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.
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 for 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 for the 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.
At present, North America is dominating the smart home market. Europe is witnessing significant growth due to increased demand for home appliances such as fitness band, wireless devices, and others. The major players in the smart home market in Europe are Siemens AG, ABB Ltd., Schneider Electric S.A., Ingersoll-Rand Plc, Tyco International Ltd., Legrand S.A. Asia Pacific is expected to show the highest growth over the forecast period due to reducing constraints of the high installation cost of smart home appliances by continuous investment in R&D activities. Asia-Pacific region is witnessing significant growth due to a number of new residential projects and efforts for strengthening building infrastructure at a significant rate. Latin America is also expected significant growth due to economically developing countries.
The smart home market is classified on the basis of product and software. The products involved in smart homes are the smart kitchen, home healthcare, lighting control, HVAC control, security, and access control. From these segments, lighting control is expected to grow at the highest CAGR as it reduces electricity consumption. On the basis of software, the smart home market is segmented into behavior and proactive software.