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Global Industry Research on Smart Home Market Size & Share Will Reach USD 53.45 Billion By 2022: ZMR Analysis Report

According to the analysts at Zion Market Research, the global smart home market was capitalized at almost USD 24.10 Billion in 2016 and is likely to cross almost USD 53.45 Billion by end of 2022, developing at a CAGR of slightly more than 14.5% from 2017 to 2022.

New York, NY, July 18, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Home Market (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”.

According to the analysts at Zion Market Research, the global smart home market was capitalized at almost USD 24.10 Billion in 2016 and is likely to cross almost USD 53.45 Billion by end of 2022, developing at a CAGR of slightly more than 14.5% from 2017 to 2022.

Smart home refers to a residential extension of building automation and involves automation of lighting, ventilation, heating, air conditioning, and security as well as home appliances such as washer and dryers, ovens or refrigerators that use WiFi for remote monitoring. At present many new homes are being built with the additional wiring and controls which are required to run advanced home automation systems. 

Browse through 13 Tables & 22 Figures spread over 110 Pages and in-depth TOC on “Smart Home Market (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”.

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Rising need for consumer convenience, safety, and security, energy consumption is the major driver of the smart home market. The real estate industry is expected to spur the demand of the smart home market. However, in a few regions, home automation products have reached a saturation level which is the major restraints for the smart home market. Another factor which is hindering the smart home market growth is its high installation cost and lack of standardization. Furthermore, low awareness about home automation is hampering the growth of the smart home market. Nonetheless, high-end devices coupled with technologically advanced features will escalate the smart home market demand over the forecast period. cloud-based solutions also provide new opportunities to impel the demand of smart home market over the forecast period.

The smart home market is segmented into product, software, and region. By product the smart home market is segmented smart kitchen, security access control, lighting control, home healthcare, HVAC control, and others. among this product, light control is dominating the smart home market owing to reduced electricity consumption in homes. The software is used in the smart home are proactive and behavior.

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Increasing Awareness Amongst Users Regarding Energy Consumption To Boost The Smart Home Market

As per analysts at Zion Market Research, the major growth booster for the smart home market comprises increasing awareness amongst users about energy consumption, rising disposable income in developing nations, growing the aging population, and government programs among others. Apart from this, increasing demand for home healthcare is powering the development of the smart home market. On the other hand, long device replacement cycles and high costs parried with restricted user demand are top challenges curbing the smart home market from shifting to the mass adoption stage from the early-adopter stage.

Nonetheless, new product launches by the market players are increasing the rivalry thereby boosting the development of the smart home market. For example, in August 2018, Philips Hue declared a number of new smart lights driving the development of the global smart home market.

The prominent companies in the smart home market are Siemens AG, Legrand, Ingersoll-Rand plc, Johnson Controls Inc., Acuity Brands, Inc., Schneider Electric SE, United Technologies Corporation, ABB Ltd., Nest Labs, Inc., Samsung Electronics Co., Ltd., Crestron Electronics, and Honeywell International Inc. among others. These players are claimed to augment the global smart home market.

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Light Control Segment To Boost Smart Home Market In The Forecast Period

Segmentation of the smart home market is carried out based on region and product. The products segments in the smart home market are the home healthcare, smart kitchen, HVAC control, lighting control, and others. Light control grabbed the biggest share in the smart home market owing to lowered electricity usage in homes. Lighting sensors regulate the intensity of artificial light as per the natural light intensity, therefore lowering the power usage and boosting the smart home market.

Reduced Carbon Emissions To Drive Smart Home Market In North America

North America grabbed the biggest share of the smart home market owing to the increase in population and rise in the demand of home health care. Europe is one more leading smart home market as it chases North America. Government initiatives in North America comprise remotely controlling power meters, gas, and water to go with ease into the smart grid. Energy & cost saving, aging population, convenience, security, government initiatives, and reduced carbon emissions are the major boosters that are driving the smart home market development in the years to come. The Asia Pacific is also planned to show noteworthy development in the smart home market in years to come.

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The global smart home market is segmented as follows:

By Product

  • Smart Kitchen
  • Security & Access Control
  • Lighting Control
  • Home Healthcare
  • HVAC Control
  • Others

By Software

  • Behavior
  • Proactive

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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