Smart homes are backed by computing devices and information technology that integrate various devices in the house to facilitate enhanced convenience, comfort, security, and entertainment in a sustainable way. Previously smart homes were confined to elite class consumers; however, in recent years, smart homes have gained widespread consumer adoption.
The smart home market was initially concerned primarily with advanced security features. However, the market has now ventured into newer segments such as lighting systems, fire detection, energy efficiency systems, gas leakage detection, and entertainment. This has propelled the growth of the market.
Growing disposable income or rising affluence of the middle-class consumers along with growing number of working couples have also reflected positively on the market growth. Since more and more homes stay empty throughout the day, there is an increased need for home automation. The governments in multiple countries are taking concrete steps to promote the construction of smart homes by making policies favorable for builders who are keener on building smart homes.
The smart home market is experiencing increased demand from all quarters; however, energy conservation has been the key factor in influencing the growth of the market. Moreover, the maintenance of smart homes is cheaper than traditional homes. Other factors substantiating the growth of the smart home market include increasing affordability of smart home features, the threat of climate change, and the growing adoption of cloud-based technologies.
On the contrary, the growth of the market might be hindered by the risk of privacy and bugs surrounding smart homes. However, multifarious benefits are likely to aid in overcoming of these hurdles.
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The global smart home market has been segmented based on component, application, and technology.
By Component, the smart home market has been segmented into software and services. The software segment has been further segmented into behavioral and proactive. The services segment has been further segmented into managed & professional service.
By Application, the smart home market has been segmented into lighting control, security & access control, entertainment & other control, HVAC control, home healthcare, smart kitchen, and home appliances.
The lighting control segment has been further segmented into relays, occupancy sensors, daylight sensors, timers, switches, dimmers, accessories, and other products.
The Security & access control segment has been further segmented into video surveillance and access control. The video surveillance sub-segment has been further segmented into hardware, software, and services.
The HVAC control segment has been segmented into smart thermostats, sensors, control valves, dampers, actuators, heating and cooling coils, pumps & fans, and smart vents.
The entertainment & other control segment has been further segmented into entertainment controls and other controls. The entertainment controls sub-segment has been further segmented into home theater system controls and touchscreens, audio, volume, & multimedia room controls, and keypads.
The home healthcare segment has been further segmented into health status monitors and physical activity monitors.
The smart kitchen segment has been further segmented into smart refrigerators, smart dishwashers, smart coffee makers, smart cooktops, and others.
The home appliances segment has been further segmented into smart water heaters, smart washers, smart dryers, and smart vacuum cleaners.
By technology, the smart home market has been segmented into networks, protocols, wireless. The network segment has been further segmented into CDMA networks, GSM/HSPA networks, LTE networks. The protocols segment has been further segmented into Digital Addressable Lighting Interface (DALI), KNX, Digital Multiplexer (DMX), Ethernet and others. The wireless segment has been further segmented into ZigBee, Z-wave, Wi-Fi, Bluetooth, and others.
The smart home market analysis has been segmented into four key regions, namely North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America accounts for a major share of the market and is likely to dominate the market over the forecast period. The existence of leading market players in the region along with heightened demand for home healthcare has led to the proliferation of the smart home market in North America. Moreover, high spending capacity leads to increased spending on the modernization of homes, which boosts the growth of the market.
The APAC smart home market is slated to showcase remarkable growth over the forecast period. fast track urbanization in the region combined with rising disposable income has created abundant demand for smart homes in the region. Adoption of cloud technologies, the growing sophistication of lifestyle, and heightened focus on safety and security are auguring the growth of the market in APAC. Additionally, governments in the region are investing substantially in the development of smart cities which is propelling the growth of the market.
Ingersoll-Rand PLC (Ireland), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), ABB Ltd. (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Legrand S.A. (France), General Electric Company (U.S.), Schneider Electric (France), and Johnson Controls, Inc. (U.S.) are the eminent players in the smart home market.
May 2019 - Amazon released the latest version of its Echo Show device with enhanced privacy and smart home controls. The new device is now equipped with a camera shutter which is the first of any Amazon's display speakers. In addition, the new allows voice recording to be deleted in a much more simplified way along with a new privacy hub webpage which explains how Echo devices use and store voice recordings. Amazon is also rolling out a new smart home dashboard which would provide users more control over compatible smart home devices and groups.