Trending News: Smart Home Market Size, Share, Trends, Growth, Analysis, Research

Global Smart Home Market: Key Highlights

• According to the new market research report “Smart Home Market by Technology (Network Technology, Wireless Technology), by Offering (Lighting Control, HVAC Control, Security & Surveillance, Entertainment & Other Control, Smart Kitchen, Home Healthcare), by Region (North America, Asia-Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2019 to 2027)”, the global Smart Home market is estimated to reach USD 340.3 Billion by 2027 at a CAGR of around 20.5% during the review period.
• Smart homes are incorporated with advanced automation systems that control security, multi-media, lighting, thermostats, temperature, and many other home appliances
• The appliances are used in smart home technology is connected to devices with the help of various wireless technologies. Bluetooth, Wi-Fi, Zigbee, infrared are the most common wireless technologies are used in the smart home application.

Global Smart Home Market: Key Market Dynamics

• Increasing the adoption of smartphones and other smart gadgets and growing concerns regarding safety and security is expected to drive the market during the forecast period
• Moreover, advancement in the Internet of things (IoT) will become an opportunity for the smart home market during the projected years
• However, replacing the existing system with a smart home or connected home system and issues related to safety and security is expected to hinder the market growth during the forecast period

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Global Smart Home Market: Regional Overview

• Asia-Pacific

Asia-Pacific is expected to grow at a faster rate during the forecast period. Increasing the smartphone & smart gadgets market, increasing population, and increasing need for safety & security will drive the market in this region. The rapidly increasing construction market is expected to fuel the growth of the smart home market during the projected years. The presence of various telecom service providers and wireless networking services providers also boost the market in this region.

• North America

North America is expected to dominate the market during the forecast period. Early adoption of new technologies, the presence of global players, and the growing demand for residential security and safety will boost the market in this region. The global players such as Honeywell International Inc, GENERAL ELECTRIC COMPANY, Lennox International Inc., Lutron Electronics Co., Inc, United Technologies Corporation, and Nest Labs will drive the market in North America as well as globally.

Global Smart Home Market: Key Players Overview

• Honeywell International Inc.:

Honeywell International, Inc. is a software-industrial company, which offers industry-specific solutions to aerospace and automotive products and services. The company operates in aerospace, home, and building technologies, performance materials & technologies, and safety & productivity solutions business segments. In June 2019, Honeywell launched smart wiring devices in India for easily managing electrical devices in homes. These wiring devices will available in Prestige, Harmony, and Expression series.

• GENERAL ELECTRIC COMPANY:

GENERAL ELECTRIC COMPANY deals with technology and financial services. It operates through five business segments such as power, renewable energy, aviation, healthcare, and capital. In January 2020, the company launched C, hubless three-wire smart switch and two hubless dimmer models to expand its product portfolio in the smart home market. This product does not require any additional product such as hub to integrate with Google Assistant or Amazon Alexa for voice control.

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