The Global Smart Home Market is expected to foresee significant growth. North America dominated the market in 2021!
- Himanshu Patni
- September 7, 2021
- NEWS, TELECOM & IT
- Smart Home, Smart Home Market, Smart Home Market analysis, Smart Home Market forecast, Smart Home Market growth, Smart Home Market share, Smart Home Market size, Smart Home Market technology, Smart Home Market trend
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The Smart Home Market is expected to grow at a strong CAGR of 26% during the forecast period owing to the increasing disposable income of people in developing economies and the increasing importance of home monitoring in remote locations. Moreover, the increasing number of internet users, growing adoption of smart devices, growing concern about safety, security, and convenience among the general population, and a growing number of IoT devices around the globe are also helping the market grow at a strong growth rate. For instance, according to Ericsson, the number of cellular IoT connections is expected to pass 2 billion connections in 2023 only in North East Asia.
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Based on product, the market is segmented into security and safety, smart appliances, home entertainment, lighting and control, heating ventilating, air conditioning (HVAC), and energy management. Amongst these, the smart appliances segment dominated the market in 2021. This is because smart appliances allow users to connect, control and monitor their own devices, saving time, energy, and money. For example, you can plan run times to suit your personal schedule, use cheaper off-peak energy, or take full advantage of solar energy to save time, money, and the environment.
By technology, the market is bifurcated into wireless smart home technology and wired smart technology. Among these, wireless smart home technology captured the majority share of the smart home market in 2021. The major share of the wireless smart home technology can be attributed to the capabilities and features offered such as mobile connectivity, connectivity regardless of location, and more by protocols such as ZigBee, Wi-Fi, Bluetooth, Z Wave, and others.
For a detailed analysis of the Global Smart Home Market browse through– https://univdatos.com/report/smart-homes-technology-market/
For a better understanding of the market adoption of the Smart Home industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America dominated the smart home market in 2020 due to the increased demand for smart devices due to technological advancements and overall consumer awareness. Considering the rapid growth prospects of the region in every aspect, growth is mainly attributed to favorable conditions of development in terms of recovery of the residential market and better affordability coupled with rising penetration of smart homes in North America over the forecasted period.
Some of the major players operating in the market are Schneider Electric; Siemens; ABB; Samsung; Honeywell International; Robert Bosch GmbH; LG Electronics; ASSA ABLOY; ACUITY BRANDS, INC.; and Cisco Systems, Inc.
Global Smart Home Market Segmentation
Market Insight, by Product
- Safety and Security
- Smart Appliances
- Heating Ventilating, Air Conditioning (HVAC)
- Home Entertainment
- Smart Lighting Systems
- Smart Energy Management
Market Insights, by Technology
- Wireless Smart Home Technology
- Wi-fi Technology
- Bluetooth Technology
- ZigBee Technology
- Z-Wave Technology
- Other Wireless Technology
- Wired Smart Home Technology
- Ethernet Technology
- Power Line Communication
- Fiber to Home Technology
- Other Wired Technology
Market Insights, by End-Users
- Residential End-Users
- Luxury Homes
- Mid-Range Apartments/Homes
- Assisted Homes
- Low Energy Homes
- Commercial End-Users
- Smart Hotels
- Smart Hospitals
- Other Commercial Buildings
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- Netherlands
- France
- Norway
- Switzerland
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World
Top Company Profiles
- Schneider Electric
- Siemens
- ABB
- Samsung
- Honeywell International
- Robert Bosch GmbH
- LG Electronics
- ASSA ABLOY
- ACUITY BRANDS, INC.
- Cisco Systems, Inc.
