Smart Home System Market Investment Opportunities, Revenue Analysis, and Growth Trends, 2023
The major driving factors of smart home system market include increased number of early adopters of smart home systems, rise in number of smart buildings, increasing government investment on smart cities, growing demand for energy saving solutions for home, and growing need for consumer safety, convenience, and security.
(firmenpresse) - Global smart home system market is expected to grow considerably in the coming years due to increasing inclination towards energy saving solutions. Smart home is a residence integrated with smart appliances, such as lighting control, smart kitchen appliances, HVAC control, and others. These appliances are connected to window-based PC and are operated via standalone device known as a smart home system. The popularity of smart home systems is growing on the global scale along with the growing improvements in home automation technology.
The major driving factors of smart home system market include increased number of early adopters of smart home systems, rise in number of smart buildings, increasing government investment on smart cities, growing demand for energy saving solutions for home, and growing need for consumer safety, convenience, and security. Besides, increasing number of tech-savvy consumers who positively invest in smart home properties is also driving the market. However, increased saturation level of smart homes in few developed regions, lack of standardization, and significant installation cost is hindering the smart home system market.
Increasing adoption of IoT (Internet of Things) in smart home systems is trending in the market. Manufacturers are increasingly focusing on producing devices that could use technology to control networked devices in homes. Nevertheless, growing awareness in the developing economies is an opportunity for the market players to increase their product portfolio.
Smart home system market is categorized on the basis of components, application, technology, and geography. Based on components, market is divided into services, hardware, and software. Software segment is further divided into proactive and behavioural. Services segment is also divided into professional and managed services. Hardware segment is expected to lead due to increase in adoption of smart homes with automation technology.
By application, market is divided into security and access, entertainment, home healthcare, HVAC control, smart kitchen, home appliances, lighting control, and others. Home appliances segment leads the market due to rise in demand for smart home appliances by developed economies. Moreover, entertainment segment also accounts for a significant share of the market.
On the basis of technology, smart home system market is divided into protocols, wireless, and networks. By protocol, the market is divided into KNX, Digital Addressable Lighting Interface (DALI), Ethernet, Digital Multiplexer (DMX), and others. Wireless segment is also divided into z-wave, zigbee, Bluetooth, and Wi-Fi. Wireless segment leads the market due to easy installation, convenient use, and high demand.
Geographically, market is segmented as North America, South America, Europe, Asia Pacific, and Middle East & Africa. Europe is expected to dominate the market owing to the changing consumer preference. Moreover, increasing government initiatives for reducing primary energy consumption in the near future is also driving the market in the region. North America also dominates the market due to growing installation of smart homes, high per capita income, and rise in spending power of consumers.
The major players in smart home system market are Emerson Electric Corporation, ABB Ltd., Microsoft Corporation, Honeywell International Inc., Siemens AG, LG Electronics Inc., Schneider Electric SE, IBM Corporation, Smart home Inc., Legrand SA, Cisco Systems Inc., Control4 Corporation, Google Inc., General Electric Company, Lutron Electronics Co. Inc., and United Technologies Corporation.
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