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:
Strategic business agreements and product innovations presented by various market players:
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.
Global Smart Home Market– Industry Trends and Forecast to 2025
North America Smart Home Market – Industry Trends and Forecast to 2026