Smart homes are residences equipped with high-end computational and operational network that automatically operates, interacts with and responds to the needs of its residents. This impacts the occupants’ luxury and convenience. Other major purposes that are solved by smart homes are enhancing security measures, providing energy efficiency as well as providing timely entertainment. The global smart homes market is expected to grow at a CAGR of 17.86% reaching US$124.596 billion in 2024 from US$46.493 billion in 2018. Developed countries will be the major market providers at the initial stage but market size in growing economies is expected to increase in the long run due to rapidly increase purchasing power in these economies and an overall push from governments towards automation and energy efficiency. Growing percentage of ageing population n developed countries with higher rate of chronic conditions generates a high demand for energy efficient smart home solutions. Apart from this, smart security systems as well as automatically coordinating interconnected home electrical appliances are huge drivers in this sector. Despite the presence of enormous driving forces in the market, factors like heavy initial costs and lack of consumer awareness are some restraints faced by this smart homes market.
DRIVERS
Energy efficient equipment like smart meters.
Electronic devices like refrigerators, air-conditioners and washing machines that are interconnected and can run with a two-way information channel.
Smart security systems are huge drivers at a time when home security is a big concern for people.
Demands of an ageing population with growing prevalence of chronic diseases.
RESTRAINTS
High up-front costs
Lack of awareness among consumers
RECENT DEVELOPMENTS
In January 2017, Honeywall International Inc. launched Lyric Cameras and an eventual software upgrade for Lyric Security Systems, thus making the system compatible with Apples’s HomeKit. They also added app integration with lyric system for better monitoring and instant alerts.
In July 2018, Siemens AG added new features to their Synco IC cloud platform for remote heating, ventilation and air-conditioning control.
Segmentation
The Global Smart Homes Market has been analyzed through the following segments:
By Products
Security Control
Lighting Control
Access Control
Energy Management Systems
Home Health Systems
Smart Kitchen
Smart Entertainment Systems
HVAC Control
Others
By Services
Installation
Maintenance
Renovation and Customization
By Geography
North America
USA
Canada
Others
South America
Brazil
Argentina
Others
Europe
Germany
United Kingdom
France
Others
Middle East and Africa
Israel
UAE
Saudi Arabia
Others
Asia Pacific
China
South Korea
Japan
India
Others
Target audience
Manufacturers
Suppliers
Distributors
Service Providers
Government Agencies
Research Organizations
Consultants