London, Aug. 14, 2019 (GLOBE NEWSWIRE) — According to a new market research report “Smart Home Market by Product (Smart Speakers, Smart Lighting, and Smart Home Security), Standards & Protocols (Bluetooth, Wi-Fi, and ZigBee), and Geography – Global Forecast to 2025”, published by Meticulous Research®, the smart home market is expected to grow at a CAGR of 16.5% from 2019 to reach $144 billion by 2025.
Rapid proliferation of Internet of Things (IoT) has certainly encouraged the concept of using smart devices across different end-use sectors including residential, industrial, and commercial sectors from past few years. However, the concept of smart home is not just a technological wave topass without making much impact on the market. Growing enthusiasm amongst consumer with respect to smart devices is encouraging smart devices companies as well as new start-ups to participate aggressively in the global smart home market.
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Global smart homes market is witnessing a consistent growth owing to rising sense of safety and security among home owners with respect to their prised possession. Consequently, smart home safety and security products are playing a vital role in driving the growth of this market. Furthermore, need for attaining better operational & energy efficiency and developing internet infrastructure, especially in developing economies has also contributed to the overall growth of overall smart homes market. However, consumers’ hesitance in acceptance of new technology, especially in elderly population and high cost of procurement of smart devices is restraining the upsurge of the global smart homes market.
Global smart homes market is majorly segmented by product, protocols & standards, and geography. Based on the product, the global smart homes market is further classified into smart lighting system, smart speakers, HVAC control, security & monitoring, smart entertainment system, smart home appliances, smart kitchen appliances, smart home healthcare system, and smart furniture. Smart speakers are spearheading amongst all other smart home devices in terms of growth rate and are expected to grow even further in coming years. The convenience and features offered along with the ability to create an interface between consumers and smart devices are helping smart speakers to penetrate faster in the global market.
Based on the protocols and standards, the global smart homes market is majorly segmented into wireless protocols, wired protocols, and hybrid protocols. Wireless protocols are further segmented into ZigBee, Wi-Fi, Bluetooth, Z-Wave, Thread, and Enocean. Wired protocols market is classified into KNX, UPB, X10, BACnet, LonWorks, DALI, Modbus and Ethernet; whereas, hybrid protocols market is segmented into Insteon and C-Bus. Consistent development in protocols and standards along with propagation of wireless connectivity resulted in the high growth in wireless protocols and Wi-Fi holds a strong position amongst other wireless protocols. Majority of smart home devices are Wi-Fi compatible and the protocol is accepted universally. Consequently, Wi-Fi holds the largest market of the global smart home market.
Geographically, the global smart homes market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The smart home market is thoroughly analyzed with respect to major countries in each of the aforementioned region with the help of bottom-up approach to derive the most precise market estimation. At present, North America holds a dominating position in the global smart homes market. The region has high technology adoption rate and is home to several major smart home players and start-ups. The North America is also expected to retain its dominance throughout the forecast period. However, speedy growth in spending power, presence of young population, and developing internet & connectivity infrastructure is helping Asia Pacific to register the fastest growth in the global smart home market.
The global smart home market is consolidated and dominated by few major players, namely Google LLC (U.S.), Amazon (U.S.), Samsung (South Korea), Apple, Inc. (U.S.). Other key players in the market include Siemens AG (German), United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), General Electric Company (U.S.), Legrand S.A. (France), and Sony Corporation (Japan), along with several local and regional players.
Browse key industry insights spread across 260 pages with 241 market data tables & 30 figures & charts from the report: https://www.meticulousresearch.com/product/smart-home-market-5029/
Scope of the Report:
Market by Product
- Smart Lighting Systems
- Smart Speakers
- HVAC Control
- Smart Thermostat
- Smart Vents
- Smart Air-Conditioner
- Security & Monitoring Systems
- Security Cameras
- Smart Locks and Access Controls
- Smart Entertainment Systems
- Smart Home Appliances
- Smart Washing Machines
- Smart Water Heaters
- Robotic Vacuum Cleaners
- Smart Kitchen Appliances
- Smart Refrigerators
- Smart Coffee Makers
- Smart Dishwashers
- Smart Ovens
- Smart Home Healthcare Systems
- Smart Furniture
- Sofas & Recliners
- Smart Tables & Desks
Market by Standards & Protocols
- Wireless Protocols
- Wired Protocols
- Hybrid Protocols
Market by Geography:
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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Key questions answered in the report:
Growing penetration of Internet of Things (IoT) in developing countries will propel the smart home market
- How does the penetration of smart home devices in developed regions differ from developing countries like India and China?
- What part does the established companies as well as start-ups play in developing smart homes market in new regions?
- What are the most prominent product types and protocols & standards being rapidly adopted across developed as well developing regions?
- What are the geographical trends and high growth regions/ countries?
Smart speakers are witnessing a strong growth across global smart home market
- Which geographic segment is expected to experience the fastest growth in terms of smart speaker adoption?
- What significance does a smart speaker plays in terms of utility & convenience in the overall set-up of a smart homes?
Smart home market is becoming more and more fragmented and expected to experience radical changes in terms of competition
- Who are the major players in various countries and what share of the market do they hold?
- What are the top competitors in this market and what strategies do they employ to gain shares?
- What companies have recently merged/acquired in various countries across the globe and how will these unions affect the competitive landscape?
- Which companies have created partnerships and how will these partnerships promote a competitive advantage?
- What strategies start-ups are eyeing to enter into the market and claim their market share?
- What significance does social media and brand promotions plays in elevating the market shares?
Recent partnerships, acquisitions, and expansions have taken place in the global smart home market
- What companies have recently merged/acquired and how will these unions affect the competitive landscape of the smart home market?
- What companies have created partnerships and how will these partnerships promote a competitive advantage?
- Who are the major players in the global smart home market and what share of the market do they hold?
- What are the local emerging players in the global smart home market and how do they compete with the global players?
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