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New York, March 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Home Market: Trends, Opportunities and Competitive Analysis” – https://www.reportlinker.com/p06244241/?utm_source= GNW
The future of the smart home market looks promising with opportunities in safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The global smart home market is expected to reach an estimated $144.7 billion by 2027 with a CAGR of 10.5% from 2021 to 2027. The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience , and the growing adoption of cloud-based technologies.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of voice assistant technology for high-end automated households, emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and growing adoption of video enabled drones . Honeywell, Johnson & Johnson ADT Corporation, Control4, United Technologies Corporation, Siemens AG, Philips, Acuity Brands, and Vivint Inc. are among the major smart home providers.
Smart Home Market by Application, Technology, Product and Service
In this market, safety and security is the largest application segment, and wireless is the largest technology segment. Growth in various segments of the smart home market are shown in the figure below:
Smart Home Market by Segments
The study includes trends and forecasts for the global smart home market by application, technology, product and service, and region as follows:
By Application [$M shipment analysis for 2016 – 2027]:
Safety and Security
By Product and Service Type [$M shipment analysis for 2016 – 2027]:
By Technology [$M shipment analysis for 2016 – 2027]:
By Region [$M shipment analysis for 2016 – 2027]:
The Rest of the World
The analyst forecasts that the safety and security market is expected to remain the largest application segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology that can provide a single platform for high level of control and flexibility and deliver the best entertainment experience.
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud-based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the growth in this region.
Features of Smart Home Market
Market Size Estimates:Smart home market size estimation in terms of value ($M) shipment.
Trend And Forecast Analysis:Market trends (2016-2021) and forecast (2022-2027) by various segments and regions.
Segmentation Analysis: Smart home market size by application, technology, and product and service in terms of value shipment.
Regional Analysis: Smart home market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
Growth Opportunities: Analysis on growth opportunities in various applications, products & services, and regions for the smart home market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape for the smart home market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
This report answers following 11 key questions
Q.1 What are some of the most promising, high-growth opportunities for the smart home market by application (safety and security, home appliances, entertainment control, lighting, HVAC control, home healthcare, smart kitchen, and others), type ( products and services), technology (wired and wireless), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the smart home market?
Q.5 What are the business risks and threats to the smart home market?
Q.6 What are the emerging trends in this smart home market and the reasons behind them?
Q.7 What are some changing demands of customers in the smart home market?
Q.8 What are the new developments in the smart home market? Which companies are leading these developments?
Q.9 Who are the major players in the smart home market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in the smart home market, and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M&A activities did take place in the last five years in the smart home market?
Read the full report: https://www.reportlinker.com/p06244241/?utm_source=GNW
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