Smart Home Market Set to Witness Smarter Growth in the Coming Years
Smart home market to attain a high growth of 13.61% between 2017 and 2023
PUNE, India, November 14, 2017 /PRNewswire/ --
The global smart home market that was valued at USD 54.97 Billion in 2016 is predicted to grow at a CAGR of 13.61% between 2017 and 2023, reaching a value of USD 137.91 Billion by 2023. The growth of this market can be attributed to the advancements in technologies such as IoT, growing need for convenience, safety, and security among consumers, and increasing need for saving energy and low carbon emission-oriented solutions.
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Other current and future trends in detail are presented in Smart Home Market, 6 Edition, a new study by MarketsandMarkets .
More information about this study is here:
North America and Asia-Pacific to be key markets for smart homes
Among regions, the market for smart homes in North America accounted for the largest share in 2016, mainly due to the rising demand for reliable home energy management systems, improved home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions. However, the market in Asia-Pacific is poised to grow at the highest CAGR over the forecast period. This growth can be contributed to the emerging economies, rising population and improving standards of living, and growing urbanization that has led to a sophisticated infrastructure. Moreover, increasing number of new residential projects, increased initiatives to strengthen the building infrastructure, and growing demand for energy management systems are also boosting the growth of this market.
Home appliances segment to witness a high growth over the forecast period
Based on product, lighting control took up a majority of the market share in 2016, owing to the ability of lighting control to reduce the consumption of electricity in homes due to the use of sensors in it. However, the smart home appliances segment is expected to witness a high growth between 2017 and 2023, owing to the technological advancements in electronics and communications, changing lifestyles of people worldwide, and rising purchasing power.
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The market for timers set to achieve the highest growth during 2017-2023
Among all the lighting control products, the market for timers is expected to witness the highest growth, since it helps in reducing the unnecessary use of electricity in spaces such as underground parking and staircases, thus saving on a lot of electricity consumption.
The growing significance of intelligent devices to enable consumers to get remote access and control over their homes has resulted in the growth of the smart home industry. The market players from the Americas, Europe, and APAC are significantly investing in different segments, including hardware, technology, software, and service, of the smart home industry. Siemens AG (Germany), United Technologies Corporation (US), General Electric Company (US), Schneider Electric (France), and Honeywell International, Inc. (US), are some of the leading companies in the smart home market. Most of the leading companies focus on organic growth strategies such as product launches and developments and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.
Global Smart Home Market, 6 Edition (published 19-Jul-17, 230 pages) is now available for $7150 from MarketsandMarkets. For more details or to speak to our analyst, please contact sales@marketsandmarkets.com
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