Mumbai February 28, 2019 – Research on Global Markets has announced the addition of a new market research report titled “Global Smart Home Market (2018-2023)” to their offering. According to the new report, the global smart home market is predicted to expand 24.6% on a compound annual growth rate (CAGR) basis to reach a value of USD 151 Bn by 2023. The growth of the smart home market is mainly attributed to the rapid adoption of smart home appliances by consumers for convenience, advanced safety and security systems, and the growing need for connectivity.
According to the report, the global smart home market is primarily segmented on the basis of product and technology. Based on product, the home appliances segment is expected to experience a CAGR of 20.8% during the forecasted period. Despite the dominance of home appliance segment, the smart speakers segment is expected to expand the highest (expanding at a CAGR of 31.2%) during the forecasted period, and will account for a market share of 15.3%. Based on technology, wireless technology segment held the largest market share of nearly 95.4% in 2018. The cellular network technology segment is expected to witness the highest growth rate (34.7%) during the forecasted period, driven by the advent of 5G technology, which expedites transmission rates and efficiency.
The report also features the performance of the global smart home market across the key geographies of North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America held the largest market share (48.3%) in 2018. Growing awareness and high acceptance of advanced security solutions across North America have increased the adoption of smart home products. Asia-Pacific will be the fastest-growing region during the forecasted period.
Key highlights of this report:
* Scope and segmentation of the market
* Drivers of the market
* Trends prevailing in the market
* Challenges affecting the market
* Value chain analysis
* Overview of the regional markets
The report has included some of the key players operating in the global smart home market such as Samsung Electronics Co., Ltd., Whirlpool Corporation, Haier Corporation, Amazon.com Inc., Google Inc., ADT Inc., Honeywell International Inc., Osram Licht Group, Philips, LG Electronics Inc.
For more information, download Global Smart Home Market: https://www.researchonglobalmarkets.com/global-smart-home-market-2018-2023.html