Zion Market Research

Annual 14.5% Growth Expected for Global Smart Home Market by 2022

Global smart home market is expected to reach USD 53.45billion in 2022, growing at a CAGR of 14.5% between 2017 and 2022.


Sarasota, FL -- (SBWIRE) -- 02/13/2017 -- Global Smart Home Market is Set for a Rapid Growth and is Expected to Reach around USD 53.45Billion Globally by 2022: Zion Market Research

Zion Market Research has published a new report titled "Smart Home Market (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016-2022." According to the report, global demand for smart home was valued at around USD 24.10 billion in 2016, and is expected to reach approximately USD 53.45 billion in 2022, growing at a CAGR of slightly above 14.5% between 2017 and 2022.

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Rising need for consumer convenience, safety and security, energy consumption is the major driver of smart home market. The real estate industry is expected to spur the demand of smart home market. A smart home refers to a residence equipped with computing and technological devices which anticipatesand responds to the needs of residents to enhance their comfort, security, convenience, and entertainment.

By region, the smart home market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is a best smart home market across globe followed by Europe. The most successful products in smart homesare thermostats, security systems, network cameras, smart lighting, and multi-room audio systems at North America and Europe. Some of the major companies in both regions are providing advance services regarding the voice driven user interface. For instance, Alexa service from Amazon, Apple home kit and Microsofts's cortana services are betting in voice driven interface. The major players of smart home market in Europe are Siemens AG, ABB Ltd., Schneider Electric S.A., Ingersoll-Rand Plc, Tyco International Ltd., Legrand S.A.

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Asia Pacific region is witnessing significant growth due to number of new residential projects and strengthening of building infrastructure at a significant rate. Moreover, economically emerging countries such as Japan, South Korea and China are anticipated to contribute stupendous growth in near future. Currently, South Korea is considered to be a huge market for smart homes due to the high demand for various control devices pertaining to lighting and entertainment control in this country.Cisco Systems, Inc., United Technologies Corporation., Emerson Electric Co.Control4 Corporation., Honeywell International, Inc., Leviton Manufacturing Company, Inc. are the major players operating in smart home market in Asia Pacific.

The developing economies in Latin America are also have a potential markets for the growth of the smart home market. Middle East and Africa is also expected to be one of the fastest growing regional markets for smart home in the coming years. In 2016 Huawei and Telefónica joined forces to develop the Smart Home category in Latin America. With the help of Huawei's cloud based platform and a jointly designed exclusive user experience, Telefónica would offerits Latin American customers an innovative Smart Home experience. Thereby,it will become the first telco to offer these services in this region.

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Some of the key players in the smart home market areSchneider Electric SE, Acuity Brands, Legrand,Siemens AG,Johnson Controls Inc., Ingersoll-Rand plc., Inc.,ABB Ltd., Samsung Electronics Co., Ltd., United Technologies Corporation, Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics, among others.

The report segmentsof global smart home marketas follows:
Global Smart Home Market: Product Segment Analysis
- Smart Kitchen
- Security & Access Control
- Lighting Control
- Home Healthcare
- HVAC Control
- Others

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Global Smart Home Market: Software Segment Analysis
- Behavior
- Proactive

Global Smart Home Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

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