ASIA PACIFIC SMART HOME MARKET TO ATTAIN MARKET SIZE OF US$ 38.04 MILLION BY 2024, GROWING AT AN ASTONISHING CAGR OF 31.3%. CHINA TO BE THE DOMINANT MARKET FOR SMART HOME DEVICE ADOPTION

Asia-Pacific smart home technology market report published by UnivDatos Market Insights (UMI), anticipated that the Smart home market in the Asia-Pacific region would reach market valuation of US$ 38,040.3 million by 2024 expanding at reasonable CAGR of more than 30% during the forecasted period (2018-2024). Increasing smartphone penetration due to increased penetration of internet in the developing Asian countries, paired with changing lifestyle of consumers have increased the uptake of smart home devices in countries such as China, Japan and other developing Asian countries. Increasing requirement for comfort and convenience along with proliferation of internet of things has considerably surged the demand for smart home devices ranging from energy efficient solutions, home entertainment devices, lighting control systems and security systems among other smart home solutions. Moreover, with the rising adoption of IoT connected devices and enormous demand for technologically advanced solutions, have showcased massive opportunity, for the sector, which has propelled the wireless innovation which has further driven the smart home devices adoption rate in the Asia-Pacific region. Wifi and Bluetooth have become popular wireless connections to operate the smart home via smart devices. The benefits of smart home technology can also be witnessed extensively among the residential and commercial end-users, which is acting as the game changers especially for the commercial end-users including hospitals and hotels. Using smart devices, both hotel and hospitals are able to expedite their service offerings to their clients. Hence, in 2017, smart appliances ranging from smart washing machines, smart refrigerators and smart dryers, smart microwaves and ovens among others held major share in the Asian smart home market. The segment is anticipated to bring in earnings of US$ 11,792.5 million by 2020.

Although the connected device market is at more mature stage in North America, but it has been anticipated that North America’s leading position would be overtaken by Asia-Pacific post 2030. Accredited to strong economic growth, increasing aging population paired with immense increase in the spending limits of consumers in the Asia-Pacific region, have helped the smart home technology market to grow rapidly in the past few years. Moreover, growing concern of electricity shortage and rising smartphone penetration are some of the other driving factors behind the strong growth of smart home device market in the Asia-Pacific region. Moreover, manufacturers across the globe are also focusing on providing smart solutions that are effective as well as affordable, targeting Asian smart home and building automation industry.

Drastic surge in technological advancements in terms of cloud computing, BYOD and artificial intelligence would propel wide adoption of Wi-Fi enabled devices among customers. Moreover, robust security, reliable connectivity have further influenced the embracement of wireless technology among the smart device consumers. Mid-range apartments, dominate the residential end-user segment in 2017 and is expected to maintain its dominance throughout the analyzed period. Hospitality sector have also witnessed wide adoption of smart home devices majorly in the hotels and hospitals for quality service delivery.

Additionally, information technology has also witnessed explosive growth over the years. IoT along with artificial intelligence and smartphones have gained wide prominence and continue to attract huge spending. Asia-Pacific average annual IoT spending was valued at US$ 4.8 million in 2018 and regional smartphone penetration is expected to hit beyond 3 billion by 2024. Substantial Surge in adoption of smart home devices especially ranging from smart speakers, security systems and smart home appliances among others would further provide enormous growth opportunities for the companies operating in the Asia-Pacific smart home technology market. Furthermore, various other companies are entering into smart home space such as Xiaomi, Baidu, and Tencent among others have further intensified the competiveness in the Asia-Pacific smart home technology market.

Determined by application type, Asia-Pacific smart home technology market is divided into safety and security systems, smart appliances, home entertainment, HVAC, lighting and control systems and energy management systems. Smart appliances segment is expected to dominate the market by 2024. The segment is projected to bring in sales revenue of US$ 11792.5 million by 2024. While Wi Fi, bluetooth, Zigbee and Z-Wave are the significant wireless smart technology available in the market. Wi-Fi segment is anticipated to witness rapid adoption and bluetooth is predicted to enjoy speediest CAGR of 30.1% throughout the forecast period of time. Based on end-user smart home market is segmented into residential and commercial end-users ranging from luxury homes, mid-range apartments, assisted home, low energy homes, hotels, hospitals and other commercial buildings. Mid-range apartments leads the market with highest adoption of smart devices.

Additionally, for better understanding of smart home technology adoption in the Asia-Pacific region, the report analysis the market for countries including China, Japan, India, South Korea and rest of Asia Pacific. In 2017, China was the most lucrative Asian market for smart home technology attributed to the intense competition among local manufacturers, rising demand for smart devices, government initiative in terms of smart city mission and Made in China 2025, innovation paired with rapid urbanization and burgeoning income levels across the country. Moreover, India, Japan and South Korea are also poised to register drastic advancement in smart home technology throughout the forecast period, attributed to influx of numerous players, rapid smartphone penetration, growing adoption of smart devices owing to rising demand for comfort and energy saving solutions.

Some of the major companies profiled in the Asia-Pacific smart home market includes Haier Electronics, ABB Ltd, ASSA ABLOY, Cisco Systems, Inc., Emerson Electric Co., General Electric Company, Samsung Electronics, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., Siemens AG and United Technologies Corporation. These companies are consistently investing on new product development, to enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers ample growth opportunities in the ever growing Asia-Pacific smart home technology market.

Market Segmentation

Market Insight, by Application

• Safety and Security Systems
• Smart Appliances
• HVAC
• Home Entertainment
• Lighting Systems
• Energy Management

Market Insights, by Technology

• Wireless Technology
• Wired Technology

Wireless Technology Market Insight, by Technology Type

• Wi-Fi
• Bluetooth
• Zigbee
• Z- Wave
• Others

Wired Technology Market Insight, by Technology Type

• Ethernet
• Power Line Communication
• Fiber Optics
• Others

Market Insights, by End Users

• Residential End-users
• Commercial End-users

Residential End Users, by Type of Residential Buildings

• Luxury Villas
• Luxury Apartments
• Mid-range Houses/ Apartments
• Assisted Homes
• Low Energy Homes

Commercial End-Users, by Type of Commercial Buildings

• Hotels
• Hospitals
• Other Commercial Building

Market Insight, by Country

• China Smart Home Market Insight
• Japan Smart Home Market
• India Smart Home Market
• South Korea Smart Home Market
• Rest of Asia Pacific Smart Home Market

Company Profiled

• Haier Electronics
• ABB Limited
• ASSA ABLOY
• Cisco Systems, Inc.
• Emerson Electric Co.
• General Electric Company
• Samsung Electronics
• IBM Corporation
• LG Electronics Inc.
• Schneider Electric S.E.
• Siemens AG
• United Technologies Corporation