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Smart Home Market Segments: By Product Type (Lighting Control, Security and Access Control, HVAC Control, Entertainment Control and Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances and Smart Furniture); By software and services (Behavioral and Proactive); and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Global Smart Home Market to surpass USD 407.6 million by 2030 from USD 81.31 million in 2020 at a CAGR of 17.5% in the coming years, i.e., 2021-30.
The smart home market is a convenient home setup with lighting, heating, and electronic devices that can be operated remotely via a smartphone or other networked computer from any internet-connected location in the world. A smart home is one in which all of the devices are connected to the internet, allowing the user to perform a variety of tasks such as controlling the temperature, lighting, and home theatre. Self-learning capabilities are built into smart home appliances, allowing them to automatically conform to the homeowner's schedules. Smart homes have numerous advantages for users, including being extremely cost-effective, improving security, lowering energy consumption, and facilitating the completion of routine household tasks. Smart TVs, smart locking systems, smart surveillance cameras, and smart entertainment systems are some of the smart appliances used in homes.
Global Smart Home Market to surpass USD 407.6 million by 2030 from USD 81.31 million in 2020 at a CAGR of 17.5% in the coming years, i.e., 2021-30. This growth is anticipated due to increasing mergers and acquisitions across various sectors which will create a worldwide demand for Smart Homes. The growth of online stores is also propelling the selling of high-end products. E-commerce allows the simple purchasing of goods manufactured in remote locations. This, in turn, has made a major contribution to the development of the global Smart Home industry.
Entertainment Control and Other Controls segment to grow with the highest CAGR during 2020-30
Global Smart Home Market is segmented by product type into Lighting Control, Security and Access Control, HVAC Control, Entertainment Control, and Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture. Entertainment Control and Other Controls segment held the largest market share in the year 2020 due to an increase in the demand for audio, volume, and multimedia room controls among customers all over the world. Consumers are increasingly searching for smart entertainment systems that provide both stimulation and rejuvenation. When listening to music or watching a movie, the multi-room entertainment control system allows the user to centralize all connected devices. Furthermore, advances in wireless connectivity technology are driving demand for home theatre systems, boosting the Global Smart Homes market's growth over the forecast period.
A behavioural segment to grow with the highest CAGR during 2020-30
Global Smart Home Market is segmented by software and services into Behavioural and Proactive. Over the forecast period, the behavioural segment is projected to expand at the fastest pace as a result of increasing communication between machine-to-machine solutions and the Internet of Things, smart home, and energy management markets are seeing increased demand (IoT). Through analyzing energy-related data and forwarding the information to consumers, the Behavioural type of approach provides direct input to the end-user.
The popularity of IoT among residential consumers and increased investments
Due to advantages obtained by connecting household items to the internet, the Internet of Things (IoT) has grown in popularity among residential consumers. The Internet of Things links goods, software algorithms, utilities, and end-users, allowing data to flow freely and real-time decisions to be made. It has proven to be successful in improving the quality and accuracy of automation systems. Several big, mid-sized, and small businesses are heavily investing in the IoT industry around the world. With most businesses transitioning to IoT, it is expected to hit a wide range of application areas, including lighting, HVAC, defence, healthcare, and entertainment.
Rising consumer preference for smartphone usage
Increasing customer preference for video doorbells, voice-assisted technologies and security systems is expected to propel the smart home market forward. The rising penetration of the internet, the use of smartphones, and the expansion of social network networks are all factors driving user IoT adoption. Because of the adoption of internet-enabled smart devices such as radio frequency identification (RFID), barcode scanners, and mobile computers, the overall IoT market is expected to develop.
Suspicions regarding effectiveness and durability and high prices of appliances
Despite the growing popularity of smart homes across the world, smart home appliance vendors face difficulties since consumers are still suspicious of the products' effectiveness and durability. As a result, they are hesitant to buy smart home appliances, despite the market's promising prospects. Furthermore, vendors are having difficulty defining the value proposition for smart home appliances and properly marketing the goods to raise awareness among potential customers. Furthermore, the cost of smart home products is extremely high, and only the wealthiest members of society can afford them, limiting the market's consumer base.
Honeywell International Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Smart Home Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Global Smart Home in APAC held the largest market share of XX.X% in the year 2020 in terms of revenue because of the growing smart home industry and large-scale deployment of hardware and software solutions in emerging economies like China and Japan. Rapid urbanization, population growth, and strong economic growth are all pushing consumers to seek out more sophisticated infrastructure, which is driving the Smart Home market in Asian countries. Furthermore, the increasing trend of smart lighting controls, HVAC controls, and security controls in China and India will support the market's growing demand in the coming years. China, one of Asia's largest smart home markets, is largely focused on advanced technological growth to meet changing consumer demands, which will help the Smart Home market in this area grow even further.
Global Smart Home Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Smart Home Market Segments:
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