October 05, 2020
As per the report titled ‘GLOBAL SMART HOME MARKET 2019-2027’, available with Market Study Report LLC, global smart home market is projected to showcase a y-o-y growth rate of 15.01% over 2019-2027.
Global smart home market is majorly driven by swift urbanization and surging infrastructure projects. Favorable government initiatives, expanding geriatric populace, and advancements in IoT technology are the other rationales contributing to the industry expansion. Moreover, increasing number of smart city projects and deployment of smart home solutions for urban security applications are slated to present new growth opportunities for industry partakers in the upcoming years, claims the study.
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For the uninitiated, smart home solutions are set of electronics and software designed to increase comfort and convenience for inhabitants in a house. Parameters such as IoT, software development, and widespread accessibility of electronics components have facilitated the innovations in smart home technology.
On the contrary, complexities associated with installation of smart devices, expensive nature of smart home projects, along with privacy concerns, and issues with data management are hampering global smart home market growth trends. Besides, lack of awareness, and problems with standardization and interoperability are the major challenges faced by businesses.
Considering the geographical landscape, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the key contributors of global smart home market size. According to trusted projections, Asia Pacific smart home industry is set to expand at a robust pace through 2027, with India taking the lead. Presence of a large target population, improving living standards, and rising per capita income are the prime factors contributing to industry expansion in India. Additionally, availability of a plethora of hi-tech products in the nation is drawing in significant revenues.
Top companies shaping the global smart home market outlook are Vodafone Group plc, Solatube International, Inc., United Technologies Corp., Siemens AG, Samsung Electronics Co., Ltd., Schneider Electric SE, LG Electronics, Inc., Honeywell International, Inc., Johnson Controls, Inc., Emerson Electric Co., Crestron Electronics, Inc., EE Ltd., Century Technologies Corp., Control4 Corp., Blue Line Innovations, Inc., Centrica Connected Home Ltd., and ABB Ltd.