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Smart Home Market Research Analysis, Product, Software & Services, Sales Channel and Top Vendors Analysis Over The Next Five Years worth $138.9 billion

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Smart Home Market Research Analysis, Product, Software & Services, Sales Channel and Top Vendors Analysis Over The Next Five Years worth $138.9 billion

December 21
18:44 2022
Smart Home Market Research Analysis, Product, Software & Services, Sales Channel and Top Vendors Analysis Over The Next Five Years worth $138.9 billion
Smart home market
Smart home market size, analysis, trends, forecasts. The global market for smart home categorized by Product, Software & Services, Sales Channel, and Region.

The report Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region – Global Forecast to 2026″ The global smart home market is projected to grow from USD 84.5 billion in 2021 to USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026.

The primary driving factor of the smart home market are increasing disposable income of people in developing economies, increasing importance of home monitoring in remote locations, increasing number of internet users and growing adoption of smart devices, growing concern about safety, security, and convenience among general population, expansion of smart home product portfolio by a large number of players, and growing need for energy-saving and low carbon emission-oriented solutions.

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Browse 396 market data Tables and 110 Figures spread through 490 Pages and in-depth TOC on “Smart Home Market and Region – Global Forecast to 2026”

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Smart Home Market

Driver: Growing concern about safety, security, and convenience among general population

Smart homes market involve automating the entire home environment by means of a combined in-built monitoring system. The in-built monitoring system is also capable of controlling electronic, electrical, and security appliances from a single interface. Convenience, efficiency, safety, and security are the major factors that impact the acceptance of any technology. An automated (smart) home coordinates with security, temperature, lighting, and audio/video systems automatically to ensure safety, energy-saving, and convenience.

The market for smart furniture is expected to grow at the highest CAGR during the forecast period. The shifting trend of the adoption of furniture that can be connected to IoT, coupled with increasing disposable income and changing lifestyle, is expected to contribute to the growth of the market. In addition, due to escalating property prices, many people are opting for smaller living spaces. Owing to space constraints, consumers prefer smart furniture that saves a significant amount of space. Smart furniture offer multiple benefits to consumers as they occupy minimal space, along with being interactive and transformative.

Opportunity: Incorporation of lighting controllers with in-built data-connectivity technology

The lighting control market has witnessed considerable growth over the past few years. This market includes a considerable number of products such as dimmers, timers, occupancy sensors, daylight sensors, and relays. These products are used either independently or in an integrated form. They can be integrated with home automation systems through wired and wireless technologies.

Indirect sales channel to hold the largest share of smart home market during forecast period.

Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to end users. Indirect sales channels involve the sale of smart devices and products through both online and offline modes. Offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. Customers can easily review the product with specifications and design and can order online. Setup and installation services for smart home products and systems are usually provided when customers purchase products online. Apart from this, individual distributors procure devices from a variety of suppliers for sale to end users within their geographic areas.

APAC to register highest CAGR in Global smart home market during 2021- 2026.

The market in APAC is expected to grow at the highest CAGR during the forecast period. The growing inclination toward smart building infrastructure in developing economies of the region, such as Japan, South Korea, and China, a huge customer base, and rapid technological advancements in smart home products are driving the development of the market in APAC. Moreover, in developed countries, including Japan and South Korea, government initiatives such as net-zero homes are driving the smart home market. Furthermore, the market in Australia is mainly driven by consumer interest, while rapid housing developments in China are expected to increase the penetration of smart home systems in the country.

Major players in the smart home market are Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, , Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), and Lutron (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.

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