According to a new market report published by Lucintel, the future of the smart home market looks promising with opportunities in home safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The smart home market is expected to reach an estimated $190 billion by 2027 with a CAGR of 10.5% from 2021 to 2027. The major drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.
Browse 87 market data tables and 89 figures spread through 182 pages and in-depth TOC on “Global Smart Home Market"
In this market, safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen are the major application segments. Lucintel forecasts that the safety and security market is expected to remain the largest application segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology that can provide a single platform for a high level of control and flexibility while deliver the best entertainment experience.
Within the smart home market, wireless is expected to remain the largest technology segment. It is also expected to witness the highest growth over the forecast period due to the increasing demand for Zigbee in healthcare and safety & security applications to support remote monitoring facilities, enhancing consumer comfort and convenience.
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud-based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the smart home market growth in this region.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of voice assistant technology for high-end automated households, emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and growing adoption of video-enabled drones. Honeywell, ADT Corporation, Control4, Raytheon Technologies, Siemens AG, Philips, Acuity Brands, and Vivint Inc. are among the major smart home providers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global smart home market by application, product and service, technology, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global Smart Home Market 2022-2027: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global smart home market by application, product and service, technology, and region as follows:
By Application [Value ($M) shipment analysis for 2016 – 2027]:
•Safety and Security
•Home Appliances
•Entertainment
•Lighting
•HVAC
•Home Healthcare
•Smart Kitchen
•Others
By Product and Service Type [Value ($M) shipment analysis for 2016 – 2027]:
•Products
•Services
By Technology [Value ($M) shipment analysis for 2016 – 2027]:
•Wired
oBACnet
oLonworks
oDALI
oModbus
oKNX
oOthers
•Wireless
oZigbee
oWi-Fi
oBluetooth
oEnOcean
oZ-Wave
oOthers
By Region [Value ($M) shipment analysis for 2016 – 2027]:
•North America
oUnited States
oCanada
oMexico
•Europe
oUnited Kingdom
oGermany
oFrance
•Asia Pacific
oChina
oJapan
oIndia
oSouth Korea
•The Rest of the World
This 182-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/smart-home-market.aspx or write us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high growth opportunities for the global smart home market by application (safety and security, home appliances, entertainment control, lighting, HVAC control, home healthcare, smart kitchen, and others), product and service type (products and services), technology (wired and wireless), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?