Brooklyn, New York, USA, 2021-May-06 — /Meridian Market Consultants/ — The prime objective of the market report is to provide a synopsis of the theoretical structure and rational approach of the Smart Home Market, which additionally comprises the future market potential and in-depth knowledge of the statistics implicated in the development of the respective market. The Smart Home Market is estimated to elevate at a substantial rate in the foreseeable future. The global Smart Home Market in 2020 is estimated for more than US$ 109.9 Bn and expected to reach a value of US$ 539.2 Bn by 2028 with a significant CAGR of 22.0%. The base year considered for the study is 2019, and the market size is projected from 2020 to 2025. The comprehensive market knowledge approach even outs the criterion of the assessment findings that offers greater opportunities for the customers to put their best efforts.

Smart Home Market Dynamics

The growth of the global smart home market is majorly driven by the mounting count of internet consumers coupled with the growing acceptance of smart devices among people across the globe. Rising awareness about health and fitness along with the increasing per capita incomes in developing economies also favors market growth.

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Furthermore, factors like the growing significance of home monitoring systems in remote locations, the need for energy-saving appliances, and the rapid increase of smartphones and smart gadgets are also expected to positively impact the market growth during the forecast years.

Additionally, the smart home product portfolio expansion by the key players of the market coupled with the increasing concerns about safety, security, and convenience among people also influences the market growth in upcoming years.

However, the factors including the privacy issues, lack of awareness about benefits of HVAC systems, problems associated with connectivity range, compatibility, and power and the expensive nature of the entertainment control systems serves to be the major growth restraining factors for the global smart home market.

On the contrary, the supportive government norms for the promotion of green buildings, integration of power line communication technology in smart homes, increasing popularity and adoption of mood lighting, and the merger of lighting controllers with in-built data-connectivity technology offers lucrative growth opportunities during the forecast years.

The global smart home market is influenced by the mounting demand for energy-saving lighting solutions, focus on energy conservation, thereby increasing the shelf life of lamps and the elevating crime rates forcing homeowners to strengthen their security systems.

However, the privacy issues among the consumers, the high cost of smart furniture over the traditional ones, and the low awareness about smart appliances are responsible for hampering the market growth.

On the contrary, the growing adoption of biometrics technologies in the security market coupled with the development of smart sensors and controls also serves to create market growth opportunities in the upcoming years. But, the risks associated with the device malfunctioning is expected to be the major challenging factor restricting the market growth.

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Smart Home Market Segmentation

The global smart home market is segmented on the basis of product, technology, and region.

By Product:

    Lighting Control System

    Home Entertainment System

    Smart Home Healthcare

    Smart Home Appliance

    HVAC Control

    Security & Access Control 

By Technology:

     Bluetooth

    Wi-Fi

    RFID

    GSM/GPRS

    Others

By Region:

    North America

    Europe

    Asia Pacific

    Latin America

    Middle East

    Africa

Smart Home Market Competitive Landscape

Key players operating in the global smart home market include ABB Ltd., Amazon Inc., Apple Inc., Google, Honeywell International, Johnson Controls International, Legrand SA, Robert Bosch GmbH, Schneider Electric Se, Siemens Ag, and United Technologies Corporation.

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Regional Segmentation

On the basis of regions, the smart home market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.

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