Technological Advancement and Ease of Use and Convenience Driving the Smart Home Technology Market Analysis & Forecast with Different Segment and Key Players Insights | UnivDatos Market Insights
NOIDA, India, April 8, 2021 /PRNewswire/ -- A comprehensive overview of the smart homes technology market is recently added by UnivDatos Market Insights to its humongous database. The smart homes technology market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the smart homes technology market. The smart homes technology market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the smart homes technology market at the global and regional levels. The Smart Homes Technology Market is expected to grow at a CAGR of 19.7% from 2021-2027 to reach USD 208.5 billion by 2027.
Market Overview
Smart home technologies have been around for two or three decades. Earlier, these innovations were either a niche segment for the very wealthy or extreme technophiles who wanted to do a few things, such as remotely control their lights or window shades, or stream audio-video content between rooms, or do some home security monitoring. However, in recent times, with increasing internet penetration and benefits offered by smart products, the market is attracted by the mass population.
Smart homes technologies/home automation are ambiguous terms used about a wide range of solutions for controlling, monitoring, and automating functions in the home. A smart home system requires that it has a smartphone app or a web portal as a user interface. Smart home systems can be categorized into six major categories: safety and security, smart appliances, HVAC (Heating, Ventilation, and Air Conditioning), home entertainment, lighting systems, and energy management. According to a study, there are almost 102.6 million smart homes in North America and Europe in 2020. North America, having an installed base of more than 50 million smart homes, is the most advanced smart home technology market.
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COVID-19 Impact
Across the globe, several countries have imposed lockdown during the pandemic, to check and combat the widespread transmission of COVID-19. During this period, the number of people staying at home and close to home has increased, this has increased the adoption of smart technologies. This adoption of technologies leads to industry growth, as more user upgrades themselves or and choose new technologies. Further, the providers also capitalize on these demands and provide relevant, easy-to-use, easy-to-adopt technologies with simple installation and integration. New research estimates that nearly one-third of smart device owners in United States broadband households have increased usage of their smart devices during the COVID-19 pandemic, including 46 percent of smart door lock owners.
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Smart Home Technology Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product, the market is primarily bifurcated into
- Safety and Security
- Smart Appliances
- HVAC
- Home Entertainment
- Lighting Systems
- Energy Management
Smart Appliances segment dominated the by type of the global smart home technology market and will grow at 20.4% CAGR to reach US$ 57.4 billion by the year 2027.
By Technology, the market is primarily segmented into
- Wireless
- Wired
Amongst technology types, wireless accounted for the largest share and is expected to grow at 19.4% CAGR during the forecast period 2021-2027. In 2020, the wireless segment accounted for a revenue share of almost 83.3%.
By Wireless Technology, the market is primarily bifurcated into
- Wi-Fi Technology
- Bluetooth
- Zigbee
- Z - Wave
- Others
In 2020, the Wi-Fi technology segment dominated the global smart home technology market with nearly 60.8% of the market share and it is anticipated by 2027, the segment will garner US$ 98.1 billion of the market.
By Wired technology, the market is primarily studied into
- Ethernet
- Power Line Communication
- Fiber Optics
- Others
In 2020, the Ethernet segment dominated the global smart home technology market with nearly 54.9% of the market share and it is anticipated by 2027, the segment will garner US$ 19.4 billion of the market.
By End-User, the market is primarily fragmented into
- Residential
- Commercial
In 2020, the residential segment dominated the global smart home technology market with nearly 76.2% of the market share and it is anticipated by 2027, the segment will garner US$ 154.2 billion of the market.
By Residential, the market is primarily bifurcated into
- Luxury Villas
- Luxury Apartments
- Mid-Range Houses/Apartment
- Assisted Homes
- Others (Low Energy Homes)
In 2020, the mid-range houses/apartment segment dominated the global smart home technology market with nearly 37.5% of the market share and it is anticipated by 2027, the segment will garner US$ 55.6 billion of the market.
By Commercial, the market is primarily fragmented into
- Hotels
- Hospitals
- Others Commercial Buildings
In 2020, the hospitals' segment dominated the global smart home technology market with nearly 66.2% of the market share and it is anticipated by 2027, the segment will garner US$ 34.8 billion of the market.
Smart Home Technology Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Netherlands, France, Norway, Switzerland, Denmark, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
- Middle East & North Africa (UAE, Saudi Arabia, Qatar, Kuwait, Turkey, Israel, and Rest of MENA)
- Latin America (Brazil, Argentina, and Rest of Latin America)
Based on the estimation, the North America region dominated the smart home technology market with almost US$ 27 billion revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 23.9% over the forecast period on account of the increasing internet penetration, disposable income, and millennials population, and awareness about smart products.
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The major players targeting the market includes
- Haier Electronics
- ABB Limited
- Acuity Brands, Inc.
- AMX, LLC
- ASSA ABLOY
- Cisco Systems, Inc.
- Control4 Corporation
- Crestron Electronics Inc.
- Deutsche Telekom AG
- Emerson Electric Co.
- General Electric Company
- Samsung Electronics Ltd
- Honeywell International Inc.
- IBM Corporation
- LG Electronics Inc.
- Monitronics International Inc.
- Schneider Electric S.E.
- Siemens AG
- United Technologies Corporation
- Vivint Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the smart home technology market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the smart home technology market?
- Which factors are influencing the smart home technology market over the forecast period?
- What are the global challenges, threats, and risks in the smart home technology market?
- Which factors are propelling and restraining the smart home technology market?
- What are the demanding global regions of the smart home technology market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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