Lucintel publishes Smart Home Market Report: Trends, Forecast and Competitive Analysis
The global smart home market is expected to reach an estimated $107.4 billion by 2023 with a CAGR of 9.5% from 2018 to 2023.
The future of the smart home market looks attractive with opportunities in the home safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.
Emerging trends, which have a direct impact on the dynamics of the smart home industry, include development of voice assistant technology for high-end automated households, emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and growing adoption of video enabled drones.
Lucintel forecasts that the safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology that can provide a single platform for high level of control, flexibility, and deliver the best entertainment experience.
Within the smart home market, the wireless segment is expected to remain the largest technology. It is also expected to witness the highest growth over the forecast period due to the increasing demand for Zigbee in healthcare, safety and security applications to support remote monitoring facilities, and consumer comfort and convenience enhancement.
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the growth in this region.
Some of the smart home companies profiled in this report include Honeywell, Johnson & Johnson ADT Corporation, Control4 Corporation, United Technologies Corporation, Siemens AG, Philips, Acuity Brands, and Vivint Inc.