Rising Government Initiatives Promote the Growth of the Global Smart Home Market

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Smart Home Market.

Overview:

Smart homes are quickly emerging as a necessary solution for ecological concerns. With the help of cutting-edge technology, the aim is to conserve and optimize energy and contribute by minimalizing carbon footprint. The technology also defines a way of living with finesse that uplifts the experience. At the same time, construction of the same requires less investment as the maintenance later, is much cheaper. Hence, the demand is surging for smart homes from all quarters; be it environmentalists, people with a rich taste of living, or people involved in construction business.

The smart homes market is booming with it receiving backings from technological advancements. A smart home by definition requires control of lighting, climate, entertainment system, and appliances. It can also include access control and alarm systems. With internet connection, these devices turn towards the user for a command. It can be then controlled by a single device or just by voice control or gesture. With voice commands such as Alexa or Siri, the operation of several associate products become much easier. Smart homes can be both wireless and with wire. Wireless systems are less complex and installation-friendly. Furthermore, these systems are cost-efficient. Among the other factors that are promoting the smart homes market ahead, its ability to curb electricity charges, and enhance safety & security services can be considered impactful.

On the flip side, the smart homes market can get easily bogged down by the bugs and glitches associated with the smart devices. At the same time, the growing use of the cloud-technology cannot assure its user a safe passage altogether. Online hacking can pose daunting challenges of revealing information or alter the charted course. Such restraining factors can hamper the forecasted growth rate. But its multifarious benefits can easily overcome the hurdle and steer back the smart homes market to its profitable course.  

Segmentation

The global smart home market has been segmented based on components, application, and technology.

By components, the global smart home market has been segmented into software and services. The software segment has been further segmented into behavioral and proactive. The services segment has been further segmented into managed & professional service.

By application, the global smart home market has been segmented into lighting control, security & access control, HVAC control, entertainment & other control, home healthcare, smart kitchen, and home appliances.

The lighting control segment has been further segmented into relays, occupancy sensors, daylight sensors, timers, dimmers, switches, accessories, and other products.

The security & access control segment has been further segmented into video surveillance and access control. The video surveillance sub-segment has been further segmented into hardware, software, and services.

The HVAC control segment has been further segmented into smart thermostats, sensors, control valves, heating and cooling coils, dampers, actuators, pumps & fans, and smart vents.

The entertainment & other control segment has been further segmented into entertainment controls and other controls. The entertainment control sub-segment has been further segmented into audio, volume, & multimedia room controls, home theater system controls, and touchscreens and keypads.

By technology, the global smart home market has been segmented into networks, protocols, and wireless. The network segment has been further segmented into CDMA networks, GSM/HSPA networks, LTE networks.  The protocols segment has been further segmented into Digital Addressable Lighting Interface (DALI), KNX, Digital Multiplexer (DMX), Ethernet and others. The wireless segment has been further segmented into ZigBee, z-wave, Wi-Fi, Bluetooth and others.

Regional Analysis

By region, the smart home market has been segmented into Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). North America is the largest market for smart home. The region is a frontrunner in technological superiority and adoption which boost the market growth. In addition, the presence of major players in the region coupled with increased affordability due to high disposable income adds fuel to the growth of the market. Asia Pacific is expected to exhibit rapid growth rate over the forecast period due to the adoption of cloud technologies, increase awareness regarding smart home solutions, elevating standard of living and increasing smart home initiatives by governments in the region.

Competitive Landscape

The notable players in the global smart home market include General Electric Company (U.S.), Ingersoll-Rand PLC (Ireland), Honeywell International, Inc. (U.S.), ABB Ltd. (Switzerland), Samsung Electronics Co., Ltd. (South Korea), United Technologies Corporation (U.S.), Siemens AG (Germany), Legrand S.A. (France), Schneider Electric (France), and Johnson Controls, Inc. (U.S.).

Industry Updates

• In January 2018, First Alert, a safety brand company announced the expansion of its OneLink line of smart home devices. The new updated smart home solutions line has been included with an updated version of the safe & Sound, a new whole-home Wi-Fi mesh system, and a smart video doorbell.


• In January 2019, Tuya Smart has introduced new smart home security that is capable of recognizing each member of a family by face alone. The new system is artificial intelligence enabled that uses facial recognition technology to identify a member using just a photograph.