Worldwide Smart Home Market is Estimated to reach 151 Billion US$ till 2023
The report “ Smart Home Market” The quick adoption of advanced analytics and visualization, and the expand use of outward data sources are the major drivers of the Smart Home Market. The report high point, potential growth opportunities in the coming years and covers a review of the market drivers, growth measure, competitive landscape, market dynamics, opposition and other Smart Home feature to the Smart Home Market.
Global Smart Home Market overview:
The report of global Smart Home Market includes the competitive landscape section which provides the full and in-depth analysis of the current market trends, changing technologies and developments that will be beneficial for the companies, which are competing in the market. The report lets you have an edge across the targeted regions with the comprehensive competitive framework. The report offers an overview of revenue, demand, and supply of data, futuristic cost, and growth analysis during the projected the year.
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Smart homes are residences with internet-connected devices that monitor and control lighting, heating and cooling systems, and security cameras, among others. Home automation technology enables homeowners to control smart appliances using their smartphones or other networking devices.
The global smart home market is expected to reach a value of USD 151 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period. The growth of the smart home market is due to the rapid adoption by consumers for convenience, advanced safety and security systems, and the growing need for connectivity.
The Global Smart Home Market is segmented on the basis of Product Type, Application, Technology and Region. The smart home market is segmented based on products and technology. These segments are further categorized for each region. Based on product type, the smart home market is categorized into smart speakers, security and access control, smart lighting, thermostats, smart home appliances, healthcare and assisted living, and others. Based on technology, the smart home market is categorized into wireless technology and cellular network technology.
Based on products, the home appliances segment will experience a CAGR of 20.8% through the forecast period (2018-2023), and is expected to have a market share of 42.4% by 2023. The smart speakers segment will witness the highest growth rate, expanding at a CAGR of 31.2% through the forecast period (2018-2023), and will account for a market share of 15.3%. The proliferation of Internet-connected mobile phones has encouraged consumers to use smart devices in their homes. Thus, smart speakers like Amazon Echo and Google Home Mini will be the highest growing segment in the smart home market.
Although the wireless technology segment held the largest market share of nearly 95.4% in 2018, the cellular network technology segment is expected to witness the highest growth rate (34.7%) through the forecast period. This growth in cellular network technologies is associated with the advent of 5G technology, owing to its high transmission rates, efficiency and speed. Proactive telecom equipment manufacturers are making significant investments in 5G research and patent development-related projects, which will help shape a self-sustained 5G environment across the globe. Moreover, rising income, an increasing aging population, and government initiatives for smart cities have positively impacted the growth of the smart home market.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America has the largest market share. In 2018, this regionÂs share of the market was approximately 48.3%. Major manufacturers operating in this region, combined with the availability of sophisticated technologies, accelerated the growth of the smart home market. Also, growing awareness and high acceptance of advanced security solutions across North America have increased the adoption of smart home products. Asia-Pacific will be the fastest-growing region during the forecast period (2018-2023). Given this regionÂs immense potential, global smart home leaders like Honeywell International, Samsung Electronics, LG, Siemens, Emerson, and Amazon are focusing on providing affordable systems and solutions for increasing their market shares.
Some of the major players that operate in the Global Smart Home Market are
- Samsung Electronics Co., Ltd.
- Whirlpool Corporation
- Haier Corporation
- Amazon.com Inc.
- Google Inc.
- ADT Inc.
- Honeywell International Inc.
- Osram Licht Group
- LG Electronics Inc.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Table of Contents:
Global Smart Home Market Report 2019
There are 12 Chapters to thoroughly display the Smart Home Market. This report included the analysis of market overview, market characteristics, industry chain, competition landscape, historical and future data.
Chapter 1: Executive summary
Chapter 2: Global Smart Home market- market overview
Chapter 3: North America Smart Home market- market overview
Chapter 4: Europe Smart Home market- market overview
Chapter 5: Asia Pacific Smart Home market- market overview
Chapter 6: Latin America Smart Home market- market overview
Chapter 7: Middle East and Africa Smart Home market- market overview
Chapter 8: Competitive landscape
Chapter 9: Conclusion
Chapter 10: Appendix
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