Albany, NY -- (SBWire) -- 12/01/2017 --Smart homes are the residences that are equipped with information and computing technology devices that anticipates and responds to the requirement of the owner in an effective and efficient manner. Smart homes involves automation and control of Heating, Ventilation, Air Conditioning and Security system (HVAC), lighting and home appliances like refrigerators, ovens and dryers. The smart home devices use Wi-Fi for monitoring remotely and are a part of Internet of Things (IoTs). Modern systems comprises sensors and switches connected to a central hub sometimes known as gateway from which systems are controlled with a user interface that is interrelated with a mobile phone software, web interface, or a wall mounted terminal.
Further, smart homes use fingerprint identification or key cards in place of conventional locks, making the homes more secure. Smart homes market is fragmented market with various medium and small companies present in the market. Moreover, there are very few worldwide accepted industry standards in this market. Widespread communications protocol for products embraces Ethernet, X10, 6LoWPAN, RS-485, ZigBee Bluetooth LE (BLE) and Z-Wave, or other proprietary protocols that are incompatible with each other.
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Increasing mobility is one of the emerging trends in the global smart home market during the forecast period. In the modern era, mobility is one of the important factors that allow people to be connected with their devices at home. Since all the devices are connected to a smart phone or tablet, no matter which corner of the house a person may be, can control everything via their smartphones thus, enhancing the mobility.
Increasing consumer acceptance is an important factor bolstering the demand of smart homes in the global market. Customers have identified the security, value and energy-efficient solutions offered by smart homes. The ease of monitoring, managing and controlling devices and home appliances at any time, from any place are boosting the customers' acceptance of smart homes. The advent of the Internet of Things (IoT), technologies such as wearable's, near field communications, Wi-Fi, smartphones, Bluetooth and ZigBee protocols, have additionally amplified the demand for smart home solutions.
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The global Smart Home market is segmented on the basis of application and geography. Based on application, the smart home market is bifurcated into lighting control, security and access control, HVAC control, entertainment control and others. The HVAC control segment accounted for the highest market revenue share in 2016 and is expected to remain the same during the forecast period. Need for energy efficient devices and concern for optimizing the use of energy are the factors bolstering the demand of HVAC control system in the global smart home market during the forecast period.
By geography, the global Smart Home market has been bifurcated into five regions that include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In 2016, the North America smart home market accounted for the highest market revenue share followed by Europe and Asia Pacific. Increasing demand of home healthcare is boosting the demand of smart home market in North America.
Companies Mentioned in the Report
Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Ltd., Johnson Controls Inc., Emerson Electric Company, Samsung Electronics Co., Ltd., LG Electronics Inc., United Technologies Corporation and Crestron Electronics, Inc. among others.
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Global Smart Homes Market Will Reach US$97.61 Bn During Forecast 2017-2025