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
