Global Market for Smart Homes Valued at USD 54.9 Billion in 2016 - Likely to Reach USD 137.9 Billion by 2023
DUBLIN, July 27, 2017 /PRNewswire/ --
The "Smart Home Market - Global Forecast to 2023" report has been added to Research and Markets' offering.
The market for smart homes was valued at USD 54.97 Billion in 2016 and is expected to grow at a CAGR of 13.61% between 2017 and 2023. The key drivers contributing to the growth of this market include significant advancements in the IoT market; increasing need of the consumer for convenience, safety, and security; and rising need for energy saving and low carbon emission-oriented solutions.
The smart home market, on the basis of product, has been segmented into lighting control, security & access control, HVAC control, entertainment & other controls, home healthcare, smart kitchen, and home appliances. Lighting control held the largest share of the smart home in 2016. The growth of this market can be attributed to the capability of lighting control to reduce electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. Entertainment has become an important part of life as it provides relaxation and rejuvenation.
The most important feature of entertainment control is the ability to integrate multi-room entertainment systems. The major controls used to control and regulate the entertainment systems in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, & multimedia room controls is driven by the convenience offered by these controls for managing as well controlling the entertainment systems within a house. The advancements in wireless communication technologies is a major factor boosting the growth of the market for home theater system controls, thereby driving the overall market for entertainment controls.
North America held the largest share of the global smart home market in 2016, owing to the factors such as increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions.
Companies Mentioned
- ABB Ltd.
- Acuity Brands Inc.
- Control4 Corporation
- Crestron Electronics Inc.
- General Electric Company
- Honeywell International Inc.
- Ingersoll-Rand PLC
- Johnson Controls Inc.
- Legrand S.A.
- Leviton Manufacturing Company Inc.
- Lg Electronics Inc.
- Lifx
- Lutron Electronics Co. Inc.
- Nest Labs Inc.
- Panasonic Corporation
- Philips Lighting N.V.
- Samsung Electronics Co. Ltd.
- Schneider Electric
- Secom Co. Ltd.
- Select Comfort Corporation
- Siemens AG
- Switchmate Inc.
- United Technologies Corporation
- Vivint Smart Home
- Whirlpool Corporation
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Protocols and Technologies Used in Smart Homes
8 Smart Home Market, By Application
9 Smart Home Market, By Software & Service
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/3gvt4f/smart_home_market
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