New York, March 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication 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 bright with opportunities in security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The global smart home market is expected to reach approximately $144.7 billion by 2027 growing at a CAGR of 10.5% from 2021 to 2027. The key growth drivers in this market are increased security awareness, a growing consumer need for simplicity and a personalized experience. , and the growing adoption of cloud-based technologies.
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of voice assistant technology for high-end automated households, the emergence of air quality sensing devices that measure volatile organic compounds (VOCs) and the growing adoption of video-enabled drones. . Honeywell, Johnson & Johnson ADT Corporation, Control4, United Technologies Corporation, Siemens AG, Philips, Acuity Brands and Vivint Inc. are some of the leading smart home vendors.
Smart Home Market by Application, Technology, Product and Service
In this market, safety and security is the largest application segment and wireless is the largest technology segment. The growth in various segments of the smart home market is shown in the figure below:
Smart home market by segments
The study includes the global smart home market trends and forecasts by application, technology, product and service, and region as follows:
By app [$M shipment analysis for 2016 – 2027]:
Safety and Security
By type of product and service [$M shipment analysis for 2016 – 2027]:
By technology [$M shipment analysis for 2016 – 2027]:
By region [$M shipment analysis for 2016 – 2027]:
The rest of the world
The analyst predicts that the safety and security market is expected to remain the largest application segment owing to the growing need for continuous monitoring services to reduce the risk of crime, burglary and theft. The entertainment segment is expected to witness the highest growth rate during the forecast period, supported by the growing need for advanced technologies that can provide a single platform for a high level of control and flexibility and deliver the best entertainment experience.
Asia-Pacific is expected to be the largest region with the highest growth over the forecast period due to increasing adoption of cloud-based technologies and growing awareness of safety and security. Rising population, urbanization, rising standard of living, and increased government spending on smart cities will further drive growth in this region.
Characteristics of the smart home market
Market Size Estimates: Estimated market size for smart homes in terms of value ($M) of shipments.
Trends and forecast analysis: Market trends (2016-2021) and forecasts (2022-2027) by various segments and regions.
Segmentation Analysis: Smart Home Market Size by Application, Technology, Product and Service in terms of value shipping.
Regional Analysis: Smart Home Market Breakdown by North America, Europe, Asia-Pacific and Rest of the World.
Growth Opportunities: Analyzes growth opportunities in various applications, products and services and regions for the smart home market.
Strategic Analysis: This includes mergers and acquisitions, new product development, and competitive landscape for the smart home market.
Industry competitive intensity analysis based on Porter’s five forces model.
This report answers the following 11 key questions
Q.1 What are some of the most promising growth opportunities for the smart home market by application (safety & 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 rest of the world)?
Q.2 Which segments will experience faster growth and why?
Q.3 Which regions will experience faster growth and why?
Q.4 What are the major factors affecting market dynamics? What are the smart home market drivers and challenges?
Q.5 What are the business risks and threats in 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 the changing customer demands 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 main 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 competing products and processes in the smart home market, and what threat do they pose to losing market share through material or product substitution?
Q.11 What M&A activities have taken place in the past five years in the smart home market?
Read the full report: https://www.reportlinker.com/p06244241/?utm_source=GNW
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