Smart Homes Technology Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating and Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users), and Region/Country

Published:

Mar-2021

Pages:

204

Table:

114

Figure:

132

Report ID:

UMSE21208

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Report Description
Table of content
Research Methodology

Report Description

Smart home encompasses to be one of the key focus areas which mainly means being connected in IoT world. Smart home technology refers to suite of devices, appliances or systems that are connected in a common network and can be controlled independently and remotely. As the homes are getting smarter and more efficient, the overall adoption is primarily accelerated by spur in smartphone penetration and tablets which interact with connected devices. Smart or connected technologies are continuously developing at an exponential rate credited to innovations such as cloud computing, IoT technology and artificial intelligence, rising penetration of smartphones and increasing internet penetration which further purpose to accelerate the digital transformation in the homes and thereby influencing the creation of new smart products and services.

Rising consumer convenience, safety & security, energy consumption are the major factors driving the overall growth in the demand of smart home appliances including products related to safety & security, smart home entertainment and energy management among others. With the rising security awareness among the consumers paired with increasing disposable income, homeowners are willing to spend more on smart security technology, more than 45% of the house owners in the US are willing to spend more than US$500 up to US$1,500 on smart security device at their home. As per Quid visualization tool which employs artificial intelligence (AI) to draw connections within large sets of text data predicted that there are around 1,500 companies operating in the smart home ecosystem. These companies are bifurcated into security, health, and smart energy. Together these companies have received nearly US$12 billion in investments by 2018.

Smart Home Market Overview

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. are some of the prominent players operating in the global smart home technology market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst product, smart appliances segment holds the major share”

Based on the product type, the market is fragmented into safety and security, smart appliances, hvac, home entertainment, lighting systems and energy management. The smart appliances segment dominated the market with a share of 26.4% in 2020 and is expected to maintain its dominance during the forecast period owing to the unprecedented level of energy consumption efficiency due to both the way they were built and their ability to automatically control energy currents according to customer usage and needs.

“Amongst technology, wireless network is anticipated to dominate the market during the analyzed period”

Based on technology,  the market is mainly bifurcated into wireless and cellular networks. In 2020, wireless network accounted for a maximum market revenue share of 83.3% and is expected to remain dominant during the analyzed period owing to the fast transmission speed and low power consumption, ease in expansion and setup and in line with the modern “green low-carbon” appeal. However, the cellular networks segment is anticipated to grow at the highest CAGR over the forecast period. Furthermore, the wireless networks are segmented into Wifi Technology, Bluetooth, Zigbee, Z-Wave, and others (EnOcean, We Mo, Insteon). Also, the cellular network segment is divided into ethernet, power line communication, fiber optics, others.

“Amongst end-user, commercial segment is expected to grow at the highest CAGR during the forecast period”

The smart home technology is distributed in several end-users including residential and commercial. The residential end-users segment dominated the market with revenue size  of US$ 43,862.4 million in 2020 and is expected to maintain its dominance during the forecast period as the consumers have significantly found the value of connected devices that help to automate their homes and offer greater energy efficiency. Wider adoption of smartphones and proliferation of connectivity within their homes and soaring IoT trend has resulted into an emerging paradigm where consumers can access to affordable tools to create more intelligent homes that purposes to enhance their comfort, security and efficiency.. Furthermore, depending on residential end-users, the market is classified into luxury villas, luxury apartments, mid-range apartments, assisted homes and low energy homes. In addition, the commercial end-users are are divided into hotel, hospital and othe commercial buildings.

“North America signifies one of the largest markets of Smart Home Technology Market”

For a better understanding of the market dynamics of the Smart Home Technology market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia-Pacific, Latin America and MENA has been conducted. North America dominated the market and generated revenue of US$ 27,084.4 million in 2020 owing to the to first-mover advantage. Increasing demand for smart devices, high penetration of smartphone & internet have helped North America to dominate the smart home market in the current scenario. 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.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a 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
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

The Smart Homes Technology Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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1.1Market Definition 
  1.2Objective of the Study
  1.3Limitation 
  1.4Stakeholders 
  1.5Currency used in the Report
  1.6Scope of the Global Smart Home Technology Market Study
 2.1Research Methodology for Smart Home Technology Market
   2.1.1Main objective of the Smart Home Technology Market Study
4.1Advantages of Microinverters:
5.1General Overview of Smart Home Market
   5.1.1Pricing Analysis of Smart Home Appliances, by Type of Cost
  5.2Market Dynamics 
   5.2.1Increasing Awareness of Advanced Technology among Consumers
   5.2.2Increasing Penetration of Smartphones and internet, especially in APAC Region
   5.2.3Proliferation of Internet of Things, especially in the Emerging Region’s
   5.2.4Surging Disposable Incomes and Urbanization
   5.2.5Growing Demand for Smart Home Energy Management System
   5.2.6Development of Interconnectivity Across Platforms and Devices
  5.3Market Restraints 
   5.3.1Concerns Regarding Privacy and Hacking
   5.3.2Complex Installation and High Price of the Smart Home products
  5.4Opportunities in the Market
   5.4.1Scope for Insurance companies
   5.4.2Growth opportunity for Telecom Operators
   5.4.3Emerging Business Opportunities in Asia-Pacific
   5.4.4Restoring Independence for Elders
  5.5Factor Analysis 
   5.5.1Demand & Supply Side Analysis
   5.5.2Major Development & Investments in the Smart Home Market
   5.5.3Major development and new Start-ups
   5.5.4Top Investor in the Smart Home Market
 6.1General Overview 
   6.1.1Safety and Security
   6.1.2Smart Appliances
   6.1.3Heating Ventilating, Air Conditioning (HVAC)
   6.1.4Home Entertainment
   6.1.5Smart Lighting Systems
   6.1.6Smart Energy Management
 7.1General Introduction
  7.2Wireless Smart Home Technology
   7.2.1Wi-fi Technology
   7.2.2Bluetooth Technology
   7.2.3ZigBee Technology
   7.2.4Z- Wave Technology
   7.2.5Other Wireless Technology
  7.3Wired Smart Technology
   7.3.1Ethernet Technology
   7.3.2Power Line Communication
   7.3.3Fiber to Home Technology
   7.3.4Other Wired Technology
8.1General Overview 
  8.2Residential End-Users
   8.2.1Luxury Homes
   8.2.2Mid-Range Apartments/Homes
   8.2.3Assisted Homes
   8.2.4Low Energy Homes
  8.3Commercial End-Users
   8.3.1Smart Hotels
   8.3.2Smart Hospitals
   8.3.3Other Commercial Buildings
 9.1General Introduction
  9.2North America Smart Home Market
   9.2.1North America Smart Home Market, by Product
   9.2.2North America Smart Home Market, by Technology
    9.2.2.1North America Smart Home Market, by Wireless Technology
    9.2.2.2North America Smart Home Market, by Wired Technology
   9.2.3North America Smart Home Market, by End -Users
    9.2.3.1North America Residential Smart Home Market, by Type of Buildings
    9.2.3.2North America Commercial Smart Home Market, by Type of Buildings
  9.3European Smart Home Market Insights
   9.3.1Europe Smart Home Market, by Product
   9.3.2Europe Smart Home Market, by Technology
    9.3.2.1Europe Smart Home Market, by Wireless Technology
    9.3.2.2Europe Smart Home Market, by Wired Technology
   9.3.3Europe Smart Home Market, by End -Users
    9.3.3.1Europe Residential Smart Home Market, by Type of Buildings
    9.3.3.2Europe Commercial Smart Home Market, by Type of Buildings
  9.4Asia-Pacific Smart Home Market Insights
   9.4.1Asia Pacific Smart Home Market, by Product
   9.4.2Asia Pacific Smart Home Market, by Technology
    9.4.2.1Asia Pacific Smart Home Market, by Wireless Technology
    9.4.2.2Asia Pacific Smart Home Market, by Wired Technology
   9.4.3Asia Pacific Smart Home Market, by End -Users
    9.4.3.1Asia Pacific Residential Smart Home Market, by Type of Buildings
    9.4.3.2Asia Pacific Commercial Smart Home Market, by Type of Buildings
  9.5Middle East & North Africa (MENA) Smart Home Market Insights
   9.5.1MENA Smart Home Market, by Product
   9.5.2MENA Smart Home Market, by Technology
    9.5.2.1MENA Smart Home Market, by Wireless Technology
    9.5.2.2MENA Smart Home Market, by Wired Technology
   9.5.3MENA Smart Home Market, by End -Users
    9.5.3.1MENA Residential Smart Home Market, by Type of Buildings
    9.5.3.2MENA Commercial Smart Home Market, by Type of Buildings
  9.6Latin America Smart Home Market Insights
   9.6.1Latin America Smart Home Market, by Product
   9.6.2Latin America Smart Home Market, by Technology
    9.6.2.1Latin America Smart Home Market, by Wireless Technology
    9.6.2.2Latin America Smart Home Market, by Wired Technology
   9.6.3Latin America Smart Home Market, by End-Users
    9.6.3.1Latin America Residential Smart Home Market, by Type of Buildings
    9.6.3.2Latin America Commercial Smart Home Market, by Type of Buildings
 10.1Porter’s Five forces analysis
   10.1.1Bargaining Power of Suppliers
   10.1.2Bargaining Power of Buyers
   10.1.3Threat of New Entrants
   10.1.4Threat of Substitutes
   10.1.5Intensity of Rivalry
  10.2Global Smart Home Market Share Analysis, 2018
   10.2.1Smart Safety & Security Market Share, by Company 2018
   10.2.2Smart Home Entertainment Appliances Market Share, by Company 2018
   10.2.3Lighting & Control System Market Share, by Company 2018
   10.2.4Smart Thermostats & Home Appliances Market Share, by Company 2018
  11.1Cisco Systems, Inc. 
  11.2ABB Limited 
  11.3Acuity Brands, Inc. 
  11.4AMX, LLC  
  11.5Crestron Electronics Inc.
  11.6Haier Electronics 
  11.7ASSA ABLOY 
  11.8Control4 Corporation
  11.9Deutsche Telekom AG
  11.10Emerson Electric Co.
  10.11General Electric Company
  10.12Honeywell International Inc.
  10.13IBM Corporation 
  10.14LG Electronics Inc. 
  10.15Monitronics International Inc.
  10.16Schneider Electric S.E.
  10.17Siemens AG 
  10.18Samsung Electronics Co., Ltd.
  10.19United Technologies Corporation
  10.20Vivint, Inc.

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 2027 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 in Different Regions

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 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 product, 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