South Korea Smart Home Market 2017-2024: Household Penetration for Smart Home Applications is Expected to Hit Above 45%
DUBLIN, Dec. 20, 2017 /PRNewswire/ --
The "South Korea Smart Home Market, Volume, Household Penetration & Key Company Analysis - Forecast to 2024" report has been added to Research and Markets' offering.
- The South Korea smart home market is anticipated to reach nearly US$ 5 Billion by 2024.
- In South Korea, household penetration for smart home applications is expected to hit above 45% by 2024.
- Increasing mobility is one of the emerging trends driving the smart home market.
The South Korea smart home market is likely to fivefold by the year 2024 from its current level in 2016. Smart home is a system that allows home owner to control and monitor different devices in the home including the heating, lighting, security, and entertainment, automatically and sometimes remotely via the Internet.
The growth of Smart home market is attributed to factors such as significantly growing IoT market, cost reduction measures enabled by home automation systems, large number of manufacturers expanding their product portfolios, and increasing importance of home monitoring from remote locations. With the increasing demand of smart home devices, security and privacy breach is also increasing. The issues pertaining to privacy and security breach are restraining the growth of the smart home market.
Market Dynamics
Driving Factors
- Policies & Initiatives to Promote Smart Homes
- IoT Drives Smart Home Market
- Cost Savings Due to The Adoption of Energy Conservation Systems
- Increasing Awareness & Importance of Home Monitoring from Remote Locations
- Development of Connected Innovative Products
South Korea Smart Home - Challenges
- Security and Privacy Breach Concern
- Cyber Security Concerns
South Korea Smart Home Market - By Application Areas
- Smart Appliances captured maximum share of the South Korea smart home market in 2016.
- Control and Connectivity is the second largest application segment of the South Korea smart home market.
- The Smart Home Entertainment segment is expected to show a compound annual growth rate of over 12% during the period 2017 - 2024.
- The security application segment is likely to capture nearly 15% share of the South Korea smart home market by 2024.
- In 2016, the revenue in the Comfort and Lighting segment amounts to over US$ 100 Million.
- The revenue in the South Korean Smart Home Energy Management segment is expected to reach close to US$ 600 Million by 2024.
South Korea Smart Home Active Households - By Application Areas
- Control and Connectivity segment captures highest share of the South Korea Smart Home active households in 2016, being followed by Comfort and Lighting segment.
- Smart Appliances and Home Entertainment applications are competing very closely with each other to grab maximum share of the Smart Home active households.
- Security application captured least share of the Smart Home active households in 2016.
This 100 Page report with 40 Figures and 4 Tables has been analyzed from 7 viewpoints:
1. South Korea Smart Home Market, Household Penetration & Forecast (2015 - 2024)
2. South Korea Smart Home Market Share Analysis - By Application Areas (2015 - 2024)
3. South Korea Smart Home Active Households Share - By Application Areas (2015 - 2024)
4. South Korea Smart Home Market, Number of Active Households & Households Penetration - By Application Areas (2015 - 2024)
5. South Korea National Smart Home Standardization
6. South Korea Smart Home - Key Company Profiles
7. South Korea Smart Home - Growth Drivers and Challenges
South Korea Smart Home Market - Application Areas
1. Control and Connectivity (Home Automation)
2. Comfort and Lighting (Home Automation)
3. Home Entertainment
4. Smart Appliances
5. Energy Management
6. Security Application
South Korea Smart Home - Key Company Profiles
- Samsung Electronics Co., Ltd.
- LG Electronics Inc.
- SK Telecom
- KT Corp
- Hancom MDS Inc. (The former MDS Technology Co., Ltd.)
Key Topics Covered:
1. Executive Summary
2. South Korea Smart Home Market Analysis to 2024
3. South Korea Smart Home Market Share Analysis to 2024
4. South Korea Smart Home Market, Number of Active Households & Households Penetration - By Application Areas
5. South Korea National Smart Home Standardization
6. South Korea Smart Home - Key Company Profiles
7. South Korea Smart Home - Driving Factors
8. South Korea Smart Home - Challenges
For more information about this report visit https://www.researchandmarkets.com/research/j22c7g/south_korea_smart?w=5
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Share this article