Global Smart Home Market: Favourable Initiatives and Adoption of IoT Age Representing Larger Growth Scale

Global Smart Home Market

Smart home is the incorporation of connectivity technology that is used for building an automated home; this involves connecting various devices, electronics and other home-based products to a common access tool. The application of this technology is quite significant, covering lighting, electronic products, entertainment systems, appliances, home security systems and various others. The mode of connection of these devices can wary from Bluetooth, Wi-Fi, Infrared technology or any other modes depending upon the capability of each individual device.

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Smart home market is growing due to increasing demand for energy-efficient lighting solutions, crime leads to force home owners to increase security; the effects of these factors are mentioned below:

  • Energy-efficient lighting solutions: With the advent of connectivity technologies and solutions, the major solution which has been presented to consumers and manufacturers is for the reduction of energy consumption for homes with a focus on lighting. This solution is achieved with the help of combining smart technology with lighting solutions of a household, which helps in better achievement for green lighting solutions. Smart homes can detect the presence of users in a home and can toggle the lights as per the presence, which helps reduce the chances of users forgetting to turn off the lights
  • Crime leads to force home owners to increase security: High volume of crimes and illegal access of houses in different geographical regions of the world has given rise to the adoption of better range of security solutions and offerings, and fortunately with the widespread prevalence of smart connectivity technologies this problem can be mitigated with this technology. Smart homes essentially connect all of the necessary access points to the homeowner’s unique access identity, wherein any illegal attempts are prevented and subsequent information is provided to authorities for capturing of these criminals

Strategic business agreements and product innovations presented by various market players:

  • In February 2019, Blaze Automation announced the launch of “B.One Eazy”, which is a smart universal remote control and automation gateway for the Indian market. The product has already been commercialized in region such as Japan, United States and Far East countries. The product will be able to have complete control of infrared controllable devices, as well as Wi-Fi enabled smart devices. This product will allow for easier accessibility and integration of homes into smart homes for consumers in the region
  • In October 2018, Syska announced that they had entered into a partnership with Tuya Smart, wherein Tuya Smart will use their IoT platform to present the range of Syska’s smart home products, which will enable users to control all of the company’s products with the help of Amazon Echo’s or Alexa’s voice commands. This partnership represents an important step adopted by the company in presenting smart home products for the Indian market

The market is segmented on the basis of application as lighting control, security & access control, HVAC control, entertainment & other controls, home healthcare, smart kitchen, home appliances; software & service is categorized into behavioral, proactive.

“According to Data Bridge Market Research, global smart home market is expected to reach USD 55.7 billion by 2025, growing with a healthy CAGR during the forecast period of 2018 to 2025”

Some of the major players operating in market are Siemens AG, GENERAL ELECTRIC, Schneider Electric, Honeywell International Inc., Ingersoll-Rand plc, Johnson Controls, ABB, Legrand., SAMSUNG, Acuity Brands Lighting, Inc., Lutron Electronics Co., Inc, Leviton Manufacturing Co., Inc., Vivint, Inc., Sleep Number Corporation, Switchmate Home LLC, Lifi Labs Inc., Emerson Electric Co., LG Electronics., UNITED TECHNOLOGIES and Crestron Electronics, Inc. among others.

Majority of government organizations and authorities are promoting the usage of smart technology, as they look forward to building smart cities and infrastructure. This represents a valuable opportunity for the market players looking to expand their presence and technological capabilities in the market. Moreover, the focus of governments and authorities is to achieve green energy consumption for all of the industrial applications which can be achieved in a better way with the help of smart connectivity solutions.