DUBLIN--(BUSINESS WIRE)--The "Smart Homes Market - Forecasts from 2019 to 2024" report has been added to ResearchAndMarkets.com's offering.
The global smart homes market is expected to grow at a CAGR of 17.86% reaching US$124.596 billion in 2024 from US$46.493 billion in 2018.
Smart homes are residences equipped with a high-end computational and operational network that automatically operates, interacts with and responds to the needs of its residents. This impacts the occupants luxury and convenience. Other major purposes that are solved by smart homes are enhancing security measures, providing energy efficiency as well as providing timely entertainment.
Developed countries will be the major market providers at the initial stage but market size in growing economies is expected to increase in the long run due to rapidly increasing purchasing power in these economies and an overall push from governments towards automation and energy efficiency. A growing percentage of the aging population in the developed countries with a higher rate of chronic conditions generates a high demand for energy efficient smart home solutions. Apart from this, smart security systems as well as automatically coordinating interconnected home electrical appliances are huge drivers in this sector. Despite the presence of enormous driving forces in the market, factors like heavy initial costs and lack of consumer awareness are some restraints faced by the smart homes market.
Energy efficient equipment like smart meters.
Electronic devices like refrigerators, air-conditioners and washing machines that are interconnected and can run with a two-way information channel.
Smart security systems are huge drivers at a time when home security is a big concern for people.
Demands of an aging population with a growing prevalence of chronic diseases.
High up-front costs
Lack of awareness among consumers
In January 2017, Honeywall International Inc. launched Lyric Cameras and an eventual software upgrade for Lyric Security Systems, thus making the system compatible with Apple's HomeKit. They also added app integration with a lyric system for better monitoring and instant alerts.
In July 2018, Siemens AG added new features to their Synco IC cloud platform for remote heating, ventilation, and air-conditioning control.
Key Topics Covered:
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter's Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. GLOBAL SMART HOMES MARKET BY PRODUCTS
5.1. Security Control
5.2. Lighting Control
5.3. Access Control
5.4. Energy Management Systems
5.5. Home Health Systems
5.6. Smart Kitchen
5.7. Entertainment Systems
5.8. HVAC Control
6. GLOBAL SMART HOMES MARKET BY SERVICES
6.3. Renovation and Customization
7. GLOBAL SMART HOMES MARKET BY GEOGRAPHY
7.1. North America
7.2. South America
7.3.2. United Kingdom
7.4. Middle East and Africa
7.4.3. Saudi Arabia
7.5. Asia Pacific
7.5.2. South Korea
8. COMPETITIVE INTELLIGENCE
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investments and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.1. Siemens AG
9.2. Honeywell International Inc.
9.3. Lutron Electronics
9.4. Emerson Electric Co.
9.5. Control4 Corporation
9.6. Schneider Electric
9.7. United Technologies Corporation
9.8. Crestron Electronics
9.9. Samsung Electronics
9.10. Sony Corporation
For more information about this report visit https://www.researchandmarkets.com/r/yo8xih