The global smart home and office market spans across North America, Europe, Asia-Pacific, and the rest of the world.
Growing need for energy-efficient buildings, rising concerns regarding safety, security, and public convenience and increasing ownership of internet-enabled smart devices are expected to drive the market during the forecast period. integration with 5G technology and favorable government regulations regarding green building initiatives are expected to create opportunities for the smart home and office market. However, high switching and installation costs and risk of data breach and device malfunctioning are expected to limit the market growth during the forecast period.
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The geographic analysis of the smart home and office market has been conducted for North America, Europe, Asia-Pacific (APAC), and Rest of the World. North America is expected to dominate the smart home and office market during the forecast period due to the rapid adoption of IoT control lights, windows, blinds, curtains, ACs, home theater systems, and entry/exit systems. Among the major countries in North America, the US exhibited steady growth in the smart home and office market over the last decade. The US has been one of the early adopters of smart homes and smart offices, and 65% of the total Canadian consumers are reluctant to adopt smart devices for their offices and homes.
Europe was the second-largest market in 2018; the market is projected to exhibit steady CAGR during the forecast period. The rest of Europe accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. Europe has a well-developed infrastructure; hence it has witnessed a majority of retrofit installations for smart home and offices. In Asia-Pacific, Japan accounted for the largest market share of 2018 due to the infrastructure in Japan focus on connecting household appliances to a home network using state-of-the-art technologies such as 5G.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Global Smart Home and Office Market Research Report –Forecast till 2025”.
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Global Smart Home and Office Market: Segmentation
The global smart home and office market has been segmented based on product, standard, end user, and region. On the basis of product, the smart home and office market has been segmented into lighting controls (relays, sensors, dimmers, switches, and others), access controls (biometric readers, smart card readers, smart locks, and others), surveillance products (security cameras, storage and monitoring devices, and others), HVAC controls (smart thermostat, sensors, control valves, actuators, dampers, smart vents, and others), and other products (smart smoke detectors, smart meters, and others). By standard, the market has been segmented into KNX, Zigbee, Z-Wave, EnOcean, BacNet, DALI, Wi-Fi, and Infrared. By end user, the market has been segmented into smart home (renovations, new construction) and smart office (renovations, new construction).
The key players of global smart home and office market are ABB Group (South Korea), Siemens AG (Germany), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), Lutron Electronics Co., Inc. (US), Eaton Corporation PLC (Ireland), Johnson Controls International PLC (Ireland), United Technologies Corporation (US), Legrand SA (France), Assa Abloy Group (Sweden), Ingersoll-Rand PLC (Ireland), ADT (US), Crestron Electronics, Inc. (US), Gira Giersiepen GmbH & Co. KG (Germany), Hager Group (Germany), MDT Technologies GmbH (Germany), Schneider Electric SE (France), Robert Bosch GmbH (Germany), Honeywell International Inc. (US) among others.