Smart home – also known as home automation or home domotics – entails automating or controlling of lighting and other such fixtures, heating, ventilation, air conditioning, and security systems, as well as home appliances such as washer/dryers, ovens and refrigerators/freezers via Wi Fi, Bluetooth, and other Apps. These systems and appliances are then operable using connected devices such as mobile phones, tablets, computers or via web interface software. Smart home technology enables compatibility and interaction through computing technological devices that predict and respond to requirements of the home owner in an effective and efficient manner. Fingerprint identification, retina identification, and key card technology are some of the security-enabled systems used in smart home applications.
Growing awareness among consumers about efficient energy consumption, and increasing disposable income among consumers in developed and developing countries are some of the primary factors driving growth of the global smart home market. Increasing Internet penetration globally, and growth in automation technologies such as internet of thing (IoT) are other major factors driving growth of the global smart home market. Investments done by players in the smart home market for development and promotion of home automation products act as a primary driver for growth of this market. In addition, smart home technology has been gaining popularity among consumers and is further expected to drive growth of the global smart home market to a certain extent over the forecast period. Also, increasing penetration of smartphones in developing and underdeveloped countries is expected to continue to drive growth of the target market to a significant extent over the forecast period.
Some major factors restraining growth of the global smart home market include high cost for installation of smart home systems and devices. Possibility of hacking smart home devices and increasing concerns regarding privacy and security breaches are other major factors hampering growth of the global smart home market.
North America market accounts for largest revenue share contribution to the global smart home market currently. This is attributed to factors such as increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions. The market in Asia Pacific is expected to witness fastest revenue growth among other regions in the global smart home market due to robust economic growth, increasing population, improving standards of living, and rapid urbanization.
Global Smart Home Market Segmentation:
Global smart home market segmentation by software:
Global smart home market segmentation by product:
Security & Access Control
Global smart home market segmentation by region:
Middle East & Africa
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