New York, NY -- (SBWIRE) -- 07/11/2019 -- Smart homes are residences with internet-connected devices that monitor and control lighting, heating and cooling systems, and security cameras, among others. Home automation technology enables homeowners to control smart appliances using their smartphones or other networking devices. Smart home devices are also beneficial for the elderly-monitoring and assisting them without the need for 24/7 home care.
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The major manufacturers covered in this report
1. Samsung Electronics Co., Ltd.
2. Whirlpool Corporation
3. Haier Corporation
4. Amazon.com Inc.
5. Google Inc.
6. ADT Inc.
7. Honeywell International Inc.
8. Osram Licht Group
9. Philips
10. LG Electronics Inc.
Customizations available
Scope of the report:
The global smart home market is expected to reach a value of USD 151 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period. The growth of the smart home market is due to the rapid adoption by consumers for convenience, advanced safety and security systems, and the growing need for connectivity.
The smart home market is segmented based on products and technology. These segments are further categorized for each region. Based on product type, the smart home market is categorized into smart speakers, security and access control, smart lighting, thermostats, smart home appliances, healthcare and assisted living, and others. Based on technology, the smart home market is categorized into wireless technology and cellular network technology.
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By Region
Global (Asia-Pacific[China, Southeast Asia, India, Japan, Korea, Western Asia], Europe[Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland], North America[United States, Canada, Mexico], Middle East & Africa[GCC, North Africa, South Africa], South America[Brazil, Argentina, Columbia, Chile, Peru])
Product segment insights
Based on products, the home appliances segment will experience a CAGR of 20.8% through the forecast period (2018-2023), and is expected to have a market share of 42.4% by 2023. The smart speakers segment will witness the highest growth rate, expanding at a CAGR of 31.2% through the forecast period (2018-2023), and will account for a market share of 15.3%. The proliferation of Internet-connected mobile phones has encouraged consumers to use smart devices in their homes. Thus, smart speakers like Amazon Echo and Google Home Mini will be the highest growing segment in the smart home market.
Technology Segment Insights
Although the wireless technology segment held the largest market share of nearly 95.4% in 2018, the cellular network technology segment is expected to witness the highest growth rate (34.7%) through the forecast period. This growth in cellular network technologies is associated with the advent of 5G technology, owing to its high transmission rates, efficiency and speed. Proactive telecom equipment manufacturers are making significant investments in 5G research and patent development-related projects, which will help shape a self-sustained 5G environment across the globe. Moreover, rising income, an increasing aging population, and government initiatives for smart cities have positively impacted the growth of the smart home market.
Regional segment insights
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America has the largest market share. In 2018, this region's share of the market was approximately 48.3%. Major manufacturers operating in this region, combined with the availability of sophisticated technologies, accelerated the growth of the smart home market. Also, growing awareness and high acceptance of advanced security solutions across North America have increased the adoption of smart home products. Asia-Pacific will be the fastest-growing region during the forecast period (2018-2023). Given this region's immense potential, global smart home leaders like Honeywell International, Samsung Electronics, LG, Siemens, Emerson, and Amazon are focusing on providing affordable systems and solutions for increasing their market shares.
Market share:
The study on the Smart Home market further blends in the best of both primary and secondary research to estimate and verify the current status of import and export, demand and supply, consumption power, spending capacity and distribution channel worldwide. The report examines the market standing of prominent manufacturers and evaluates the strategies they have adopted to stay competitive. The study also applies qualitative and quantitative techniques to assess the annual and financial performance of the top vendors and insights from market leaders. Comprehensive coverage of the recent developments including joint ventures, collaborations, investments, product launches and acquisitions and mergers form an important part of the research on the Smart Home market for the forecast period, 2018 to 2023.
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In market segmentation by geographical regions, the report has analysed the following regions-
- North America
- Europe
- China
- Japan
- Middle East & Africa
- India
- South America
- Others
Exploring growth rate over a period
For more clarity on the real potential of the Smart Home market for the forecast period of 2018 - 2023 the study provides vital intelligence on the major opportunities, threats and challenges posed by the industry. Besides, a strong emphasis is laid on the weaknesses and strengths of some of the prominent players operating in the same market. Quantitative assessment of the recent momentum brought about by events such as collaborations, acquisition and mergers, product launches and technology innovation empower product owners, marketing professionals and business analysts make a profitable decision, reduce cost and increase their customer base.
The research provides answers to the following key questions:
- What will be the growth rate of the Smart Home market for the forecast period, 2018 - 2023? What will be the market size for the estimated period?
- What are the prominent factors driving the Smart Home market across different regions?
- Who are the major vendors dominating the Smart Home industry and what are their winning strategies?
- What are the major trends shaping the development of the industry in the coming years?
- What are challenges faced by the Smart Home market?
- What are potential opportunities for the industry for the forecast period, 2018 - 2023?
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