Global Smart Home Market worth to gain $53.45 bn by 2022, according to new statistics released by the Zion Market Research, the market research group.
Rising need for consumer convenience, safety, and security, energy consumption is the major driver of the smart home market. The real estate industry is expected to spur the demand of the smart home market. A smart home refers to a residence equipped with computing and technological devices which anticipate responds to the needs of residents to enhance their comfort, security, convenience, and entertainment.
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By region, the smart home market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America is a best smart home market across globe followed by Europe. The most successful products in smart homes thermostats, security systems, network cameras, smart lighting, and multi-room audio systems at North America and Europe. Some of the major companies in both regions are providing advance services regarding the voice-driven user interface. For instance, Alexa service from Amazon, Apple home kit and Microsofts’s cortana services are betting invoice driven interface. The major players of a smart home market in Europe are Siemens AG, ABB Ltd., Schneider Electric S.A., Ingersoll-Rand Plc, Tyco International Ltd., Legrand S.A.
Asia-Pacific region is witnessing significant growth due to a number of new residential projects and strengthening of building infrastructure at a significant rate. Moreover, economically emerging countries such as Japan, South Korea and China are anticipated to contribute stupendous growth in near future. Currently, South Korea is considered to be a huge market for smart homes due to the high demand for various control devices pertaining to lighting and entertainment control in this country.Cisco Systems, Inc., United Technologies Corporation., Emerson Electric Co.Control4 Corporation., Honeywell International, Inc., Leviton Manufacturing Company, Inc. are the major players operating in the smart home market in Asia Pacific.
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The developing economies in Latin America also have a potential market for the growth of the smart home market. The Middle East and Africa is also expected to be one of the fastest growing regional markets for smart home in the coming years. In 2016 Huawei and Telefónica joined forces to develop the Smart Home category in Latin America. With the help of Huawei’s cloud-based platform and a jointly designed exclusive user experience, Telefónica would offer its Latin American customers an innovative Smart Home experience. Thereby, it will become the first telco to offer these services in this region.
Some of the key players in the smart home market areSchneider Electric SE, Acuity Brands, Legrand, Siemens AG,Johnson Controls Inc., Ingersoll-Rand plc., Inc.,ABB Ltd., Samsung Electronics Co., Ltd., United Technologies Corporation, Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics, among others.
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The report segments of global smart home market as follows:
Global Smart Home Market: Product Segment Analysis
Security & Access Control
Global Smart Home Market: Software Segment Analysis
Global Smart Home Market: Regional Segment Analysis
Middle East & Africa
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