The future of the smart home market looks promising with opportunities in safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The global smart home market is expected to reach an estimated $144.7 billion by 2027 with a CAGR of 10.5% from 2021 to 2027. The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of voice assistant technology for high-end automated households, the emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and the growing adoption of video-enabled drones. Honeywell, Johnson & Johnson ADT Corporation, Control4, United Technologies Corporation, Siemens AG, Philips, Acuity Brands, and Vivint Inc. are among the major smart home providers.
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- Smart Home Market by Application, Technology, Product and Service
In this market, safety and security is the largest application segment, and wireless is the largest technology segment.
- Smart Home Market by Segments
The study includes trends and forecasts for the global smart home market by application, technology, product and service, and the region as follows:
By Application [$M shipment analysis for 2016-2027]:
- Safety and Security
- Home Appliances
- Entertainment
- Lighting
- HVAC
- Home Healthcare
- Smart Kitchen
- Others
By Product and Service Type [$M shipment analysis for 2016-2027]:
- Products
- Services
By Technology [$M shipment analysis for 2016-2027]:
- Wired
- BACnet
- Lonworks
- DALI
- Modbus
- KNX
- Others
- Wireless
- Zigbee
- Wi-Fi
- Bluetooth
- EnOcean
- Z-Wave
- Others
By Region [$M shipment analysis for 2016-2027]:
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- The Rest of the World
The analyst forecasts that the safety and security market is expected to remain the largest application segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need for advanced technology that can provide a single platform for high level of control and flexibility and deliver the best entertainment experience.
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud-based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the growth in this region.
Features of Smart Home Market
- Market Size Estimates: Smart home market size estimation in terms of value ($M) shipment.
- Trend And Forecast Analysis: Market trends (2016-2021) and forecast (2022-2027) by various segments and regions.
- Segmentation Analysis: Smart home market size by application, technology, and product and service in terms of value shipment.
- Regional Analysis: Smart home market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in various applications, products & services, and regions for the smart home market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for the smart home market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
Companies Mentioned
- Infineon Technologies
- Cree
- ROHM
- STMicroelectronics
- Fuji Electric
- ON Semiconductor
- General Electric
- Toshiba Corporation
- Renesas Electronics
- Microchip Technology
For more information about this report visit https://www.researchandmarkets.com/r/pmqa0f