Smart Home Market Size is Projected To Reach USD 117820 Million By 2027 At A CAGR of 6.8% - Valuates Reports
BANGALORE, India, Jan. 11, 2022 /PRNewswire/ -- Smart Home Market By Type - Hardware, Software, By Application - Lighting Control, Security & Access Control, HVAC, Entertainment & Other Control, Home Healthcare, Smart Kitchen, Home Appliances. Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the Software Category.
The global Smart Home Market size is projected to reach USD 117820 million by 2027, from USD 72040 million in 2020, at a CAGR of 6.8% during 2021-2027.
Major factors driving the growth of the smart home market are
The expansion of the smart home industry has been aided by factors such as the increasing necessity of home monitoring systems and the increasing disposable income of people in emerging countries.
The increasing customer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home), and surveillance systems is predicted to drive the Smart Home Market's growth.
The smart home market is being driven by an increase in the number of internet users and the adoption of smart devices, as well as a growing need for energy-saving and low-carbon emission-oriented solutions.
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TRENDS INFLUENCING THE GROWTH OF THE SMART HOME MARKET
The convenience offered by smart home devices is expected to drive the growth of the smart home market. Users have remote access to systems such as heating and cooling, intercoms, music, and multimedia devices throughout the home. Video intercoms make it easy to connect with people in the house or visitors at the door, thanks to integrated hard drives that allow homeowners to see video or listen to audio in any area. If the homeowners are away on vacation, they can utilize IoT applications' viewing at a distance function to turn lights on or off to make it appear as if the house is occupied. The thermostat might be controlled remotely by the absent homeowner, ensuring that the house is at a pleasant temperature when they return. Home automation allows a person to plan automatic operations such as watering the grass, eliminating the need to conduct these time-consuming duties on a regular basis.
The increasing need for home security is expected to increase the adoption of smart homes thereby driving the smart home market. Homeowners may monitor visitors to their doorstep using video smart home devices while they're away, or even when they're at home, to see if they can safely open the door. Advanced security systems with cameras, motion sensors, and a link to the local police station or a private security company are included in smart houses. Smart houses may also employ key cards or fingerprint recognition in lieu of traditional locks, making it more difficult for intruders to get access. Smart home devices for accessibility may provide an extra sense of security for elderly or disabled individuals. Voice-command systems can control lights, lock doors, dial a phone number, or access a computer.
Smart houses are more energy-efficient and environmentally friendly. When no one is in a room, lights can be turned off automatically, and the thermostat can be set to allow the internal temperature to drop during the day before returning to a more pleasant level when occupants return home from work or school. Energy efficiency leads to cost-saving as well. This feature is in turn expected to drive the growth of the smart home market.
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SMART HOME MARKET SHARE ANALYSIS
Based on type, the smart home appliance is expected to be the most lucrative segment. The availability of wireless solutions that have enabled smart appliances to link wirelessly with smartphones and tablets via the Internet or Bluetooth, as well as wireless connectivity, which has been a major technological advancement in the home appliances industry, has propelled market expansion. The ability to handle smart home appliances remotely has reduced energy usage and reduced the cost and time necessary for chores. The demand for home appliances is expected to rise in the near future as a result of these advantages.
Based on region, Asia-pacific is expected to be the most lucrative. Changing lifestyles, rising disposable income, a growing geriatric population, a growing focus inclination toward smart building infrastructure in the region's developing economies, the presence of a large customer base, and rapid technological advancements in smart home products are all driving the market's growth in APAC.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Smart Home Market By Company
- Siemens AG
- United Technologies Corporation
- General Electric Company
- Schneider Electric
- Honeywell International
- Ingersoll-Rand PLC
- Johnson Controls
- ABB
- Legrand
- Samsung Electronics
- Acuity Brands
- Lutron Electronics
- Leviton Manufacturing Company
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SIMILAR REPORTS
- In 2021, the global Voice Control Smart Home Platforms market size will be USD million and it is expected to reach USD million by the end of 2027, with a CAGR of % during 2021-2027.
- The global Smart Home Appliances market was valued at USD 22050 million in 2020 and it is expected to reach USD 188830 million by the end of 2027, growing at a CAGR of 32.3% during 2021-2027.
- The global Smart Home Security market size is projected to reach USD 1595.4 million by 2027, from USD 726.9 million in 2020, at a CAGR of 11.4% during 2021-2027.
- The global Ambient Assisted Living and Smart Home market size is projected to reach USD 83680 million by 2027, from USD 42300 million in 2020, at a CAGR of 9.8% during 2021-2027.
- In 2020, the global Smart Pillows market size was USD 110.6 million and it is expected to reach USD 1572 million by the end of 2027, with a CAGR of 46.1% during 2021-2027.
- The global Smart Home Installation Service market size is projected to reach USD 7216 million by 2027, from USD 2766.7 million in 2020, at a CAGR of 14.2% during 2021-2027.
- The global Smart Home Healthcare market size is projected to reach USD 15930 million by 2027, from USD 5760.3 million in 2020, at a CAGR of 15.1% during 2021-2027.
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