The author predicts that the global market for smart homes would witness a CAGR of 15.01% over the forecast period 2019-2027.
Smart homes technologies are the ones that utilize electronics & software to increase the comfort of the inhabitants of the house. Infrastructures such as the Internet of Things, software development and availability of electronic components have helped in the advancement of the smart home market.
The rising aging populace, government initiatives, rise in urbanization & infrastructure projects and growth in IoT devices are fueling the growth of the smart home market, out of which, the rise in urbanization & infrastructure projects is the main factor driving the growth.
However, the market also faces restraints such as the complex installation procedure of smart devices, the high price of smart home projects, privacy concerns and problems with data management.
Opportunities such as the growth of smart city projects and demand from urban security will support the growth of the market in the coming years. On the other hand, low awareness about the market and the lack of standardization & problems with interoperability are the key challenges being faced by the market currently.
The global smart home market spans across five major regions around the world, namely, the Asia-Pacific, Europe, Latin America, North America and the Middle East and Africa.
The Asia-Pacific is the fastest-growing market in the global smart home market. And India is the fastest-growing country in the APAC market region. The major drivers of the Indian smart home market are the country's vast population, improvement in people's standard of living and the rise in their purchasing power.
A broad range of hi-tech products are available in the market, which are aimed at making life more comfortable, convenient and secure; thus, steadily attracting more customers towards the concept of smart homes. The demand for smart lighting systems, gas leakage detectors, fire detection systems, entertainment systems, security systems and energy efficiency systems are influencing the growth of smart home appliances in the country.
The companies that have been mentioned in the smart home market report are Vodafone Group Plc, United Technologies Corporation, Solatube International, Inc., Siemens AG, Schneider Electric SE, Samsung Electronics Co., Ltd., LG Electronics, Inc., Johnson Controls, Inc., Honeywell International, Inc., Emerson Electric, Co., EE Limited, Crestron Electronics, Inc., Control4 Corporation, Century Technologies Corp., Centrica Connected Home Limited, Blue Line Innovations, Inc. and ABB Ltd.
ABB, Ltd. is a multinational engineering company that mainly develops power & automation technologies. It serves the electric, gas & water utilities, as well as industrial and commercial customers. The company operates in approx. 100 countries across Asia, Europe, the Americas and Middle East & Africa (AMEA). The company has classified its business into five segments, namely, power grids, electrification products, industrial automation, robotics & motion, corporate and other. ABB's global footprint, backed by local capabilities allows capturing profitable growth opportunities. The successful integration of recent acquisitions by the company dives its overall business. Technological innovation helps in driving competitiveness in the marketplace.
Key Topics Covered
1. Global Smart Home Market - Summary
2. Industry Outlook
2.1. Market Definition
2.2. Key Insights
2.2.1. Increase In Adoption Of Electronic Gadgets
2.2.2. Cloud Technology Helps In The Growth Of The Market
2.2.3. Increased Adoption Of Smart Homes
2.3. Evolution & Transition Of Smart Home
2.4. Porter's Five Force Analysis
2.4.1. Threat Of New Entrants
2.4.2. Threat Of Substitute
2.4.3. Bargaining Power Of Suppliers
2.4.4. Bargaining Power Of Buyers
2.4.5. Threat Of Competitive Rivalry
2.5. Key Impact Analysis
2.5.2. Data Security
2.6. Market Attractiveness Index
2.7. Vendor Scorecard
2.8. Industry Components
2.9. Market Drivers
2.9.1. Growth In Aging Population
2.9.2. Growth In Internet Of Things (IoT) Devices
2.9.3. Increase In Urbanization And Infrastructure Projects
2.9.4. Governmental Initiatives
2.10. Market Restraints
2.10.1. Complex Installation Procedure Of Smart Devices
2.10.2. Problems With Data Management
2.10.3. High Price Of Smart Home Projects
2.10.4. Privacy Concerns
2.11. Market Opportunities
2.11.1. Demand From Urban Security
2.11.2. Growth Of Smart City Projects
2.12. Market Challenges
2.12.1. Low Awareness About The Market
2.12.2. Lack Of Standardization And Problems With Interoperability
3. Global Smart Home Market Outlook - By Products
3.3. Lighting Controllers
3.5. Energy Management
3.6. Home Health
4. Global Smart Home Market Outlook - By Services
4.1. Installation & Repair
5. Global Smart Home Market - Regional Outlook
5.1. North America
5.1.1. Market By Products
5.1.2. Market By Services
5.1.3. Country Analysis
22.214.171.124. United States
5.2.1. Market By Products
5.2.2. Market By Services
5.2.3. Country Analysis
126.96.36.199. United Kingdom
188.8.131.52. Rest Of Europe
5.3.1. Market By Products
5.3.2. Market By Services
5.3.3. Country Analysis
184.108.40.206. South Korea
220.127.116.11. Asean Countries
18.104.22.168. Australia & New Zealand
22.214.171.124. Rest Of Asia-Pacific
5.4. Latin America
5.4.1. Market By Products
5.4.2. Market By Services
5.4.3. Country Analysis
126.96.36.199. Rest Of Latin America
5.5. Middle East And Africa
5.5.1. Market By Products
5.5.2. Market By Services
5.5.3. Country Analysis
188.8.131.52. United Arab Emirates
184.108.40.206. Saudi Arabia
220.127.116.11. South Africa
18.104.22.168. Rest Of Middle East & Africa
6. Competitive Landscape
6.1. ABB Ltd.
6.2. Blue Line Innovations, Inc.
6.3. Centrica Connected Home Limited
6.4. Century Technologies Corp.
6.5. Control4 Corporation
6.6. Crestron Electronics, Inc.
6.7. EE Limited
6.8. Emerson Electric, Co.
6.9. Honeywell International, Inc.
6.10. Johnson Controls, Inc.
6.11. LG Electronics, Inc.
6.12. Samsung Electronics Co. Ltd.
6.13. Schneider Electric SE
6.14. Siemens AG
6.15. Solatube International, Inc.
6.16. United Technologies Corporation
6.17. Vodafone Group PLC
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