The global smart home market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for improved energy efficiency in homes to minimize energy bills and carbon emissions. Consumers are increasingly adopting smart home systems as these allow monitoring and control of energy usage more efficiently. Home automation systems allow homeowners to control their appliances with the help of smartphone apps and eliminate power consumption of unattended appliances and devices when not in use. The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances. Precise control over heating and cooling of a home with a programmable smart thermostat is achieved through utilization of smart home technology. In addition, a home automation system helps in preventing hazards such as fires as it gives full control over the lighting and heating systems. Increasing adoption of smart appliances, which include smart air conditioners, smart refrigerators, and smart washing machines helps in attaining better energy efficiency. Rising need to minimize negative environmental effects and increase utilization of resources is increasing adoption of smart buildings. Increasing government initiatives for smart city projects and green buildings is expected to further drive growth of the smart home market during the forecast period.
The latest report is the most recent study that offers 360° coverage of the Smart Home industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Smart Home market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
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Competitive Outlook: The leading companies operating in the Smart Home market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Top Companies Operating in the Smart Home Market and Profiled in the Report are:
Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB
Objectives of the Report:
Study of the global Smart Home market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)
Industrial structure analysis of the Smart Home market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape benchmarking
Analysis of Smart Home market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global Smart Home market
Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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Segments Covered in this report are:
Software and Service Outlook (Revenue, USD Billion; 2018–2028)
- Behavioral
- Proactive
Product Outlook (Revenue, USD Billion; 2018–2028)
- Energy Management
- Lighting Systems
- Security & Surveillance
- HVAC Control
- Entertainment Control
- Others
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- North America
Regional Analysis:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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