April 29, 2021
According to the research report titled ‘GLOBAL Smart Home Market 2019-2027’, available with Market Study Report LLC, global smart home market is expected to record a compound annual growth rate of 15.01% through 2027.
The advent of IoT, growing aging population, favorable regulatory outlook, rapid urbanization, and increasing infrastructural development are some of the key factors driving the growth of global smart home market.
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Notably, smart home technologies basically refer to the use of consumer electronics and software to improve the comfort level of the inhabitants. Easy availability of various electronic components is also stimulating the overall industry outlook.
On the contrary, factors including complex installation processes, high costs of the product, and rising privacy concerns could potentially act as a bottleneck to global smart home market expansion.
Rising number of smart cities and high demand for urban security systems could offer significant revenue generating opportunities for the industry participants in the forthcoming years.
Considering the geographical landscape, Asia-Pacific is estimated to generate lucrative returns for global smart home industry in the ensuing years. Growing population, improving standards of living, and rising per capita income are favoring the regional market scenario.
High concentration of leading companies, technological breakthroughs, growing demand for smart lighting, fire detection, gas leakage, security, and entertainment systems are also adding traction to Asia-Pacific smart home industry size.
The prominent companies operating in global smart home market are , Schneider Electric SE, Vodafone Group plc, LG Electronics Inc., United Technologies Corporation (Raytheon Technologies), Honeywell International Inc., Solatube International Inc., EE, Siemens AG, Samsung Electronics Co. Ltd., Johnson Controls Inc., Emerson Electric Co., Creston Electronics Inc., Control4, Century Technology Group Inc., Centrica Hive Limited, Blue Line Innovations Inc., and ABB Ltd. among others.