Northbrook, IL -- (SBWIRE) -- 10/25/2018 -- The global smart home market is expected to be valued at USD 137.91 billion by 2023, growing at a CAGR of 13.61% between 2017 and 2023. The significant advancements in the IoT market, increasing need for convenience, safety and security, and rising demand for energy saving and low carbon emission-oriented solutions are some of the major factors driving the growth of the market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2023.

Market Dynamics:

Drivers:

Growth in Internet of Things (IoT)
Increasing importance of home monitoring from remote locations
Rising need for energy saving and low carbon emission-oriented solutions
Cost reduction measures enabled by smart homes
Rapid proliferation of smartphones and smart gadgets
Large number of manufacturers expanding their product portfolios
Growing concern about safety, security, and convenience among people

Restraints:

Market is more convenience-driven than necessity-driven
High cost of switching for existing smart device consumers
Issues related to breach in security and privacy

Opportunities:

Favorable government regulations to promote green buildings
Lighting controllers to be incorporated with in-built data-connectivity technology
Powerline communication technology to be integrated in smart homes

Challenges:

Linking disparate systems, limited functionality, and lack of open standards
Risks of device malfunctioning

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Lighting control to lead the global smart home market:

The growth of this market can be attributed to the capability of lighting control to reduce electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. One of the largest electrical loads in a home is that of lighting. However, lighting appliances and devices consume lesser energy compared with other electric appliances in a home, which often leads to negligence of its energy-saving potential. Over the years, the growing environmental concerns have helped spread awareness regarding the importance of smart homes and home energy management measures.

The following are the major objectives of smart home market study.:

To define, describe, and forecast the global smart home market on the basis of product, services & software, and geography
To analyze the market structure by identifying various sub-segments of the smart home
To forecast the market size of the smart home, in terms of value, for various segments with respect to four main regions—North America, Europe, APAC, and RoW
The qualitative aspect of the technologies and protocol used in smart homes has been studied
To strategically analyze the micro-markets with respect to the individual growth trends, future prospects, and contribution to the overall market
To identify the major market trends and factors driving or preventing the growth of the smart home and its various sub-markets
To analyze the value chain analysis of the smart home
To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the smart home ecosystem
To strategically profile the key players in the smart home and comprehensively analyze their market shares and core competencies in each segment
To analyze competitive developments such as alliances, joint ventures, and mergers and acquisitions in the smart home

During this research study, the major players operating in the smart home market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. To find the overall market size, top-down and bottom-up approaches have been used. To estimate the sizes of other individual markets, percentage splits obtained from secondary sources such as Hoovers, Bloomberg BusinessWeek, Factiva, and OneSource, along with primary respondents, have been used. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region, conducted during the research study.

To know about the assumptions considered for the study, download the pdf brochure

The smart home ecosystem includes component manufacturers, device manufacturers, technology providers, software/service providers, smart home system distributors, and end users. The key players operating in the smart home market include Siemens AG (Germany), United Technologies Corporation (US), General Electric Company (US), Schneider Electric (France), Honeywell International, Inc. (US), Ingersoll-Rand PLC (Ireland), Johnson Controls, Inc. (US), ABB Ltd. (Switzerland), Legrand S.A. (France), Samsung Electronics Co., Ltd. (South Korea), Acuity Brands, Inc. (US), Lutron Electronics Co. Inc. (US), and Leviton Manufacturing Company, Inc. (US).

Major Market Developments:

In June 2017, Amazon announced its next-generation Echo device to display live streams from a number of smart home cameras. This device is Wi-Fi enabled and offers the same features as its previous version, such as the ability to talk to Alexa, play music, and listen to news and weather, and more. In addition, it offers a 7-inch screen, which enables to make video calls, see the lyrics to songs as they play, watch video flash briefings and YouTube, along with other things that leverage the device's screen. In addition, Amazon is expected to introduce a Smart Home Skill API, which would allow developers to integrate live video feeds from their smart home cameras with the device.

In June 2017, Apple launched HomePod, a wireless smart speaker in the home audio segment. The speaker uses Wi-Fi with multiple input, multiple output (MIMO) as wireless connectivity. This is a smart speaker, equipped with automatic room-sensing technology, which can sense its location in a room and automatically adjust its audio. The speaker has powerful A8 chip (64 bit ARM based chip), which increases the processing capacity of the speaker. It also has six microphone arrays with echo cancellation, which helps Siri to detect the exact position of the user. The speaker also consists of seven tweeters, with individual audio drivers.

In June 2017, Apple updated its HomeKit specification so that compatible smart products no longer have to include a hardware authentication chip. The update meant that authentication would go through software instead, with a firmware update, allowing existing or future products to go through the same software-based authorization.

Target Audience:

Raw material and manufacturing equipment suppliers
Automation & control vendors
Automation & control networking technology vendors
Real estate builders
System integrators
Home owners
Project consultants
Designers/consultants (HVAC, security, and fire & safety)
Component manufacturers (sensors & controls)
Home management system (products & servers) providers
Smart Homes related associations, organizations, forums, and alliances
Government bodies associated with green buildings

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