Global Smart Home Market, by Product (Lighting Control System, Home Entertainment System, Smart Home Healthcare, Smart Home Appliance, HVAC Control, and Security & Access Control), by Technology (Bluetooth, Wi-Fi, RFID, GSM/GPRS, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
As per the report, the global smart home market is primarily influenced by the growing adoption of internet users, elevating the market for smartphones and tablets for residential security purposes, and multi-level or multifactor authentication to enhancing authentication processes. Other factors like the flexibility and the ease linked with the working of HVAC systems, changing lifestyles, and the rising focus on enhancing a comfortable lifestyle also positively impact the growth of the smart home market.
Mounting count of smart homes and increasing disposable income are also expected to favor the market growth during the forecast years. However, high cost linked with the smart switches, security and privacy issues, and the compatibility factor poses hurdles in the path of smart lighting controls are likely to hamper the market growth.
Furthermore, the 3-D gesture-based remote control further aids the entertainment controls market, resulting in the market growth. Also, the shifting consumer preference for the adoption of technologically advanced products and the implementation of machine-to-machine (m2m) communication during the manufacturing of smart home appliances creates a growth opportunity for the market during the forecast years. Whereas, the linking of disparate systems, limited functionality, and lack of open standards are the challenging factors restricting the growth of the global smart home market.
Furthermore, Meridian Market Consultants (MMC) Study identifies that factors like the rapid increase of multifunctional devices, the growing trend of personalization or customized devices also influence market growth. Availability and adoption of wireless solutions coupled with the rising cost of energy would, in turn, elevate the adoption of smart appliances; further driving the market growth.
On the other hand, the lack of awareness about the advantages of smart lighting controls and the expensive price tagged with smart kitchen appliances are expected to hamper the growth of the smart home market during the forecast years.
MMC Study identifies some of the key participating players in the Smart Home market globally are 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.
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