Smart Home Market Size Outlook, Share Value, Growth Drivers and Industry

Posted by kisan sahani on June 15th, 2021

Market Scope

The smart home market 2020 can possibly attain a tremendous valuation of USD 137.96 Billion by 2023, projects Market Research Future (MRFR). It also estimated that the market can advance at a rate of 14% between 2018 and 2023 (forecast timeframe).

Top Drivers and Key Barriers

With the alarming surge in climate change, instability in electricity prices and the rising adoption of cloud-based technologies along with IoT are some of the top growth inducers in the smart home market. Across the globe, the need to tackle security issues has mounted significantly in recent years, fueling the need for smart home market.

Furthermore, the emergence of the latest wireless technologies like security and access regulators, HVAC Controller, and entertainment controls has foster considerable market expansion. With the rapid advancements in Internet of Things (IoT) that has led to price drops of processors and sensors, more and more manufacturers are now offering automation in homes, which also works in favor of the worldwide market. 

Smart Home Industry Trends

Faster Adoption of Live TV

A prominent smartphone trend gaining speed in the smart home space is the rapid adoption of live video streaming and internet TV services, which include Netflix and Amazon Prime videos. Given the fast speed of internet and a faster broadband used in homes, Android TVs, streaming service and internet TVs platforms have managed to create a significant niche among a vast population across the world. These live streaming TVs are particularly favored by users as they are able to view their favorite shows anytime they want and that too, anywhere.

Leading Participants

Johnson Controls, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Legrand S.A. (France), Schneider Electric (France), Ingersoll-Rand PLC (Ireland), General Electric Company (U.S.), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), United Technologies Corporation (U.S.), are the leading participants in the market.

Some other market vendors include Leviton Manufacturing Company, Inc. (U.S.), Acuity Brands, Inc. (U.S.), Lutron Electronics Co. Inc. (U.S.), to mention a few.

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kisan sahani

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kisan sahani
Joined: May 17th, 2021
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