllers can be functioned directly, without external communication protocols and connectivity. This is projected to create a significant demand for such products, therefore creating opportunities for the players operating in the smart home market.
The global Smart Home Market is segregated on the basis of Technologies as Cellular Network Technologies, Protocols and Standards and Wireless Communication Technologies. Based on Product the global Smart Home Market is segmented in Lighting Control, Security and Access Control, HVAC Control, Media & Entertainment and Others.
The global Smart Home Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Smart Home Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Honeywell International Inc., Siemens AG, Johnson Controls International, Schneider Electric SE and United Technologies Corporation and others are among the major players in the global Smart Home Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Smart Home Market has been segmented as below:
Smart Home Market, By Technologies
Smart Home Market, By Product
Smart Home Market, By Region
Smart Home Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
The global Smart Home Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Smart Home Market share. Major industry players with significant revenue share include Honeywell International Inc., Siemens AG, Johnson Controls International, Schneider Electric SE and United Technologies Corporation and others.
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1.1. Key Points
1.2. Report Description
1.3. Markets Covered
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
18.104.22.168. Secondary Research
22.214.171.124. Primary Research
126.96.36.199. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
5. Smart Home Market, By Technologies
5.1. Key Points
5.2. Cellular Network Technologies
5.3. Protocols and Standards
5.4. Wireless Communication Technologies
6. Smart Home Market, By Product
6.1. Key Points
6.2. Lighting Control
6.3. Security and Access Control
6.4. HVAC Control
6.5. Media & Entertainment
7. Competitive Landscape
7.2. Start-up companies- Smart Home Market
7.3. Recent Developments
7.3.1. Mergers & Acquisitions
7.3.2. New Product Developments
7.3.3. Portfolio/Production Capacity Expansions
7.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8. Company Profile
8.1. Honeywell International Inc.
8.2. Siemens AG
8.3. Johnson Controls International
8.4. Schneider Electric SE
8.5. United Technologies Corporation
8.6. Amazon Inc.
8.10. Robert Bosch GmbH
8.11. Samsung Electronics
8.13. LG Electronics