Albany, NY -- (SBWIRE) -- 01/08/2019 -- The global smart home market was valued at US$ 36.27 Bn in 2017 and is anticipated to register a stable CAGR of 18.4% during the forecast period, according to a new report published by Transparency Market Research (TMR) titled 'Smart Home Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.' Advancement in Internet of Things (IoT), rise in the demand for energy-efficient solutions, and increase in consumer preference have driven the global smart home market. The market in North America is expanding at a significant CAGR of 14.1%, owing to technological innovations and presence of a large number of market players in the region.
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Rising demand for energy-efficient solutions to drive the smart home market
Cloud-based services help lower energy consumption to a great extent. Consumers are now aware of the importance of saving energy and are opting for more energy-efficient systems and solutions for their homes. Smart home systems allow the consumer to control everything that is connected to their network. For instance, consumers can decrease usage of energy by means of temperature settings and schedules of programmable thermostats. However, consumers frequently struggle to efficiently program thermostats. Smart thermostats that are linked to home Wi-Fi networks come with apps that are easy to use and with added remote control convenience. In a smart home system, lights in a smart home can be turned on and off automatically, with the help of occupancy sensors. A smart home system helps in monitoring the energy usage of each and every appliance in a home. Moreover, smart home controllers help schedule operations of high-power-consuming appliances.
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Growing adoption of smart homes due to technological advancements in cellular networks in the U.S., China, India, Israel, and South Africa to create lucrative opportunities
Geographically, the global smart home market has been divided into five major regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa. In terms of revenue, North America held the maximum i.e. 41.9% share of the global market in 2017 and is expected to continue its dominance during the forecast period. Rising demand for home health care is boosting the smart home market in North America. The smart home market in Europe is driven by presence of a large number of industries in the region and concerns about reducing home energy consumption among people. Asia Pacific is a highly attractive market for smart home. The region is likely to offer promising opportunities to the smart home market during the forecast period. China, Japan, and India are major countries of the market in the region. Changing lifestyle and increasing need for energy-efficient devices, mobility, and comfort are factors boosting the smart home market in Asia Pacific. The smart home market in Middle East & Africa is driven by rising disposable income, changing lifestyle, and growing awareness about optimization of energy. Moreover, the Latin America market is primarily driven by increasing concerns regarding safety and security and growing need for energy-efficient systems with low carbon emissions.