Smart Homes Technology Market: Current Analysis and Forecast (2019-2025)

Report Description

The Global Smart Home Market stood at US$ 38,649.3 million in 2018 and is expected to grow at a CAGR of 23.9% during the forecasted period 2019-2025. Some of the factors driving the growth of the market include, increasing awareness among consumers, rapid digitization, and high penetration of smartphones, stringent governmental regulations on energy consumption & emission, and increased demand for smart home energy management systems. Moreover, the swelling aging population has also created ample room for the smart revolution in the healthcare sector. However, consumer’s concern regarding data security, complex installation paired with the high price of smart home appliances are some of the factors which are acting as some of the complex challenges, that are hampering the growth of the smart home industry. Despite such challenges, the potential growth for telecom operators, insurance providers and emerging business opportunities especially in the Asia Pacific region are anticipated to attract global players to invest and come up with technologically advanced home appliances products.

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“Penetration rate of smart appliances is estimated to occupy a prominent share of XX% in the overall market.”

The global smart home industry can be segmented across different areas of application which encompasses safety and security, lighting, HVAC, entertainment, smart appliances, and energy management among others. At present, the penetration rate of smart appliances is estimated to occupy a prominent share of XX% in the overall market. With the change in consumer preferences and promotional marketing of lighting and HVAC appliances, these application areas are likely to be among the top trend during the forecast period

“Amongst the end-users, the residential segment holds the major share in the global smart home market”

Moreover, the market is further bifurcated into the various end-users, wherein the residential segment holds the prime share in the global smart home market. With the rapid advancement in technologies, changing lifestyles and rising disposable income of the consumers, mid-range apartments/houses are likely to rule the smart home market by 2025 followed by luxury villas and apartments. Mid-range apartments/houses segment of residential smart home market generated a revenue of US$ 11,297.4 million in 2018. In addition, among the commercial end-users’ segment, hospitals conquered the market by occupying the lead share in the market, hotels would display maximum CAGR growth of XX% over the forecasted period in the respective market.

Global Residential Smart Home Market Size by Type 2018-2025 (US$ Mn)

“Asia-Pacific region is expected to witness the highest growth during the analyzed period”

For a deep-dive analysis of the industry, the study is conducted across five regions, including North America, Europe, Asia Pacific, Middle East and North Africa (MENA) and Latin America. North America plays chief role in the technological market due to first-mover advantage. Increasing demand for smart devices, high penetration of smartphone & internet, and stringent regulations on energy consumption have helped North America to dominate the smart home market in the current scenario. Owing to this, North America smart home market was valued at US$ 19,891.6 million in and is estimated to register reasonable compounded growth of 18% over the analyzed period. However, the Asia-Pacific region owing to increasing disposable income paired with government initiative is expected to witness the highest growth during the analyzed period.

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Competitive Landscape-Top 20 Market Players

Some of the major players analyzed during the study include, Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, and Vivint Inc. These companies can pool in investment from their other business to the smart home market and come up with innovative products pertaining to the increasing demand for smart home appliances.

Reasons to buy:

• The smart home market study presents the current market size, trend, forecast until 2025. The analysis presented in the report is a combination of deep-dive secondary research and input from Key Opinion Leader of the industry
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry.
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis
• The study comprehensively covers the market across different segments and sub-segments
• The report presents a deep dive regional level analysis of the industry

Customization Options:

UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Smart Home Market can be customized to the regional/country level or any other market segment.

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Research Methodology

Analysing historical market, estimation of the current market and forecasting the future market for smart home technology were the three major steps to create and analyse the overall adoption rate of smart home technology in different region/country. Exhaustive secondary research was done to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the smart home technology. After all the assumption, market sizing and validation of market numbers through primary interviews, top-down approach was employed to forecast the complete market size of smart home technology market at global scale. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyse the market size of segments and sub-segments of the technology. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Global Smart home technology market through company internal sources such as annual report & financial statements of top players, performance presentations, press releases, inventory records, sales figures etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other creditable publications. For economic data collection, sources such as World Bank, IMF, Trading Economics, Trade Map, and UN Comtrade among others were used.

Step 2: Market Segmentation:

After obtaining historical market size of the overall market, detailed secondary analysis was done to gather historical market insights and share for different segments & sub-segments for the smart home technology. Major segments included in the report are technology, application, and end-users. Further analysis was also done for sub-segments of the major segments of smart home technology.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, detailed factor analysis was conducted to estimate the current market size of the smart home technology. Factor analysis was conducted using dependent and independent variable such as purchasing power, smartphone penetration, consumer behavior while purchasing smart devices, and satisfaction level of customers etc. Historical trends of the smart home technology and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players, industry’s supply chain, and value chain of the industry. All the required percentage shares, splits, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including market dynamics such as drivers & trends, restraints, and opportunities. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2025 for different segment and sub-segments in different region/country. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value and rate of adoption of smart home devices
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in major applications and markets as well as market share of each players. Also, the growth strategies adopted by these players to compete in the ever-growing smart home technology market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants

Market Engineering

Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the smart home technology market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of safety & security, smart appliances, consumer appliances, lighting control systems, HVAC, home entertainment & energy management, wireless & wired technology and residential & commercial end-users

Main objective of the Global Smart Home Technology Market Study

The current & future market trends of the smart home technology are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market, providing a platform for the industrial participant to exploit the untapped market to benefit as first mover advantage. Other quantitative goal of the studies includes:

• Analyse the current and forecast market size of smart home technology in terms of value
• Analyse the current and forecast market size of different segments and sub-segments of smart home technology. Segments  in the study include application, technology and end-users
• Define and describe the technologies and protocols used in smart homes technology
• Anticipate potential risk associated with the technology.
• Customer and competitor analysis, etc.
• Define and analysis of the government regulations for smart home technology in different regions
• Analyse the current and forecast market size of smart home technology, in terms of value for regions including North America, Europe, Asia Pacific (APAC), Middle East and Latin America
• Defile and analyse the competitive landscape of the smart home technology and the growth strategies adopted by the market players to sustain in the ever-growing market

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