Smart Home Market Size USD 184.10 Billion in 2028 | CAGR of 11.9%

PUNE, India - June 16, 2021 - PRLog -- The global smart home market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for improved energy efficiency in homes to minimize energy bills and carbon emissions. Consumers are increasingly adopting smart home systems as these allow monitoring and control of energy usage more efficiently. Home automation systems allow homeowners to control their appliances with the help of smartphone apps and eliminate power consumption of unattended appliances and devices when not in use.

The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances. Precise control over heating and cooling of a home with a programmable smart thermostat is achieved through utilization of smart home technology. In addition, a home automation system helps in preventing hazards such as fires as it gives full control over the lighting and heating systems. Increasing adoption of smart appliances, which include smart air conditioners, smart refrigerators, and smart washing machines helps in attaining better energy efficiency. Rising need to minimize negative environmental effects and increase utilization of resources is increasing adoption of smart buildings. Increasing government initiatives for smart city projects and green buildings is expected to further drive growth of the smart home market during the forecast period.

Key players in the smart home market include

Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB.

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/smart-home-market

Emergen Research has segmented the global smart home market on the basis of software and service, product, and region:

• Software and Service Outlook (Revenue, USD Billion; 2018–2028)

o   Behavioral

o   Proactive

• Product Outlook (Revenue, USD Billion; 2018–2028)

o   Energy Management

o   Lighting Systems

o   Security & Surveillance

o   HVAC Control

o   Entertainment Control

o   Others