smart home market is anticipated to flourish at a robust CAGR of 15.1% over the forecast period

BROOKLYN, N.Y. - April 23, 2018 - PRLog -- Further, in smart homes, home appliances such as air conditioner, security system, refrigerator and home theater can be controlled by the owner and the person can also give command either by remote or voice. Smart homes are like boon to disable people as it allows the person to control all the activities simply by moving finger or by speaking.

Market Size & Forecast

Global smart home market is anticipated to flourish at a robust compound annual growth rate (CAGR) of 15.1% over the forecast period 2017-2024 and is expected to reach at a valuation about USD 130.1 Billion by the end of 2024.

In terms of region, global smart home market is segmented into five major regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America region is dominating the global smart home market. In terms of share, North America region accounted for near 60% share of global smart home market in 2016. Further, high disposable income of consumers in this region and rising inclination towards automation technology are expected to foster the growth of global smart home market over the forecast period.

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Europe region stood at second position in the global smart home market and is likely to witness a remarkable growth over the forecast period. Apart from this, Asia Pacific region is expected to witness a robust growth during forecast period due to rising need for efficient energy system and increasing number of new residential projects in emerged economies such as Japan and South Korea. In addition to this, Latin America and Middle East & Africa region are also anticipated to record a satisfactory growth during the forecast period.

Market Segmentation

Our-in depth analysis of the global smart home market includes the following segments:

By Application

Lighting Control

o    Smart lights

o    Relays

o    Daylight Sensor

o    Occupancy Sensor

o    Wireless Lighting

o    Centralized Lighting System

o    Exterior Lighting

o    Voice-Controlled Lighting

Security & Access Control

o    Video Surveillance

ü  Hardware

ü  Software

ü  Services

o    Access Control

§  Biometric Access Control

§  Non-Biometric Access Control

·         HVAC Control

o    Humidity and Temperature Sensor

o    Smart Vents

·         Entertainment & Other Control

o    Smart Audio/Video devices

o    Smart Home Theater Systems

o    Other Controls

§  Smart Switches

§  Swart Plug

§  Smart Meters

§  Smart Locks

·         Home Healthcare

o    Health Status Monitors

o    Physically Activity Monitors

·         Smart Kitchen

o    Smart Juicer

o    Smart Coffee maker

o    Smart Dishwasher

o    Smart cooker

o    Smart Oven

o    Others (Smart Heater, Smart vents)

Home Appliances

o    Home Energy Dashboards

o    Smart Refrigerator

o    Digital Faucet

o    Smart Washing Machine

o    Smart Thermostat

o    Smart Induction Heat Plate

Growth Drivers & Challenges

Increasing disposable income of the consumers and their inclination towards luxuries lifestyle are the major growth drivers which are anticipated to foster the growth of global smart home market over the forecast period. Moreover, rising awareness and concern among people for better home security, health care and their privacy are some of the major factors which have bolster the growth of smart home market.

Over the past few years, it has been observed that rising adoption of internet of things and their use with smart home appliances made smart homes more convenient and advanced and have attracted the consumers towards it. Further, such factors are anticipated to escalate the growth of global smart home market over the forecast period. On the other hand, technological advancement and development of new smart home technologies such as smartphone integration are expected to foster the demand for smart homes in near future. Such features are anticipated to increase the demand for smart homes in near future.

However, high cost of smart homes is restraining the growth of global smart home market. Moreover, rising threat regarding security and privacy breach due to installed internet of things technologies in smart homes is likely to dampen the growth of global smart homes market.

Key Players

Siemen AG,United Technology Inc., General Electric Company, Schneider Electric, Honeywell International Inc., Ingersoll-rand PLC, Lutrons Electronics Co. Inc., Samsung Electronics Co. Ltd., Acuity Brends Inc., ABB Ltd., Johnson Controls Inc.

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