Pune, India, June 2019, MRFR Press Release/-Market Research Future Published a Half-Cooked Research Report on the Global Smart Home Device Market.
Smart Home Device Market Highlights
The smart home device market is expected to register a high CAGR during the forecast period. Rapid advancements in artificial intelligence and IoT technologies have increased the use of smart home devices. Moreover, the adoption of self-assembly and integrated devices fuels market growth. Among the regions, Asia-Pacific is expected to register the highest CAGR during the forecast period. The applications of smart home devices include heating and cooling regulation, security and surveillance, entertainment, and wellness. Most of these applications are controlled by smart hub, thereby making the segment hold the largest market share by product type. Also, most of the smart home devices are powered by Wi-Fi, which hold the largest market share in terms of connectivity.
The key players in the smart home device market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Amazon.com Inc. (US), Wink Labs Inc. (US), Brilliant Home Technology Inc (US), Logitech International SA (Switzerland), Samsung Electronics Co. Ltd (Republic of Korea), NetGear Inc. (US), SkyBell Technologies Inc. (US), Nest Labs (US), ADT Inc. (US), Vivint Inc. (US), SimpliSafe Inc. (US), Robert Bosch GmbH (Germany), PHILIPS LTG N V/ADR (Signify) (Netherlands), Cree Inc. (US), Honeywell International Inc (US). Google LLC (US), and Apple Inc. (US). These players contribute significantly to market growth.
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Apart from the top key players, the other players contribute nearly 35–40% in the smart home device market. These are Siemens AG (Germany), Johnson Controls International PLC (US), Schneider Electric SE (France), United Technologies Corporation (US), ASSA ABLOY AB (Sweden), Legrand SA (France), ABB Ltd (Switzerland), Ingersoll-Rand PLC (Ireland), Comcast Corporation (US), Hubbell Incorporated (US), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Panasonic Corporation (Japan), LG Electronics Inc (South Korea), Lutron Electronics Co Inc (US), Creston Electronics Inc (US), Hitachi Ltd (Japan), Delta Controls Inc (US), Control4 Corp (US), Lennox International Inc. (US), General Electric Company (US), Axis Communications AB (Sweden), Distech Controls Inc (US), Canary Connect Inc. (US) among others
The market for smart home devices is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of smart home devices market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and Central & South America). The market growth is driven by the increased adoption of smart homes, growing awareness regarding security and safety, and ease of installation of devices. According to MRFR analysis, there has been a significant growth and technological development in the residential sector in countries such as the US and Canada. Also, the advancements in wireless technologies lead to technologically upgraded smart home devices, thereby making North America the largest market, in terms of market share.
However, China is one of the fastest emerging economies and has a considerably high manufacturing capability. Thus, the country has become lucrative for investors in the smart home device market. This is owing to the increased number of foreign players investing in Asian countries to provide high functionality for smart home devices. Furthermore, some of the major players in the smart home device market invest in smart Wi-Fi enabled devices. One of the factors that impose challenges to the market is the high cost of purchasing and installing a home security system and smart home devices.