Global smart homes market is projected to reach $70,208.6 million by 2023, growing at a CAGR above 14% during 2017 – 2023.
Due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of global smart homes market. Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the global market growth.
In addition, the rapid growth in global smart homes market is also attributable to the increase in demand for smart home appliances. Adoption of advanced electronic technology enables various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, on account of which growth in global market for smart homes is anticipated during the forecast period.
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In recent years, extensive rise in access to Wi-Fi technology is facilitated by rapid growth in IoT. Since, a number of automation devices operate through wireless connectivity, Wi-Fi technology enables remote monitoring and effective control of these devices. Moreover, the proliferation of Wi-Fi technology in residential sector is expected to further aid in the expansion of the global smart homes market. This includes Wi-Fi enabled lighting control system, security & threat control, wireless home appliance operation, and entertainment system.
Geographically, North America has been the largest market for smart homes; whereas, the market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. The anticipated high growth in Asia-Pacific can be attributed to factors such as advancement in home automation technologies, rapid growth in industry digitalization, new technological developments in telecom industry, along with setting up of advanced hardware and software manufacturing units, and increasing adoption of data analytics across industries in the region.
The telecom industry in Asia-Pacific has grown by leaps and bound, with rapid increase in the number of internet subscribers. This has directly led to increase in the adoption of smart devices at a rapid pace, and is further helping the smart homes industry in escalating the use of smart phones and tablets for controlling different home equipment. Further, due to growing concerns related to energy usage and the increasing shortage of natural resources, the region has a high potential to adopt smart home solutions that conserve energy in near future.
Home Entertainment System
Home Theater System Control
Lighting Control System
Smart Home Appliance
Smart Washing Machine
Smart Kitchen Appliance
Security & Access Control
Smart Home Healthcare
The research states that the global smart homes market is moderately competitive, with players investing in advanced research & development of new home automation solutions. Some of the key players operating in the global smart homes market are Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Limited, Johnson Controls Inc., Samsung Electronics Co. Ltd., United Technology Corporation, and Cisco Systems Inc.