Smart Home Market Overview

An overview of conceptual frameworks, analytical approaches of the smart home market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The smart home market is expected to grow at a significant rate in the near future.

The global Smart Home Market in 2020 is estimated for more than US$ 109.9 Bn and expected to reach a value of US$ 539.2 Bn by 2028 with a significant CAGR of 22.0%.

Smart Home Market Dynamics

The growth of the global smart home market is majorly driven by the mounting count of internet consumers coupled with the growing acceptance of smart devices among people across the globe. Rising awareness about health and fitness along with the increasing per capita incomes in developing economies also favors market growth.

Furthermore, factors like the growing significance of home monitoring systems in remote locations, the need for energy-saving appliances, and the rapid increase of smartphones and smart gadgets are also expected to positively impact the market growth during the forecast years.

Additionally, the smart home product portfolio expansion by the key players of the market coupled with the increasing concerns about safety, security, and convenience among people also influences the market growth in upcoming years.

However, the factors including the privacy issues, lack of awareness about benefits of HVAC systems, problems associated with connectivity range, compatibility, and power and the expensive nature of the entertainment control systems serves to be the major growth restraining factors for the global smart home market.

On the contrary, the supportive government norms for the promotion of green buildings, integration of power line communication technology in smart homes, increasing popularity and adoption of mood lighting, and the merger of lighting controllers with in-built data-connectivity technology offers lucrative growth opportunities during the forecast years.

The global smart home market is influenced by the mounting demand for energy-saving lighting solutions, focus on energy conservation, thereby increasing the shelf life of lamps and the elevating crime rates forcing homeowners to strengthen their security systems.

However, the privacy issues among the consumers, the high cost of smart furniture over the traditional ones, and the low awareness about smart appliances are responsible for hampering the market growth.

On the contrary, the growing adoption of biometrics technologies in the security market coupled with the development of smart sensors and controls also serves to create market growth opportunities in the upcoming years. But, the risks associated with the device malfunctioning is expected to be the major challenging factor restricting the market growth.

Smart Home Market Segmentation

The global smart home market is segmented on the basis of product, technology, and region.

By Product:

    Lighting Control System

    Home Entertainment System

    Smart Home Healthcare

    Smart Home Appliance

    HVAC Control

    Security & Access Control 

By Technology:

     Bluetooth

    Wi-Fi

    RFID

    GSM/GPRS

    Others

By Region:

    North America

    Europe

    Asia Pacific

    Latin America

    Middle East

    Africa

Smart Home Market Competitive Landscape

Key players operating in the global smart home market include ABB Ltd., Amazon Inc., Apple Inc., Google, Honeywell International, Johnson Controls International, Legrand SA, Robert Bosch GmbH, Schneider Electric Se, Siemens Ag, and United Technologies Corporation.

Regional Segmentation

On the basis of regions, the smart home market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.

MMC Overview on Smart Home Market Report

The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give better opportunity for the customers to put their effort.

A research report on the Smart Home market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support market and the factors that are acting as impedance for the growth of the market.

Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Smart Home Market: Opportunity Analysis and Future Assessment 2020-2028’.

Factors that are benchmarked while estimating the market

Various factors that are benchmarked while estimating the market growth include (but not restricted to):

•    New product designs and launches

•    Current product compliance

•    Reimbursement

•    Concerns for use of Smart Home

•    Advantages of Smart Home

Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.

A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.

1.    Global Smart Home Market Report Overview

1.1.    Introduction

1.2.    Report Description

1.3.    Methodology

2.    Global Smart Home Market Overview

2.1.    Introduction

2.1.1.    Market Definition

2.1.2.    Market Taxonomy

2.2.    Executive Summary

2.3.    Global Smart Home Market Snapshot

2.4.    Global Smart Home Market Size and Forecast, 2020–2028

2.4.1.    Introduction

2.4.2.    Market Value Forecast and Annual Growth Rate (AGR) Comparison (2020–2028)

2.5.    Global Smart Home Market Dynamics

2.5.1.    Drivers

2.5.2.    Restraints

2.5.3.    Opportunity

2.5.4.    Trends

2.6.    Key Regulations

2.7.    Porter’s Five Forces Model

3.    Global Smart Home Market, By Product

3.1.    Introduction

3.1.1.    Annual Growth Rate Comparison, By Product

3.1.2.    BPS Analysis, By Product

3.2.    Market Revenue (US$Mn) Forecast, By Product

3.2.1.    Lighting Control System

3.2.2.    Home Entertainment System

3.2.3.    Smart Home Healthcare

3.2.4.    Smart Home Appliance

3.2.5.    HVAC Control

3.2.6.    Security & Access Control

3.3.    Global Smart Home Market Attractiveness Index, By Product

4.    Global Smart Home Market, By Technology

4.1.    Introduction

4.1.1.    Annual Growth Rate Comparison, By Technology

4.1.2.    BPS Analysis, By Technology

4.2.    Market Revenue (US$Mn) Forecast, By Technology

4.2.1.    Bluetooth

4.2.2.    Wi-Fi

4.2.3.    RFID

4.2.4.    GSM/GPRS

4.2.5.    Others

4.3.    Global Smart Home Market Attractiveness Index, By Technology

5.    Global Smart Home Market, By Region

5.1.    Introduction

5.1.1.    Annual Growth Rate Comparison, By Region

5.1.2.    BPS Analysis, By Region

5.2.    Market Revenue (US$Mn) Forecast, By Region

5.2.1.    North America

5.2.2.    Latin America

5.2.3.    Europe

5.2.4.    Asia Pacific

5.2.5.    Middle East

5.2.6.    Africa

5.3.    Global Smart Home Market Attractiveness Index, By Region

6.    North America Smart Home Market Analysis and Forecast, 2020–2028

6.1.    Introduction

6.1.1.    Annual Growth Rate Comparison, By Country

6.1.2.    BPS Analysis, By Country

6.2.    Market Revenue (US$Mn) Forecast, By Country

6.2.1.    U.S. Smart Home Market

6.2.2.    Canada Smart Home Market

6.3.    North America Smart Home Market, By Product

6.3.1.    Lighting Control System

6.3.2.    Home Entertainment System

6.3.3.    Smart Home Healthcare

6.3.4.    Smart Home Appliance

6.3.5.    HVAC Control

6.3.6.    Security & Access Control

6.4.    North America Smart Home Market, By Technology

6.4.1.    Bluetooth

6.4.2.    Wi-Fi

6.4.3.    RFID

6.4.4.    GSM/GPRS

6.4.5.    Others

6.5.    North America Smart Home Market Attractiveness Index

6.5.1.    By Country

6.5.2.    By Technology 

6.5.3.    By Product

7.    Latin America Smart Home Market Analysis and Forecast, 2020–2028

7.1.    Introduction

7.1.1.    Annual Growth Rate Comparison, By Country

7.1.2.    BPS Analysis, By Country

7.2.    Market (US$Mn) Forecast, By Country

7.2.1.    Brazil Smart Home Market

7.2.2.    Mexico Smart Home Market

7.2.3.    Argentina Smart Home Market

7.2.4.    Rest of Latin America Smart Home Market

7.3.    Latin America Smart Home Market, By Product

7.3.1.    Lighting Control System

7.3.2.    Home Entertainment System

7.3.3.    Smart Home Healthcare

7.3.4.    Smart Home Appliance

7.3.5.    HVAC Control

7.3.6.    Security & Access Control

7.4.    Latin America Smart Home Market, By Technology

7.4.1.    Bluetooth

7.4.2.    Wi-Fi

7.4.3.    RFID

7.4.4.    GSM/GPRS

7.4.5.    Others

7.5.    Latin America Smart Home Market Attractiveness Index

7.5.1.    By Country

7.5.2.    By Technology 

7.5.3.    By Product

8.    Europe Smart Home Market Analysis and Forecast, 2020–2028

8.1.    Introduction

8.1.1.    Annual Growth Rate Comparison, By Country

8.1.2.    BPS Analysis, By Country

8.2.    Market (US$Mn) Forecast, By Country

8.2.1.    U.K. Smart Home Market

8.2.2.    Germany Smart Home Market

8.2.3.    Italy Smart Home Market

8.2.4.    France Smart Home Market

8.2.5.    Spain Smart Home Market

8.2.6.    Russia Smart Home Market

8.2.7.    Poland Smart Home Market

8.2.8.    BENELUX Smart Home Market

8.2.9.    NORDIC Smart Home Market

8.2.10.    Rest of Europe Smart Home Market

8.3.    Europe Smart Home Market, By Product

8.3.1.    Lighting Control System

8.3.2.    Home Entertainment System

8.3.3.    Smart Home Healthcare

8.3.4.    Smart Home Appliance

8.3.5.    HVAC Control

8.3.6.    Security & Access Control

8.4.    Europe Smart Home Market, By Technology

8.4.1.    Bluetooth

8.4.2.    Wi-Fi

8.4.3.    RFID

8.4.4.    GSM/GPRS

8.4.5.    Others

8.5.    Europe Smart Home Market Attractiveness Index

8.5.1.    By Country

8.5.2.    By Technology 

8.5.3.    By Product

9.    Asia Pacific Smart Home Market Analysis and Forecast, 2020–2028

9.1.    Introduction

9.1.1.    Annual Growth Rate Comparison, By Country

9.1.2.    BPS Analysis, By Country

9.2.    Market (US$Mn) Forecast, By Country

9.2.1.    China Smart Home Market

9.2.2.    India Smart Home Market

9.2.3.    Japan Smart Home Market

9.2.4.    Australia and New Zealand Smart Home Market

9.2.5.    South Korea Smart Home Market

9.2.6.    ASEAN Smart Home Market

9.2.7.    Rest of Asia Pacific Smart Home Market

9.3.    Asia Pacific Smart Home Market, By Product

9.3.1.    Lighting Control System

9.3.2.    Home Entertainment System

9.3.3.    Smart Home Healthcare

9.3.4.    Smart Home Appliance

9.3.5.    HVAC Control

9.3.6.    Security & Access Control

9.4.    Asia Pacific Smart Home Market, By Technology

9.4.1.    Bluetooth

9.4.2.    Wi-Fi

9.4.3.    RFID

9.4.4.    GSM/GPRS

9.4.5.    Others

9.5.    Asia Pacific Smart Home Market Attractiveness Index

9.5.1.    By Country

9.5.2.    By Technology 

9.5.3.    By Product

10.    Middle East Smart Home Market, By Region

10.1.    Introduction

10.1.1.    Annual Growth Rate Comparison, By Country

10.1.2.    BPS Analysis, By Country

10.2.    Market (US$Mn) Forecast, By Country

10.2.1.    GCC Countries Smart Home Market

10.2.2.    Israel Smart Home Market

10.2.3.    Oman Smart Home Market

10.2.4.    Rest of Middle East Smart Home Market

10.3.    Middle East Smart Home Market, By Product

10.3.1.    Lighting Control System

10.3.2.    Home Entertainment System

10.3.3.    Smart Home Healthcare

10.3.4.    Smart Home Appliance

10.3.5.    HVAC Control

10.3.6.    Security & Access Control

10.4.    Middle East Smart Home Market, By Technology

10.4.1.    Bluetooth

10.4.2.    Wi-Fi

10.4.3.    RFID

10.4.4.    GSM/GPRS

10.4.5.    Others

10.5.    Middle East Smart Home Market Attractiveness Index

10.5.1.    By Country

10.5.2.    By Technology 

10.5.3.    By Product

11.    Africa Smart Home Market, By Region

11.1.    Introduction

11.1.1.    Annual Growth Rate Comparison, By Country

11.1.2.    BPS Analysis, By Country

11.2.    Market (US$Mn) Forecast, By Country

11.2.1.    South Africa Smart Home Market

11.2.2.    Egypt Smart Home Market

11.2.3.    North Africa Smart Home Market

11.2.4.    Rest of Africa Smart Home Market

11.3.    Africa Smart Home Market, By Product

11.3.1.    Lighting Control System

11.3.2.    Home Entertainment System

11.3.3.    Smart Home Healthcare

11.3.4.    Smart Home Appliance

11.3.5.    HVAC Control

11.3.6.    Security & Access Control

11.4.    Africa Smart Home Market, By Technology

11.4.1.    Bluetooth

11.4.2.    Wi-Fi

11.4.3.    RFID

11.4.4.    GSM/GPRS

11.4.5.    Others

11.5.    Africa Smart Home Market Attractiveness Index

11.5.1.    By Country

11.5.2.    By Technology 

11.5.3.    By Product

12.    Recommendation

12.1.    Market Strategy

13.    Competitive Landscape

13.1.    Competition Dashboard

13.2.    List and Company Overview of Global Key Players

13.3.    Company Profiles

13.3.1.    ABB Ltd.

13.3.1.1.    Company Overview

13.3.1.2.    Financial Overview

13.3.1.3.    Product Portfolio

13.3.1.4.    Key Developments

13.3.1.5.    Business Strategies

13.3.2.    Amazon Inc.

13.3.3.    Apple Inc.

13.3.4.    Google

13.3.5.    Honeywell International

13.3.6.    Johnson Controls International

13.3.7.    Legrand SA

13.3.8.    Robert Bosch GmbH

13.3.9.    Schneider Electric Se

13.3.10.    Siemens Ag

13.3.11.    United Technologies Corporation

14.    Acronyms