Smart Home Market Overview and Insights:
According to MarkNtel Advisors Report, the Global Smart Home Market is projected to grow at a CAGR of around 23.8% during the forecast period, i.e., 2023-28.
Smart Home Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
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Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-2028
What are the major challenges facing the Smart Home Market?
Smart home devices are prone to hacking tools as all the data associated with a user’s personal information, physical safety, & healthcare is stored virtually on the cloud, which increases the chances of data breaches that hackers can use to victimize homeowners. Moreover, data generated by smart wearables & appliances can provide cyber attackers with a massive amount of targeted personal information that can be manipulated potentially for fraudulent transactions or identity theft. Hence, these aspects are projected to act as major growth restraints for the market during 2023-28.
Who are the Key Players Operating in the Smart Home Industry?
The top companies of the Smart Home market ruling the industry are:
- ABB Ltd.
- AMX
- Johnson Controls
- United Technologies Corporation
- Emerson Electronics Co.
- Honeywell
- Ingersoll-Rand PLC
- Legrand S.A.
- Lutron Electronics, Inc.
- Schneider Electric S.A.
- Siemen AG
- Tyco International Ltd.
- Robert Bosch GmbH
- Siemens
- Samsung
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What is Included in Smart Home Market Segmentation?
The report has segmented the market into the following categories:
By Technology
- Cellular Network Technologies
- Protocols and Standards
- Wireless Communication Technologies
By Software & Service
- Behavioral
- Proactive
By Product Type
- Entertainment Controls
- Audio, Volume and Multimedia Room Controls
- Home Theater System Control
- Touchscreen and Keypads
- Security & Access Control
- Video Surveillance
- Hardware
- Software
- Services
- Access Control
- Non-Biometric Access Control
- Biometric Access Control
- HVAC Control
- Smart Thermostats
- Sensors
- Actuators
- Dampers
- Control Valves
- Heating and Cooling Coils
- Pumps & Fans
- Smart Vents
- Smart Home Appliances
- Smart Washer
- Smart Dryers
- Smart Water Heaters
- Smart Vacuum Cleaners
- Smart Kitchen
- Smart Dishwashers
- Smart Refrigerators
- Smart Cookers
- Smart Ovens
- Smart Coffee Makers
- Smart Kettles
- Smart Lighting Control
- Dimmers
- Switches
- Relays
- Daylight Sensors
- Timers
- Others
- Smart Furniture
- Smart Tables
- Smart Stools and Benches
- Smart Sofas
- Smart Chairs
- Smart Desks
- Others (Smart Plugs, Smoke Detectors, Smart Meters)
- Video Surveillance
Entertainment Controls are anticipated to dominate the market with the largest share during 2023-28. This growth is driven primarily by the improving economic conditions of their people and their inclination toward the utilization of wireless communication & cellular technology advancements. As a result, the demand for device controls like Audio, Volume & Multimedia Room Controls, Home Theater System Control, and Touchscreen & Keypads, among others.
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
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Frequently Asked Questions (FAQs)-
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- How has the Smart Home industry been evolving in terms of geography & adoption?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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