Sarasota, FL, Jan. 03, 2018 (GLOBE NEWSWIRE) -- 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, the global smart home market was valued at around USD 24.10 billion in 2016 and is expected to reach approximately USD 53.45 billion by 2022, growing at a CAGR of slightly above 14.5% between 2017 and 2022.
The advanced technology has enabled various devices to be connected and controlled by one device and this technology is used by smart homes. In smart homes, various devices such as lighting, AC, CCTV cameras, smart 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 even if the device controlling them gets a signal for the same. Homeowners are enjoying more convenience and comfort from basic security monitoring and customized access to window coverings, appliances, lighting, irrigation, entertainment systems and many others.Prominent drivers of smart home adoption are energy efficiency, home security, entertainment, convenience/productivity, remote health monitoring and connectivity.
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The major growth driver for the smart home market size includes growing awareness among consumers about energy consumption, growing the aging population, rising disposable income in developing countries, and government initiatives among others.In addition, rising demand for home healthcare is fueling the growth of the smart home market. However, high prices coupled with limited consumer demand and long device replacement cycles are top barriers preventing the smart home market from moving from the early-adopter stage to the mass adoption stage.
Segmentation of smart home market is done on the basis of product and region. The products involved in the smart home market are the smart kitchen, home healthcare, lighting control, HVAC control and others. Light control held the largest share in the smart home market due to reduced electricity consumption in homes. Lighting sensors adjust the intensity of artificial light according to the intensity of natural light thereby reducing power consumption.
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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 homes are thermostats, security systems, network cameras, smart lighting, and multi-room audio systems in 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 on the voice-driven interface. The major players in the smart home market in Europe are Siemens AG, ABB Ltd., Schneider Electric S.A., Ingersoll-Rand Plc, Tyco International Ltd., Legrand S.A.
Asia Pacific region is witnessing significant growth due to a 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 the smart home market in the Asia Pacific.
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The developing economies in Latin America also have a potential market for the growth of the smart home market. The Middle East and Africa are 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 offer its Latin American customers an innovative Smart Home experience. Thereby, it will become the first telco to offer these services in this region.
The prominent players in the smart home are Legrand, Siemens AG, Johnson Controls Inc., Ingersoll-Rand plc, Schneider Electric SE, Acuity Brands, Inc., ABB Ltd., United Technologies Corporation, Samsung Electronics Co., Ltd., Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics, among others.
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The report segments global smart home market as follows:
Global Smart Home Market: Product Segment Analysis
Global Smart Home Market: Software Segment Analysis
Global Smart Home Market: Regional Segment Analysis
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