Smart Home Systems Market is expected to grow at a CAGR of 12.4% from 2019 to 2027 due to the Increasing Awareness Amongst Consumers about the Importance and Benefits of Installing Automated and Energy Saving Electrical Appliances at Residences
Smart home systems signifies the smart devices in the home that are connected by local area network (LAN), internet, Bluetooth, or any other network. Smart home systems mainly control temperature, lighting, appliances, entertainment systems, and home security devices such as alarm systems, and access control. It enables a user to control and manage smart home devices through networked devices, control panel, voice command hubs such as smartphones, and smart speakers. A house that uses home automation technology is a smart home by which human life gets simpler and better. All the devices such as water detectors, thermostats, vale locks, smoke alarms, smart sensors, humidifiers, and wireless doorbells are connected to a user’s phone or tablet through which user can control the devices from anywhere. For instance, Google Home, a set of speakers enables a user to control the home’s environment simply through a voice command. Thus, this is supporting the smart home systems market growth.
Smart home systems have become a helping hand for the handicapped society which propels the growth of the smart home systems market. Around one billion people in the world are facing some or other kind of disability. They face difficulty in accessibility and are susceptible to socioeconomic outcomes. Smart home is become a solution to them to live a comfortable lifestyle, through smart home systems they can control their house's environment easily. Smart homes also help the elder population enormously by reducing a need for a manual helping hand and simplifies things with the touch of a button. Smart home systems market generates large demand from all architectural structures involving the handicapped, and geriatric population.
For instance, in 2019, Honeywell had announced technology integration with Intel Corporation that enables new artificial intelligence (AI) capabilities in its MAXPRO connected security platform. The new security platform is now supporting MAXPRO network video recorders (NVR) and video management systems (VMS). It is incorporating Intel vision products that enable deep learning, advanced analytics, and facial recognition capabilities.
In 2018, United Technologies Corporation had introduced the next-generation touchscreen displays for i-Vu building automation systems to help to make operators to better manage their HVAC equipment.
In terms of revenue, the smart home systems market was valued at US$ 75,240.2 million in 2018 and is anticipated to reach US$ 216,052.3 million by 2027, expanding at a CAGR of 12.4% during the forecast period.
The detailed research study provides qualitative and quantitative analysis of the smart home systems market. The smart home systems market has been analyzed from demand as well as supply side prospective. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence along with growth strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Global Smart Home Systems Market Share, 2018 (%)
Key Findings of the Report:
- In terms of revenue, the smart home systems market is expected to witness considerable market growth over the study period attributed to the increasing implementation of internet of things (IoT) to support the expansion of the market
- On the basis of system, the entertainment and other controls is expected to witness the most attractive segment during the forecast period. The growth of the segment can be attributed to the rising demand for smoke detectors and smart meters, and the rising popularity of smart hub, smart plugs, and smart locks also propels the growth. The market for entertainment and other controls is growing by the rising demand for audio, volume and multimedia controls.
- Some of the prominent players operating in the smart home systems market include Alarm.com, Amazon.com, Inc., Chiyu Technology Co., Ltd., Crestron Electronics, Inc., Google LLC, Honeywell International Inc, Johnson Controls, Leviton Manufacturing Co., Inc., Logitech, Mantra Softech (India) Pvt. Ltd., Orient Electric, Robert Bosch GmbH, SAMSUNG ELECTRONICS CO., LTD., Schneider Electric, Siemens, Wirepath Home System, LLC, dba Control4, amongst others
Smart Home Systems Market:
- By System
- Lighting Control
- Occupancy Sensors
- Security and Access Control
- Video Surveillance Systems
- Access Control Systems
- Biometric Access Control
- Non-Biometric Access Control
- HVAC Control
- Smart Thermostats
- Heating and Cooling Coils
- Smart Fans
- Smart Vents
- Entertainment and Other Controls
- Entertainment Control Products
- Home Theater System Controls
- Home Appliances
- Smart Refrigerators
- Smart Washers
- Smart TV
- Lighting Control
- By Country