Technology is advancing day-by-day and owning a smart home has become a necessity. Over the past years, smart homes were looked to be part of a luxurious lifestyle but today they have become an essential part of our lives. Having a smart home permits to deal with many electronic gadgets and systems from over the house or over the world. A smart home is also a major way to give peace of mind; as people can utilize the smart device to check the doors, windows, water spill sensors etc. Smart homes also permits to make home secure as well as it allows to monitor the security very easily through the smart phones.
Market Dynamics- Global Smart Homes Market
Inexpensive technology, the risk of climate change, volatility in electricity prices, safety & security and the mounting adoption of cloud-based technologies and IoT are the major aspects driving the smart home market. Besides technology, smart homes aid to minimize energy consumption, as consumers can reduce the energy usage through temperature settings. The manufacturers of smart homes have realized the variation of new ways to manufacture, deliver, and consume energy due to the threat of climate change, fluctuating energy prices and energy security and supply concerns. Nevertheless, security risk and bugs are the main challenges faced by smart home technology.
Smart Homes Market Segmental Overview
The study analyses Global Smart Homes market based on Application and Geography.
- Lighting & control, security & access control, HVAC Control, Entertainment, energy management etc. are the major applications of Global Smart Homes Market. However, entertainment sector is likely to dominate the market. Mounting number of internet users, growing out of pocket expenditure and introduction of various smart home devices are the other factors HVAC Control and Security Access. Furthermore, increased demand for energy efficient lighting solutions is also likely to have major contributions in this market.
- Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America is expected to dominate the market over the forecast period. Growing usage of smart home devices is likely to increase the sale of Smart Homes in the market. The traditional consumer home devices, which were operated manually, are gradually being replaced by smart devices. The ability of the Smart Home devices to readily adapt with the smart home devices provocatively uplifts the growth of the Smart Homes market in North America along with other regions.
Recent Developments:
Japanese consumer electronics major Panasonic is all set to step into the world of smart connected homes to take on rivals such as Alexa and Google Home with the smart home ecosystem rapidly maturing in India as fast as those in the West.
Xiaomi India launched new smart home devices in India in September 2019. The invite was out and it showed a TV. That hinted at a new Mi TV which is the 70-inch Mi TV that already sells in China.
Global Smart Homes Market-Key Players
ABB Ltd., Schneider Electric SE, Honeywell International Inc., Emerson Electric Co., Siemens AG, Cisco Systems Inc., LG Electronics Inc., Google Inc., Microsoft Corporation, IBM Corporation, General Electric Company, Legrand SA among others are the major players active in the Smart Homes market.
