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Global Smart Home Market – by Product, Software, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Smart Home Market – Segmented by Product, Software, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts | MarkGenes
Smart Home is a communication network which connects different appliances such as lighting, heating, air conditioning, TV’s, entertainment audio-video systems, security and camera systems, which can be remotely controlled, monitored and accessed from any location in the world by phone or internet. Smart homes are usually wireless or wired systems. Wireless systems are convenient, cost efficient, portable and easy to install, whereas wired systems are expensive and need professional installer to install it. Smart home appliances have emerged as an effective solution to save energy through their internal communication
The global smart home market was USD 58.25 billion in 2018 and is estimated to reach USD 155.92 billion by 2025 at a CAGR of 15.10% during the forecast period
Growth by Region
Europe generates the highest revenue owing to rise in adoption of automotive, and consumer electronics, high income per capita along with wide acceptance of smart sensors. Evolving energy policies such as Energiewende and changing consumer preferences have led to a fundamental shift in grid operations to distributed energy resources (DER), aiming to reduce primary energy consumption, is driving the deployment of smart grids and smart home infrastructure in Germany.
Drivers vs Constraints
Increasing global broadband connectivity, demand for energy efficient solutions in home, adoption of digital lifestyle, and need for safety and security are major factors for the growth of smart home market. However high initial cost, consumers concern for privacy security, interoperability and lack of standards are acting as barrier for the global smart home market.
Industry Trends and Updates
• Honeywell International launched indoor air-quality monitoring sensor in August 2017 for building owners and consumers
• Analog Devices in May 2017, launched two MEMS Accelerometers in its series of low noise, low drift, low power, three-axis MEMS accelerometers to provide Wireless Condition Monitoring
• GRDF Company, launched the world’s largest roll-out of smart gas meters in January 2018, powered by Oracle technology.
• Mitsubishi announced the development of an autonomous platform in January 2018 that enables networked smart appliances to use their sensors and functionalities to cooperate in new home services without the need for cloud computing or internet connection.
Browse other Information & Communication Technology reports at: https://markgenes.com/industry-reports/information-and-communication-technology
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