Global Smart Homes Market - Growth, Trends and Forecasts (2016 - 2021)
North America and Europe are the big markets for smart homes. As Asia-Pacific regionâ€™s economy is growing at a fast pace and with the rise of middle class, this region is estimated to be the fastest-growing region for smart homes.
It is estimated that the global market for smart homes would increase from USD 20.5 billion in 2016 to USD 76.7 billion by 2021 with a CAGR of 24.6%. The technology has evolved a lot in the last decade and this has enabled a lot of devices to be controlled by just one device. Various devices like CCTV cameras, lighting, AC, TV, washing machine, etc. can be controlled by either a remote or a smartphone or tablet. These devices can be switched on or off from a different location provided the device controlling gets a signal. This can help in energy conservation when people often forget to switch off lights or some devices while leaving the house. As the CCTV footage can be seen anywhere, it gives the homeowners a sense of security leaving the house closed for a few days and even the alarm systems placed in the house can be controlled remotely if any burglary or theft is taking place in the house.
This increase in the use of home automation is because of the increase in the use of smartphones and tablets. As these devices are portable and use modern technology that can interact with other devices, installation of smart homes has increased. Technologies like bluetooth, GSM, Zigbee, wi-fi or RFID can be used to send the signals to control the devices. It is easy to install these systems in a house which is being built, rather than retrofitting it in older houses. Architects these days are taking this concept into consideration for the houses of the future.
There are some constraints for the market like the initial cost of installation of different equipment used in smart homes is high. There is continued research going on by the companies and development of new products that will reduce the costs. Also, there are new players coming into the market which will lead to a price war and reduction of prices in the coming years.
Major companies in the market like ABB, Emerson, Honeywell, Schneider Electric, Siemens, LG etc. are releasing new products and services for the smart homes market. These companies have been studied and their strategies have been analyzed in the report. The report is divided by geography where the market share of each region is analyzed and estimates are provided for the period 2016 - 2021. The various applications of smart homes have been discussed in detail in addition to a comprehensive overview of the market.
What the Report Offers
Market definition for the global smart homes market, along with identification of key drivers and restraints. Market analysis for the global smart homes market, with country-specific assessments and competition analysis. Identification of factors instrumental in changing the market scenario, rising prospective opportunities and identification of key companies that can influence the market on a regional scale. Extensively researched competitive landscape section with profiles of major companies along with their share of the market. Identification and analysis of the macro and micro factors that affect the global smart homes market. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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