DUBLIN--(BUSINESS WIRE)--The "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global smart home market size is expected to grow from USD 78.3 billion in 2020 to USD 135.3 billion by 2025, at a CAGR of 11.6%.
The growth of the smart home industry is driven by various factors, such as the increasing number of internet users, and the growing adoption of smart devices, rising disposable income of people in developing economies.
Moreover, the rising importance of home monitoring in remote locations, increasing need for energy-saving and low carbon emission-oriented solutions, the rapid proliferation of smartphones and smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will drive growth.
Entertainment and other control systems are likely to hold the largest share of the smart home market in 2020.
Entertainment has become an important part of life as it provides relaxation and rejuvenation. A multi-room entertainment control system allows the user to centralize all connected devices and then listen to, watch, and control that equipment from every room in the house simultaneously or independently.
Major control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is driven by the convenience offered for managing as well as controlling the entertainment systems within a house.
Advancements in wireless communication technologies are a major factor in boosting the growth of the market for home theater system controls, thereby driving the overall smart home market for entertainment controls. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke detectors. The increasing cost of electricity is a major concern that drives household consumers toward energy savings. Moreover, the rising popularity of smart plugs, smart hubs, and smart locks are fueling the adoption of control systems.
Behavioral type software and services are expected to account for the largest market share in 2020.
The increasing connectivity between machine-to-machine solutions and the Internet of Things is driving the growth of the smart home and energy management markets, which has, in turn, influenced the growth of the market for software and services for smart homes. The behavioral type software and services help analyze energy-related data and forward it to end-users. This category is restricted to transmitting and receiving data and does not perform intelligent actions like the proactive type. Behavioral type solutions provide direct feedback to end-users, thereby providing the basic information regarding the real-time energy data, along with the historical data reflecting energy usage. Therefore, behavioral type software and services are likely to hold the largest market share in 2020.
North America and APAC considered major markets for smart homes.
North America is likely to account for the largest share of the global smart home market in 2020 owing to the increasing demand for reliable home energy management systems and enhanced home security levels, as well as the growing popularity of smart devices such as tablets and smartphones. The smart home market in APAC is expected to grow at the highest rate during the forecast period. Factors such as strong economic growth, increased population, improved standard of living, and rapid urbanization leads to a sophisticated infrastructure and driving the growth of the smart home market in this region.
- Increasing Number of Internet USers and Growing Adoption of Smart Devices
- Increasing Disposable Income of People in Developing Economies
- Increasing Importance of Home Monitoring in Remote Locations
- Growing Need for Energy-Saving and Low Carbon Emission-Oriented Solutions
- Rapid Proliferation of Smartphones and Smart Gadgets
- Expansion of Smart Home Product Portfolio by a Large Number of Players
- Growing Concern About Safety, Security, and Convenience Among General Population
- More Convenience-Driven Rather Than Being Necessity-Driven Market
- High Cost of Switching for Existing Smart Device Consumers
- Issues Related to Breach in Security and Privacy
- Favorable Government Regulations to Promote Green Buildings
- Incorporation of Lighting Controllers With In-Built Data-Connectivity Technology
- Integration of Power Line Communication Technology in Smart Homes
- Linking Disparate Systems, Limited Functionality, and Lack of Open Standards
- Risk of Device Malfunctioning
- Disruptions in the Supply Chain Due to the Covid-19 Pandemic
- Johnson Controls
- Schneider Electric
- United Technologies Corporation
- Robert Bosch
- Assa Abloy
- Samsung Electronics
- Delta Controls
- Axis Communications
- Nortek Security & Solution
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