Global Smart Home Market Outlook for 2023-28
Markntel Advisors has conducted a comprehensive study on the Global Smart Home Market is projected to grow at a CAGR of around 23.8% during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the growing penetration of the internet & smartphones worldwide, coupled with the ever-increased focus of several countries on reducing carbon emissions & promoting the use of energy-efficient appliances & devices. Besides, the rising adoption of security cameras, video door alarms, facial-recognition devices, ultra-modern burglar alarms, and remote-controlled locks by households is another prominent aspect projecting a significant boost for the market.
Smart home devices help enhance energy efficiency by effectively managing different utilities like televisions, lighting, and gaming systems, among others, as well as controlling their energy utilization by shutting them off automatically when not in use. The rising penetration of digital assistants like Siri, Google Assistant, Alexa, & Bixby has enabled smart devices to be controlled & managed through voice commands. Moreover, the quick & wide acceptance of advanced technologies like the IoT (Internet of Things), Blockchain, and AI (Artificial Intelligence), among others, alongside their integration into smart devices, is also stimulating the market expansion.
In addition, the Global Smart Home Market Study highlights the impact of domestic and localized market players, emerging revenue opportunities, strategic market growth analysis, product approvals, product launches, geographic expansions, and technological innovations. The objective of the report is to provide a detailed understanding of the industry, including its features, factors, and elements, along with insights into the regulatory scenario & regional dynamics that may impact market growth.
Key Driver: Rising Need for Energy Efficiency to Reduce Running Costs
With alarming levels of carbon emissions as a result of rising warming, energy efficiency is a crucial aspect of any country’s development. As smart Home account for a considerable portion of the world’s total energy consumption, the mounting consumer need for enhanced energy savings & minimized living costs is the prime aspect projected to drive the market during 2023-28. Additionally, the rising number of smart buildings owing to rapid urbanization, the increasing penetration of smartphones & the internet, growing adoption of intelligent technologies in Home, such as video doorbells, voice-assistants (Alexa and Google Home), & surveillance systems, among others, are also projected to fuel the market growth through 2028.
Growth Restraint: Consumer Concerns Regarding Security & Privacy Breaches
Smart home devices are prone to hacking tools as all the data associated with a user’s personal information, physical safety, & healthcare is stored virtually on the cloud, which increases the chances of data breaches that hackers can use to victimize homeowners. Moreover, data generated by smart wearables & appliances can provide cyber attackers with a massive amount of targeted personal information that can be manipulated potentially for fraudulent transactions or identity theft. Hence, these aspects are projected to act as major growth restraints for the market during 2023-28.
Global Smart Home Industry Breakdown: Key Revenue Generating Segments
To facilitate focused analysis, the Smart Home Market has been divided into different segments, providing shareholders with the opportunity to identify their areas of interest and the most profitable opportunities within the market. By incorporating technical trends, comprehensive analysis of the downstream & upstream value chain, as well as Porter’s five forces analysis, we have diligently forecasted the industry landscape for specific regions/countries, presenting critical pointers for informed decision-making. The segments are as follows:
-Cellular Network Technologies
-Protocols and Standards
-Wireless Communication Technologies
-By Software & Service
-By Product Type
-Audio, Volume and Multimedia Room Controls
-Home Theater System Control
-Touchscreen and Keypads
-Security & Access Control
-Non-Biometric Access Control
-Biometric Access Control
-Heating and Cooling Coils
-Pumps & Fans
– Others (Smart Plugs, Smoke Detectors, Smart Meters)
-Middle East & Africa
Each sections offer valuable insights into the Smart Home Market. The report includes essential pillars of the industry study, such as drivers, restraints, opportunities, and challenges. The report also provides information on industry overview, specifications, definitions, suppliers, R&D status, cost structure analysis, sources, and technological advancements, potential for improvement, applications, among others.
Competitive Analysis of the Global Smart Home Industry
-United Technologies Corporation
-Emerson Electronics Co.
-Lutron Electronics, Inc.
-Schneider Electric S.A.
-Tyco International Ltd.
-Robert Bosch GmbH
Global Smart Home Market Research Report Answers the Following Key Questions
- How big is the Global Smart Home Market?
- What is the projected growth rate or CAGR of the Global Smart Home Market during 2023-28?
- What are the key trends or growth opportunities for the key players in the Global Smart Home Market?
- Which ‘segment’ seems promising for companies operating in the Global Smart Home Market?
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