New York June 27, 2019 - According to a new report released by Research on Global Markets, the global smart home market is expected to reach a value of USD 151 Bn and expand at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period. A smart home is a residence that has internet connected appliances, heating, cooling, lighting, TV’s, computers, entertainment audio and video systems, security and camera systems among others. Home automation technology enables homeowners to control smart appliances using their smartphones or other networking devices from anywhere at any time.
New product launches by companies is keeping the competitive streak alive and hence boosting the development of smart home markets. The growing cost of electricity is major cause of concern for middle income households. Smart home appliances have become an effective solution to save energy.
According to the report, the smart home market is segmented based on products and technology.
Based on the product the global smart home market is segmented into security and access control, smart speakers, smart lighting, smart home appliances, thermostats, healthcare and assisted living, and others. The home appliances segment is expected to hold a market share of 42.4% and expand at a CAGR of 20.8% during the 2018-2023 period. The smart speakers' segment will expand at a CAGR of 31.2% and hold a market share of 15.3% until 2023.
Based on technology, the market is segmented into wireless technology and cellular network technology. In 2018, wireless technology held 95.4% of the market share, however, cellular network segment is expected to expand at a CAGR of 34.7% during the 2018-2023 period. The growth of 5G technology due to the significant investments being made in 5G research and patent development–related projects has led to the growth in cellular network technologies.
Growing urbanization, rising disposable income, increase in aging population, and government initiatives have influenced the positive growth of the global smart home market.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America held 48.3% of the market share in 2018. Growing awareness and need for advanced security solution in the region have led to the increased adoption of smart home solutions.
There are still certain challenges to the global adoption of smart homes. Cost of installation and maintenance along with lack of awareness act as major hindrances. Moreover, smart homes are still seen as a luxury rather than a necessity
Key segments of the report:
1. Global market overview - historical (2015-2017) and forecasted (2018-2023) market size and volume (USD Bn, Mn units), geography-wise market revenue and volume (USD bn, Mn units), and key market challenges
2. Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
3. Qualitative analysis of the global drivers and challenges affecting the market and its segments
4. Trends in the global smart home market
5. Porter’s five forces analysis
6. Value chain analysis
7. Competitive landscape and company profiles.
8. Detailed analysis of the key developments and major innovations in the market.
For more information, download Global Smart Home Market: https://www.researchonglobalmarkets.com/global-smart-home-market-2018-2023.html
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