Chicago, June 03, 2022 (GLOBE NEWSWIRE) — According to MarketsandMarkets™, the “Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel & Region – Global Forecast to 2026″ expected to grow from $84.5 billion in 2021 to $138.9 billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026. The most important factors driving the growth of the smart home market are the increasing importance of home monitoring in remote locations and Growing concerns about safety, security and convenience among general population, growing number of internet users and increasing adoption of smart devices, as well as growing need for energy efficient and low carbon solutions, have been crucial for increasing demand for smart home systems.
The key factors fueling the growth of this market include increasing number of internet users and increasing adoption of smart devices, along with growing need for energy-efficient and low-carbon solutions, have been crucial for the increased demand for smart home systems. In addition to this, factors such as growing importance of home surveillance in remote locations and rising concerns regarding safety, security, and convenience among the general population are driving the growth of the smart home market.
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“Entertainment and Other Controls to Hold the Largest Smart Home Market Share Over the Forecast Period”
The growth of the entertainment and other controls market is fueled by various factors such as increasing disposable income, increasing population, improving standard of living and changing consumer preferences. Additionally, new technological developments, innovative connected devices, and declining prices of home entertainment products are having a positive impact on the growth of the market. Smart entertainment control products offer better functionality and greater reliability than traditional entertainment control products. Advancements in wireless communication technologies are significantly driving the growth of the home theater system control market, thereby boosting the overall smart home market for entertainment and other controls.
“The behavioral type software and services segment will hold a larger share of the smart home market during the forecast period”
Behavioral software and services are increasingly being used in smart homes as they help improve home energy efficiency and reduce energy bills based on analysis of behavioral data. They possess the ability to learn the behavior of the users and hence make smarter control of the devices resulting in an increase in its demand. Behavioral solutions provide direct feedback to end users, providing baseline energy consumption information in real time, as well as historical data reflecting energy consumption. Hence, all these factors are also expected to result in a higher share of this market over the forecast period.
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“Indirect Sales Channel to Register Higher CAGR in Smart Home Market During Forecast Period”
Indirect sales include the sale of smart home products through online and offline modes. Offline sales channels include third-party cellular network operators, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. The COVID-19 pandemic has led to an increase in the use of indirect sales channels. Due to lockdowns in various countries around the world, people have started using online websites frequently. The preference for online channels increased after the outbreak of the pandemic. The companies offer product setup and installation services that help users buy products online without any hesitation. Additionally, third-party delivery providers have begun to take extra precautions to encourage consumers to shop without fear of infection.
The major players in the smart home market are
- Honeywell (USA),
- Siemens (Germany),
- Johnson Controls (Ireland),
- Schneider Electric (France),
- ASSA ABLOY (Sweden),
- Amazon (USA),
- Apple (USA),
- ADT (USA),
- ABB (Switzerland),
- Robert Bosch (Germany),
“North America will hold the largest smart home market share during the forecast period”
North America is expected to capture the largest share of the global smart home market by 2026. Factors such as growing demand for reliable home energy management systems and improved home security levels, as well as The rising popularity of integrating smart devices such as tablets and smartphones in smart homes is driving the market growth in this region. The number of smart homes in North America, especially the United States, is more than any other region in the world. Thus, the market in this region is expected to grow at a steady rate during the forecast period. The region is an early adopter of new technologies and has widely adopted smart home solutions, driving the growth of the market. High internet penetration, knowledgeable consumers and high disposable income are the major factors fueling the adoption of smart home products and offerings in the region.
Home automation system market with COVID-19 impact analysis, by management, product (lighting control, security and access control, HVAC control, entertainment and other controls), software and algorithm and region (2020-2025)